BITCOIN MAJOR EVENT - 1st Aug 2017


As you probably know from all the news Segwit2x was activated with consensus from the majority of miners. Something very important is happening on August 1st that may have a big impact on the network. It's called BIP 148 UASF.

Right now the miners have all the power to decide which transactions are good and what new changes to support. This proposal would try and force the activation of Segwit through non mining nodes that anyone can download and run.

The idea is all nodes running BIP 148 would begin rejecting blocks from miners who do not support Segwit. This could result in a chain split and potentially two or more version of Bitcoin. Or it could be a very boring event as everyone falls in line and supports a single chain.

Here is what you need to know and prepare for...

#1. MOST IMPORTANT... During the potential fork, from July 31th, 2017 to August 2nd, 2017(expected time), please do not deposit or do withdrawals of BITCOINS in XBIT ASIA  from July 31th, 2017 due to potential technical risks such as replay attacks and other issues that may cause network instability.

#2. Make sure you have your private keys backed up. You want to move all Bitcoin out of the exchange wallets that you don't have complete control over. Some of the best solutions are Ledger Hardware wallets, a Trezor hardware wallet, a paper wallet, Copay wallet, AirBitz wallet or even blockchain.info wallet is a good choice. (Do not keep your Bitcoin in Coinbase wallet, or any web wallet that holds your private keys).

#3. Do not send Bitcoin or try and receive Bitcoin on August 1st until everything has been sorted and it's safe to resume transactions. Wait a couple of days before sending or receiving bitcoins. You don't want to be stuck sending Bitcoin on the wrong chain or while the transition process is happening because you could lose them.

#4. No users should deposit any Bitcoins during XBIT ASIA suspension period. Otherwise, XBIT ASIA will not be liable for any loss of values due to Hard Fork. Suspension period is from 12 noon on the 31st July 2017 to 9.00pm August the 2nd. XBIT ASIA Exchange will not have any trading, Bitcoin withdrawal during the suspension period. PLEASE TAKE NOTE!

Hope this event moves smoothly and without any hickups.... Long live Bitcoin!

XBit Asia Team

 

 

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