Why can’t BCHA withdraw coins in Huo Coin
Why cannot BCHA withdraw coins from Huo Coin Editor’s note: This article is from the vernacular blockchain (ID: hellobtc), written by a poplar tree, and reprinted by the Daily Planet with authorization
Bitcoin ABC, the development team of Bitcoin Cash, said that it had reached a cooperation agreement with Firecoin to conduct BCH token transactions and recharge business. At the same time, the organization also announced that it had submitted a document to the U.S. Securities and Exchange Commission, requiring the exchange and wallet to provide information or service content of companies with relevant information about BCHA. Currently, over 50 companies are using BCHA as a payment method to process BCH payments Why can’t Bitcash withdraw coins directly through Firecoin? Because this process involves conflicts of interest between multiple entities, different responsible parties are required Therefore, we believe that if users want to transfer BCHA to other entities or institutions, they must first purchase an account from the platform and deposit the corresponding funds; Then it can be exchanged for fiat currency
Then, since these customers have their own digital assets and Cryptocurrency wallets, these users can use their digital currencies to do some investment. (Note: “HuoCoin does not charge any handling fees.”)
According to official explanations, in order to ensure the safety of users’ assets, HuoCoin chooses to start from the “recharge” mode first, and then withdraw from the user to the “recharge” mode. This allows users to complete the deposit function after BCHA conversion. But when you want to transfer BCHA to a third-party hosting provider, you can only go through a simple step – click confirm to generate a new account, and then create a new account. At this point, the user needs to import their private key into the wallet address, so that the wallet balance cannot be transferred normally For this practice, Huo Coin adopts a dual signature mechanism, which means that users only need to send one BTC to the other party’s wallet address and it will be rejected, otherwise they cannot withdraw cash; On the contrary, the ‘transaction’ function will automatically pause. After “withdrawal” (as shown in the figure), HuoCoin will close the recharge process, but the withdrawal will not be frozen. Of course, if only a single operation is initiated for a certain transaction and the amount is relatively large, users can continue to use this function In addition, there are two other reasons for this issue: The first is that due to certain reasons, dual authentication cannot be achieved, including identity verification. If a situation arises, it will take two minutes and 10 seconds to complete all application processes. The second type is a situation where hacker attacks may occur due to restrictions. For example, the attacker’s server may have been temporarily disconnected or hijacked, causing significant losses. Another possibility is the presence of malicious code vulnerabilities on the network.
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