On Bitcoin fork and how to stay on the safe side
Bitcoin fork, chain split, BIP activations locking in, UASF, it’s soon becoming a mess and fear and uncertainty kick in.
So what do I need to do to keep my Bitcoins safe with Coinomi?
In short: absolutely nothing.
For months we have been preparing for all possible scenarios and we are ready to provide support for all Bitcoin blockchains, in case there is a fork.
Due to the BIP91 activation on the 20th of July, the miners started signaling for Segwit activation. This means that most likely there will be no blockchain split on the 1st of August due to the user activated soft fork (UASF).
The current wallet will continue to work normally and a later update will introduce Segwit addresses to receive and send Segwit transactions.
Coinomi is going to support any chains that will prevail after a fork or a split and there’s nothing you need to do in the meantime other than keep your BTC on Coinomi wallet and not in exchanges or other online wallets.
By design, all private keys in Coinomi derive from the same seed phrase so in the event of a fork your Bitcoin private keys will be the same for all blockchains so there’s nothing you should really worry about, we’ve got you covered.