News

Announcement about SegWit activation on August 1st

5 months ago

Due to planned activation of SegWit on August 1st, we would like to inform you that BitBay wallets are compatible with SegWit, which means our clients' funds are safe and there’s no need to withdraw them from the exchange accounts. The exception would be a situation when you would like to have control over Bitcoin ABC (UAHF).

Furthermore, we advise you to not request any Bitcoin deposits 24 hours before August 1st, as well as a couple of hours after. BitBay also can suspend deposits and withdrawals during that time. In the next days, a number of confirmations required to process deposits on BitBay can grow as well. We are observing the situation and we will only implement this solution if necessary.

BIP91 (indicating SegWit2x) went into lock-in phase on Friday, July 21st and was activated on Sunday, July 23rd. This means that since Sunday all blocks that do not indicate acceptance for SegWit are rejected by the network. Since then all mined blocks indicate acceptance, which means 100% of mined blocks in last 144 (1 day) indicate SegWit.

UAHF (Bitcoin ABC, BCC for short) most likely will not be created and as such BitBay will not support it. UAHF was created as a counter to UASF and was to be launched by Bitmain at the time of UASF entry. The UASF was meant to mean that customers will stop accepting blocks that did not signal SegWit. But as since July 23, all blocks which not signaling support for SegWit are rejected by the network, so UASF and therefore UAHF will not be introduced and calling for such a possibility can be simply called causing unnecessary confusion.

However, if the situation changes in next couple of days and the split happens, all BitBay users will gain the exact amount of both coins, accordingly to their account balance before SegWit activation. BitBay users will gain another balance and deposits and withdrawals option. If there's significant interest, we will open BCC market.