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Segwit2x Update: All you need to know about the 17th Nov 2017 Fork

The Segwit2x controversy continues.

Kindly note that a group of miners has decided to Fork out of Bitcoin on 17th November 2017 and adopt the original proposal for Segwit2x. You may visit their website here.

Firstly, we would like to apologize for the untimely publishing of this post. This will be explained as you read on. A user announcement about the situation had also been sent out this morning via email, in case you had missed it.

If you are unaware of what Forks are, you may refer to this page.

Wasn’t Segwit2x Called Off?

On 8 November 2017, it was shared in an email by Bitgo’s CEO that Segwit2x will be called off. This was faced with resistance from some other miners (approximately 30% of hashing power at that point) despite Bitgo’s influence on Segwit2x.

Further details about the situation can be found here.

While we do not have proper figures on how much hashing power is forking out of Bitcoin, this Fork will occur at Block 494784 which is estimated to be around 10pm to 12am (Singapore time), 17th November 2017.

How will this affect Coinhako?

Coinhako will be halting all withdrawals of Bitcoin from 6pm, Singapore time on 17th November 2017.

How long will withdrawals be stopped for?

Withdrawals should be halted for no longer than 24 hours. However, given the uncertainty we are presented with, this could vary.

Why is this at such short notice?

Coinhako sincerely apologizes for any inconvenience caused and strongly urge you to follow any relevant news bodies closely so that you do not miss a beat. As explained in our last update about Segwit2x, the update is highly contentious and the Bitcoin Community has been in debate about its implementation. While we have been actively monitoring the situation, a final consensus to go ahead with the Fork was just reached earlier today, hence, the abrupt disruption in our services.

If you wish to have a gauge of how Coinhako has handled such stoppages previously, you can refer to this blog post

Will Coinhako be supporting the Segwit2x currency?

Our stance remains the same as with any other Forked currency. We prioritize the safety of our customers and their funds when making any decisions in the event of a Fork and will only adopt processes when we are certain that it will not compromise the safety of our customer’s funds.

Please be assured that Coinhako will not use any forked coins. In the event that we are able to support these coins, users will be allocated the amount based on their Bitcoin balance with Coinhako on the day of the Fork.

It is highly recommended to follow our social media pages and this blog closely where we will share with you updates on the situation.

Where is my Bitcoin Cash?

We would like to take the opportunity to apologize for the delay in the release of Bitcoin Cash. We fully understand your frustrations and the discontent expressed by all our users on the matter.

Given the large amount of controversy surrounding Bitcoin recently, we are taking our time to review the integrity of the network and to be certain that the security of our user funds will not be compromised. We seek your kind patience and understanding on the matter and will be releasing Cryptocurrency to you very soon. As mentioned, the amount of Bitcoin Cash you will be receiving will be based on your BTC balance on 31 July 2017, 10pm, Singapore time: 1 Bitcoin Cash for 1 Bitcoin.

We highly recommend that you follow this blog and/or any of our Social Media pages so that you do not miss any key updates about forks and any further updates about Coinhako.

Please note that this post is purely informational. Should you have any further enquiries please do not hesitate contact our support team at hello@coinhako.com