Important information about upcoming forks

1 month ago

Below you can find important information our official statement on upcoming forks

1. BCC Fork - 13th of November 2017

During the next Monday is going to take place BCC hard fork, that is connected with updating the mechanism calculating difficulty of digging. What is important here is the fact that this is not going to cause split of this network. This update is not controversial as it is accepted by the whole community. For this reason, side chain will not be created. Our clients’ funds that are stored in BCC wallets on BitBay are safe. If you have funds in your private wallet please make sure to update it.

2. BTG Fork

Everything goes well as the official Bitcoin Gold Twitter account has announced that within the next few hours they are going to reveal to the public the official date of sharing the main network for this cryptocurrency. We are monitoring the situation carefully and we will enable BTG trading, withdrawals and deposits immediately just after the information that it is secure.

3. SegWit2X

During the upcoming week (between Monday and Wednesday) is also going to take place BTC hard fork that is connected with New York Agreement.Unlikely to the BCC update, this fork is highly controversial as it divides the community into two parties.The first party consists of supporters of Bitcoin Core. This wallet is going to stick to the old rules (block size will not be increased). On the other side, there is the Bitcoin1 party. In their network block size will be increased which is not going to match with the old protocol, which creates blockchain split.This event is problematic because of the lack of implementation of the mechanism of Replay Protection, which means that all valid BTC transactions will be valid within the S2X network. In this case, you should be aware that as you transfer funds from your wallet, this transaction, in fact, can transfer both cryptocurrencies during the same time. However, BitBay users' funds are safe.

We are going to make a division and our users are going to get accurate balance in both cryptocurrencies. As the whole situation is quite complex we have to block the possibility of BTC deposits and withdrawals at least 24 hours before the planned fork. It will not be unblocked sooner than 24-72 hours after the fork (time may change). During this time we are going to perform actions that will lead to a division of small amounts of our funds in a way to make them valid only for one network. Then these entrances will be added to withdrawals, which will cause outgoing transactions to be valid for a proper network. During this time we are also going to monitor the whole situation and the structure of network division. On these conditions, decisions will be made for further cryptocurrency naming.

We reserve the right to change our decisions about sharing and supporting any fork that occurs, especially if there might be any potential risks generated by the newly created coins.