With Bitcoin’s Segwit2x and Bitcoin Gold fork(s), we would like to give our users an update on each major coin breaking out of the Bitcoin blockchain.
Coinhako prioritizes the safety of our customers and their funds when making any decisions in the event of a Fork. We will only adopt processes when we are certain that it will not compromise the safety of our customer’s funds.
If you wish to read up on Coinhako’s approach towards forks, kindly refer to our previous blog post.
What do you need to know about Segwit2x?
Segwit2x is an upcoming update to the Bitcoin network. Some of the main objectives of the update are to increase the Block size thereby allowing for more transactions per day and also to decrease overall transaction times.
The push for Segwit2x has sparked a lot of controversy amongst the Bitcoin community. This has led to the emergence of new blockchains that are compatible with the existing Bitcoin. The contentious nature of the Fork has resulted in some new coins such as Bitcoin Gold and Bitcoin Cash which forked on 1st August 2017.
If you wish to read up more about Segwit2x kindly refer here.
If you wish to find out about what Forks are, you can refer here.
1) Bitcoin Gold
Bitcoin Gold is a Cryptocurrency that had forked from Bitcoin on 24th October 2017.
Will Coinhako support Bitcoin Gold?
Based on our stance towards forks, we are not going to support Bitcoin Gold.
Please be assured that are actively monitoring the developments of Bitcoin Gold and only when we can be certain that the network is secure and beneficial for our users, we might consider supporting it.
Will Bitcoin Gold affect Bitcoin Trading on Coinhako?
Fortunately, the fork from Bitcoin Gold will not require us to disrupt any of our services. Sales and purchase of Bitcoins will still be as per normal.
2) Segwit2x
Will Coinhako support Segwit2x coins?
Similar to the situation for Bitcoin Gold, Segwit2x coins might not be** **supported on the day of the fork.
As mentioned, the push for Segwit2x is highly controversial. A final consensus on how the “main blockchain” of Bitcoin would function has yet to be decided. For reasons related to the security of our users and funds, we will only support the coin that will run on the main blockchain for Bitcoin on the day of the Fork.
Meanwhile, please be assured that we will actively monitor the developments of Segwit2x. Only when we can be certain of Segwit2x’s position in the Bitcoin community will we be able to make a decision. We will give you an update again closer to the date of the Fork.
Will Segwit2x affect Bitcoin Trading on Coinhako?
Like other major forks that had occurred, purchasing and selling****of Bitcoins will not be halted on Coinhako** **on the day of the Fork.
However, given the likely scale of the Fork and the potential security risk that Segwit2x should pose, Deposits and Withdrawals of Bitcoins are more than likely to be halted. The total duration of this stoppage would normally range anywhere from 24 hours to 72 hours. This is once again dependent on the outcome of Segwit2x’s position in the Bitcoin Community.
Can I move my Bitcoin elsewhere?
If you wish to gain access to any forked coins you may send your Bitcoin to other exchanges that might support it. You should be able to find information on various exchanges about their stance of the fork online.
We highly recommend that you send out any of your Bitcoin at least 24 hours before the Fork if you wish to do so.
What will Coinhako do with the forked coins?
Please be assured that Coinhako will not use any forked coins for purposes other than storage within our system until we can be certain that it will not pose any security risk.
In the event 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.
Bitcoin Cash Update
Bitcoin Cash (BCC) forked out of the core chain of Bitcoin on the 1st of August 2017 as a result of the first part of the Segwit updates.
We are glad to announce that we are close to finalizing our addition of BCC to our list of supported Cryptocurrencies. The amount of BCC that you will be credited will be based on your Bitcoin balance with Coinhako on 31 July 2017, 10pm, Singapore time.
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 on Coinhako. You should also be able to find a large supply of online news prior to any major Cryptocurrency fork to aid your decisions on handling the situation.
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
