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Cryptopay’s position on the possible Hard Fork

Updated 1 week ago by Alina

The relationship Cryptopay has with its customers and partners is of the utmost importance and this will never change, fork or not

There has been much debate about a possible hard fork of the Bitcoin protocol. As we can see from a few charts, blockchain network is overloaded with transactions very often. This happens mainly because the maximum amount of data per block the network can process is limited to 1MB. The only way to improve its effectiveness is to remove this limit.

Roughly speaking, after almost a year of debates on block size scaling, a group of miners, including Bitmain, presented their own solution to the scaling problem. They proposed to restructure the whole system protocol, however, it wasn’t received well by the community, which is more lenient towards a soft fork. 

If a consensus is not met, Bitcoin protocol will be divided into two concurrent networks: Bitcoin Unlimited (BTU) and Bitcoin Core (BTC). 

Our position on the possibility of hard fork

We can state that it is unlikely that the hard fork goes ahead considering the various issues discovered in the nodes of Bitcoin Unlimited, but our top priority is and will be to assure everyone's funds are safe. 

The only cryptocurrencies we currently support are Bitcoin Core and Litecoin Core, which are represented by the BTC and LTC acronyms.

If the hard fork is to take place in the near future, we expect suspension of all deposits/transactions for about six hours. We strongly recommend our clients to refrain from making Bitcoin transactions during the implementation of the hard fork to make sure their money won't be lost due to technical issues.

As we leverage BitGo as a provider, we fully rely on their scenario that excludes any chance of losing money stored in its wallets. Your transaction history will also remain intact no matter the fork, because our databases won't be affected in any way. 

If you are still worried about the consequences of the hard fork, we recommend you to exchange bitcoins for any fiat currency available for Cryptopay users. Fiat currencies are not subject to any changes introduced by the hard fork and as such are not affected by them in any way. After the dust has settled, you can exchange them back. 

Read expert opinions on the possible Bitcoin hard fork in our article to learn what the fuss is all about.

More information about Segwit, BIP-141, and August Soft Fork.

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