SegWit2x Bitcoin fork and iceCUBED exchange
On or around the 16th of November 2017 there is a very high probability that there will be a bitcoin fork, called the SegWit2x bitcoin fork (at block height 494784).
UPDATE: The Segwit2x fork has been shelved. “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.” More information can be found on this blog post.
A group of bitcoin companies have agreed to change the way bitcoin works by increasing the block size and weight. They will be forking the bitcoin code to create an updated version of the bitcoin blockchain with a 2mb blocksize and 8mb block weight, which is bigger than the current 1mb blocksize and 4mb block weight.
Segwit2x bitcoin fork
With the previous bitcoin fork, Bcash was created and still carries value, this time round it might be different as bitcoin segwit2x has no replay protection
Generally when a hard fork happens as an upgrade there is community consensus, the old version of the chain dies, and the new version would be bitcoin going forward. This time its not so simple. Since there is not consensus on this fork, the current bitcoin blockchain will continue to exist after the fork, and there will essentially be two versions of bitcoin, the current version, and a new SegWit2x version.
Since both versions of bitcoin will have the same history of transactions and addresses up until the point of the fork, if you own bitcoin at the time of the fork, you will essentially own the same amount of bitcoin on both the legacy and the SegWit2x chain.
The problem we have now is which of these two flavours of bitcoin will be considered the ‘real’ version of bitcoin, and which will be considered an altcoin. Both bitcoin tokens on the original blockchain and the new SegWit2x blockchain will have value, not necessarily the same value though.
Only once the dust has settled will there is a clear consensus by the community over which version is “The” bitcoin, and which version will become an altcoin.
What you need to know:
- iceCubed will continue to support the dominant version of bitcoin with the majority of support from the community, and what is considered by all to be “The” bitcoin blockchain.
- To protect user funds we will temporarily suspend bitcoin deposits and withdrawals for at least 24 hours, until we feel it is safe to transact again. (Please follow us on twitter to get updated –@ice3x)
- You will still be able to buy and sell bitcoin on iceCubed during the fork, you will just not be able to deposit or withdraw bitcoin.
- To play it safe we advise you to not do any on-chain bitcoin transactions during the time of the fork, and for a couple of days after.
- If you would like to keep both your bitcoin tokens for BOTH bitcoin chains, you will need to withdraw your bitcoin from iceCUBED BEFORE we disable withdrawals in advance of the fork to a wallet that you control the private keys for, preferably a hardware wallet such as a Trezor.
If you have any questions, please open a ticket on the helpdesk.