Where We Are on Bitcoin Hard Fork Question



Where We Are on Bitcoin Hard Fork Question

You saw one fork, you’ve seen them all. The next few paragraphs are official.

Over the past few days there have been much debate about a possible hard fork of the Bitcoin protocol. As you can see from a chart, blockchain network is overloaded with transactions very often. This happens mainly because the maximum amount of data per block the network can process is limited to 1MB. The only way to improve its effectiveness is to remove that limit.

What happened recently

Roughly speaking, after almost a year of block size scaling debates, a group of miners, including Bitmain presented their own solution of the scaling problem. This solution implies to the reconstructing the whole system protocol and therefore hasn’t been received well by the rest part of the community, which supports a less instant “soft fork” measures.

If the consensus not to be achieved, Bitcoin protocol would be divided by two concurrent networks Bitcoin Unlimited (BTU) and classic Bitcoin Core (BTC).

Our position on possible hard fork

We can state that it is unlikely that the hard fork goes ahead considering a lot of issues discovered in the Bitcoin Unlimited nodes, but our top priority is and will be to assure everyone’s funds are safe. The only cryptocurrency we currently support is Bitcoin Core, which is represented by the BTC sign.

Transactions & deposits

If the hard fork is to take place in the nearest future, we expect the suspension of all deposits/ transactions for about six hours. We strongly recommend our clients to refrain from making Bitcoin transactions during the hard fork to make sure your money won’t be lost due to the technical issues.

Stored funds

As we partner with BitGo, we fully rely on their scenario that excludes chances to lost money stored in wallets. Your transaction history will also remain the same no matter the fork, because our databases won’t be anyhow affected.

What am I able to do?

If you still worry about the circumstances of the hard fork, we recommend you to exchange Bitcoins to any fiat currency available for Cryptopay users. Fiat currencies are not the subject of the hard fork and will not be influenced in any way. After the storm would settle down, you can exchange them back.

Keeping you apprised

The relationship we have with our customers and partners is of the utmost importance and this will never change, fork or not.

Read through expert opinions on Bitcoin Fork in our article to learn more about what all the fuss is about.

If you’d like to share thoughts, have a discussion or ask a question, please feel free to email us at support@cryptopay.me or have a small talk via the Live Chat on cryptopay.me.

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