Solidi’s Policy – Bitcoin Forks

As some of you will know, August 1st is “Fork Day”.
Here’s a quick rundown of what is it and how it affects you as a Solidi customer.

What is happening?

On August 1st, there is a possibility that a competing and incompatible version of Bitcoin will activate, effectively causing a fork. The two versions of Bitcoin at this point will be:

  • Bitcoin (aka BIP91, Segwit, Segwit2x, UASF)
  • Bitcoin Cash (aka BU, Bitcoin ABC, UAHF)

For a more complete overview please see this article on Coindesk.

What is Solidi doing?

At Solidi we don’t want to take a position on which is the most “true” version or vision of Bitcoin, nor are we smart enough to know which will be the most successful.

From a purely pragmatic standpoint, Solidi currently runs on the original Bitcoin blockchain, we are not making any software changes and so we will remain on the original Bitcoin. Following August 1st we will monitor the situation as it develops to see if we need to add support for Bitcoin Cash.

However, with the level of uncertainty surrounding this event, reluctantly we have decided to halt withdrawals and deposits at 21:00 BST (20:00 UTC) on the 31st July.

Withdrawals and deposits will be re-enabled as soon as we believe market conditions are suitable.

What do I need to do?

In short, nothing. Your bitcoins will remain 100% secure in our cold storage solution.

However, if you want to be able to move funds during this event then you will need to withdraw them before the cut off time of 21:00 BST.

This early cutoff time is to allow us time to move your coins out of cold storage.

Questions?

Don’t hesitate to get in contact!

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