For nearly fifteen days now, Bitcoin-based businesses around the world have been preparing their users for the possible fork that is expected to occur on or around November 16.. Bitpay, the world’s largest provider of bitcoin services, has announced its plans for the upcoming sewit2x fork.
Bitpay Follows
Atlanta-based Bitpay has announced its operational plans during and after the planned hard fork on the 494784 block in the Bitcoin network. The company says its first priority is the safety of its users. Keeping this in mind during some protocol upgrades, Bitpay said “we must take action to protect our users.”. Bitpay knows that the vast majority of miners and businesses support Segwit2x but not everyone supports a hard fork.
Bitpay
“Although most miners report support for this protocol change, not all does not support it. If miners split over this exchange, there is a significant risk of network splitting,” he explains..
Services may be shut down for 24 hours or more
The company’s contingency plan also applies to trade services, Copay wallet software and Bitpay Visa card users. Bitpay says it will continue to do their best to provide services using the Bitcoin blockchain. However, the company is telling its users not to use the Bitcoin network during block 494784 until everything is resolved. Unlike Bitcoin Cash in August, Bitpay will suspend all transactions for 24 hours and maybe longer.
“We will suspend payment acceptance, payment and debit card reloads approximately 24 hours before Segwit2x is activated – We are in contact with all our affected users at the moment with preparation instructions.” you should assume that the chain will be split and any Bitcoin you send will be included in both chains. In addition, any Bitcoin you receive will pose a risk above normal spending.
Finally, the company should consider whether there is a long-term or permanent chain split and the minority chain It will give users access to these tokens by specifying whether they still have value or not. As well as naming chains, Segwit2x will name the minority chain BC1 when the chain receives the most accumulated proof of work. BitPay explains that if Segwit2x does not receive the chain, the certain chain will be named BC2. Bitpay emphasizes “Beyond that, we have no plans to offer our services on the minority chain”.
Backlash to support Segwit2x
Of course, to Segwit2x Opponents did not like Bitpay’s latest preparatory statement. In fact, many anti-Segwit2x supporters have been rallying against the company for several weeks. For example, bitcoin developer Nicolas Dorier creates a Bitpay-compatible API for users who don’t like the company’s decisions. Also, on October 26, Satoshi Lab’s (Trezor) CTO Pavol Rusnak told his Twitter followers that the company cannot tolerate Bitpay.
Rusnak said, “We are changing the Bitpay exchange rate API in the Trezor web wallet.. Because they plan to gamble with the BTC brand – we can’t tolerate that,” explains Rusnak.
Bitpay does not appear to openly support Segwit2x and joins other big companies they have decided for the most favored side. Other businesses following the same plan include Coinbase and Xapo.
Source: Bitcoin.com