Bitcoin hard fork and what it means for Koinex users

Official statement on the potential hard forks

Potential hard fork events are expected on the Bitcoin blockchain in the coming few weeks. A hard fork is an important event in a coin or token’s history, and as an exchange we aim to ensure that our users benefit the most. We also strive to clearly convey important information to all our users on the impact of such unexpected events. This is in pursuit of making Koinex the most trusted, friendly, and secure digital assets trading platform. This post covers our stance on the same and tries to throw light on how we will handle the hard forks.

SegWit2x in November 2017

SegWit2x is a contentious scaling proposal for the Bitcoin blockchain to be implemented in November 2017. It was first put forth in May 2017 at the New York Agreement (NYA), signed by major Bitcoin companies and organizations. SegWit2x plan has the Bitcoin community split with differing viewpoints on its technical construction, thus creating a possibility of a hard fork and the creation of a new coin or token.

Since there is no clear consensus or support on the SegWit2x hard fork yet, our users will have access to tokens on both chains.

Users with Bitcoins stored on Koinex at the time of fork will get an equivalent amount of the new coin on the forked blockchain. There is no action required from the customers before, during, and after the fork. However, we will monitor the new blockchain for a few days to ensure security and stability and only then enable access to the new tokens.

Bitcoin Gold

Tentatively on October 25, 2017, another Bitcoin chain split may come into effect as a group of Bitcoin developers aim to create an ASIC-resistant new blockchain. The new token Bitcoin Gold will be created as a result of the split. There is no clear information or details about the Bitcoin Gold blockchain, other than the tentative split date of October 25. As with SegWit2x, we will enable access to the new Bitcoin Gold tokens after determining security and stability of the new blockchain. The users will need to take no extra steps to claim their Bitcoin Gold tokens.

We are still undecided on the support for trading of B2X (the token created after SegWit2x hard fork; temporarily named) and BTG (Bitcoin Gold; temporarily named). As part of a larger Bitcoin community, we will take a call to support trading of these new tokens and the original Bitcoin (BTC) in accordance with global dynamics. Nevertheless, the access to the new tokens will be extended to all our users who hold Bitcoins at these respective times of forks on the Bitcoin blockchain.

All Koinex users will get B2X and BTG in equivalent amounts of their BTC holding in their Koinex wallets after the Bitcoin blockchain forks.