Dear users,
Since its release in 2009, Bitcoin has gained unprecedented global influence because it’s a decentralized, global circulated, immutable digital asset with constant supply. With the continuous development of Bitcoin, there are more people using it and there are more transactions on Bitcoin blockchain. Therefore, Bitcoin network is getting congested. The 1M block size cannot meet the current demand and starts to hamper Bitcoin's development.
To solve the network congestion problem, several different proposals have emerged within the Bitcoin community. Some have advocated for block size expansion to support more transactions and increase network throughput. Some have proposed to upgrade the data structure (SegWit) and introduce a second layer network (Lightning Network) in order to increase transaction throughput. Allcoin believes that all the Bitcoin scaling proposals are for a better future of Bitcoin. Regardless of the scaling debate result, Allcoin believes that the final choice will be determined by the market and users.
Officially, Allcoin is preparing for the upcoming potential Bitcoin forks with the following policies:
1. Around the potential fork time——
About 8:00, August 1st, 2017(GMT +8), we will suspend Bitcoin deposits and withdrawals due to potential technical risks such as replay attacks and other issues that may cause network instability. We will further publish another announcement to inform the specific timing.
2. If there is no fork, and the network is stable, we will resume Bitcoin deposits and withdrawals.
3. If Bitcoin is split into several blockchains, Allcoin will for every blockchain give users their rightful ownership of their digital assets. Once the potential Bitcoin forks happen, Allcoin will take steps to support trading for every type of Bitcoin.
4. If you can’t be 100% sure about your wallet has the function of anti-replay attack, we strongly suggest that you deposit your Bitcoin in Allcoin and we will handle all resulting technical issues related to the potential Bitcoin forks. If you have Bitcoin in your Allcoin account, please don’t worry about your asset’s safety.
5. Allcoin will suspend Bitcoin deposits and withdrawals during Bitcoin fork time. If you need to trade any type of Bitcoins, please deposit Bitcoin in advance.
6. If unexpected events occur during the potential Bitcoin fork period, Allcoin may temporarily also suspend Bitcoin trading. If we deem someone has maliciously manipulated the market during this period, Allcoin may take measures including the suspension and roll back of trades.
Allcoin Team
https://allcoin.com/
