 |
July 03, 2017, 03:27:09 PM
Last edit: July 03, 2017, 03:40:55 PM by kuyacardo |
|
Over the past few days, we have received
questions from customers regarding our plans in
the case of a fork of the Bitcoin network.
Following recent news and community discussion,
we see a hard fork as a distinct possibility, and
wanted to share some of our plans and views on
this matter.
-
First, while we can’t always predict how the
future will unfold, we would like to assure our
customers that we will work diligently to ensure
that you get the best experience possible, and
that we will act as fast as possible to develop
solutions that serve our customers’ needs and
protect their interests.
-
At present, Coins.ph supports a single version of
Bitcoin, which is Bitcoin Core (BTC) . We do not
have a strong opinion for or against any of the
proposed updates to the Bitcoin protocol.
However, similar to others in the industry, we
consider any hard fork which is rolled out without
industry-wide consensus, and therefore splits the
network, to be an altcoin , not Bitcoin itself.
-
This
is irrespective of how much hash power the
forked coin may have. Ours is only one voice of
many, but this is entirely consistent with the view
currently taken by the economic majority of
Bitcoin exchanges. If such fork was executed in a
supportable way, and there was sufficient
customer and market demand for the new coin,
we may elect to add support for such altcoin as
soon as technically possible.
What this means for our customers
-
1. We’d like to remind our customers that the
value of bitcoin is subject to volatility, and
that any fork in Bitcoin is likely to have an
immediate effect on market price. The only
way to fully avoid such volatility is to not
hold any bitcoin.
-
2. Upon any fork, Coins.ph may temporarily
suspend transactions on the system while
we make the necessary updates to our
system. Notably, during that time, you may
not be able to buy, sell, or transfer bitcoin
out of the system. While we would aim to
complete such an update in the shortest
time possible, we will only resume
transactions once we are confident that
such an update has been adequately
reviewed and tested. Announcements and
updates will be made on the Coins.ph
website and/or official social media
channels.
-
Finally, we encourage customers to refer to the
Coins.ph User Agreement, which outlines our
obligations in the event of a fork of Bitcoin.
-
source: blog.coins.ph/post/158960095064/how-coinsph-will-handle-a-bitcoin-fork
|
Poll
