Contingency plan for Bitcoin Cash – UAHF
- Eric Demuth
- 28 Jul 2017
In the light of recent events surrounding Segwit2x and the Bitcoin Cash (BCC) hard fork, several industry leaders have decided to take precautions by halting trades, deposits and withdrawals to ensure that the users funds remain safe.
In order to comply with the current security standards, applied by leading Bitcoin services, we will temporary halt our service to ensure that your balances remain safe at all times.
Our services will come to a temporary halt on Monday the 31st of July. Starting with all Bitcoin deposits and withdrawals and later, at midnight, the buying and selling option of all other digital currencies will also be interrupted. It’s important to highlight, that except for Bitcoin, you will be able to continually deposit and withdraw all digital currencies via our platform.
If you wish to hold Bitcoin and Bitcoin Cash, you need to withdraw your Bitcoins from your bitpanda wallet before 01:00 pm CET July 31, 2017. If you are not interested in Bitcoin Cash, no further action is required.
What is the Bitcoin Cash (BCC) hard fork?
Bitmain, the largest mining pool and manufacturer of mining equipment, previously announced, that if BIP 148, a user-activated soft fork (UASF), should be activated, they will separate the Bitcoin Blockchain through a hard fork. This action would consequently create a whole new currency.
This new currency, Bitcoin Cash, would only be created if the BIP proposition saw the light of day, a prospect that was shut down by the activation of BIP91 (SegWit2X). However, ViaBTC, another major mining pool and trading platform, announced their regardless intentions to activate the hard fork. This means that Bitcoin Cash will probably become a reality on August 1st, and become its own currency, separate from the Bitcoin Blockchain. Bitcoin Cash is not a new or second Bitcoin, it will become just another altcoin in the industry.
Our opinion towards BCC
Given the nature of the user-activated hard fork (UAHF), a blockchain split is bound to happen.
Same as all industry leaders, we do not support the contentious hard fork attempts and hence won’t credit you with BCC coins according to your Bitcoin balance. In the future, it may be possible, that we add BCC as a trading pair, although this is yet to be decided.
Although we do not support the UAHF measure, we are happy to be here to guide and protect our community through this essential moment in Bitcoin’s history.