Just a few days from the scenario of a possible Hard Fork, BitInka has been closely monitoring the reactions and positions of the various actors to be prepared for any eventuality, and provide effective solutions to our community as always.
In an interesting inflection of what could be the final results, last July 20th 2018, several participants gave their support to BIP 91 and this will possibly be the beginning of the activation of SegWit BIP 141, which moves away from a strong bifurcation in the chain of BTC blocks.
These results are generating tranquility in some users who were already beginning to wonder about the security of their investments in BTC and can be seen in the escalating prices of recent weeks.
Although the scalability of Bitcoin is being treated a few years ago, it had never reached such a preponderant point as it is now. And it is necessary to the continuous changes in the price and capacity of the network, that Bitcoin Core with SegWit (Segregated Witness) and SegWit2x or the New York agreement have proposed different ideas to solve this situation.
Clarifying some concepts that may cause confusion or may be unknown to those who start in Bitcoin, the “Fork” or “bifurcation” refers to the deployment of changes in the Bitcoin code. We are talking about a bifurcation that occurs when developers implement changes in the current version of the code. Taking into account that the Blockchain is a decentralized data structure and that there are different copies hosted in the nodes that are not consistent, what happens is that they end up having different versions at different times. This causes the branching of two block chains and is what is known as the Blockchain bifurcation, and this is where the concepts of ‘Hard Fork’ and ‘Soft Fork’ come into play.
The “Hard Fork” or hard fork, is a permanent divergence in the Blockchain that occurs when the non-updated nodes can not validate blocks created by the nodes that adhere to the most recent consensus rules, such as those of SegWit2x.
On the other side, the “Soft Fork” or soft fork, introduces a code that is compatible with the older versions of the program so there is no possibility of creating two block chains.
BitInka bets on this revolution and faithfully believes in reaching a consensus that benefits users, miners and the entire Bitcoin ecosystem and that is why it invites them to stay calm and wait for the best results.
Due to this scenario, BitInka recommends to avoid deposit operations and withdrawals of Bitcoins from July 30th, 2017 6:00 pm (GMT-5: 00) to August 1st, 2017 7:00 pm (GMT-5: 00). Deposit and withdrawal operations in FIAT currency will continue to operate normally.
In the scenario of a “Hard Fork”, BitInka will always support the highest value block chain, except Bitcoin Cash (BCC), so any user who wants to have their BTC available in the new Bitcoin Cash Blockchain (BCC) after the Hard Fork on August 1st, 2017 you will have to withdraw your Bitcoins from our platform before 18:00 hrs (GMT-5: 00) on July 30th, 2017.
In the days following August 1st, 2017 we will take the most suitable procedure for the implementation within our platform of the scenario that arises.
At BitInka, we are committed to providing you with the best solutions every day and we will always be aligned and prepared for the challenges that arise for our community.
For more information, please contact us through our support channel firstname.lastname@example.org from Monday to Friday from 8:00 am to 5:00 pm (GMT-4: 00) from our platform or via mail and through our social networks on Twitter, Facebook and Instagram @BitInka.