BCH hard fork: Aspects to consider as a Xpay user
The crypto assets industry is taking actions based on the next Bitcoin Cash (BCH) hard fork, which is expected to happen on next Sunday, November 15th, and considering that this is one of the assets supported in our platform, we let you know the measures we will take in the presence of this event.
As a part of the development of Bitcoin Cash (BCH), this crypto asset will feature a hard fork bringing innovations to the project. In this opportunity, due to the dissenting points of view between two developer teams, there is the possibility that this hard fork could mark the start of a new currency, similarly to Bitcoin SV (BSV) in the previous Bitcoin Cash update.
This hard fork is scheduled for Sunday, November 15th, at 12:00 pm UTC (7:00 am in Colombia). Generally, these events bring uncertainty in the market of the cryptocurrency concerned, furthermore, there is the possibility of some turbulence in its network for a short period of time.
In order to ensure the security of the funds in BCH stored in Xpay, to protect our users from the volatility that could arise at that moment, and to meet all the technical aspects related to the event, we will suspend deposits and withdrawals with this asset some hours before, as well as its use in other operations into the platform, such as payments.
The temporary suspension of Bitcoin Cash in Xpay will start from November 14th, at 11:00 pm UTC (6:00 pm in Colombia). We expect to resume the normal support to BCH as soon as possible, once the process is finished and the network is back to normality.
In case the hard fork marks the start of a new crypto asset, Xpay will support as Bitcoin Cash (BCH) the asset with most endorsement by the community and miners of the currency, and we will not support the new asset or distribute it.
In case you have funds in BCH stored in Xpay
We recommend you to take into consideration the Xpay’s measures due to the hard fork, so you can withdraw your funds in BCH in advance if you wish to have the opportunity to get the new crypto asset that could be generated. Also, we invite you to keep an eye on our announcements once the hard fork is completed, to know when the deposits, withdrawals and payments with this asset will be enabled again.
For our part, we will be in charge of meeting all the technical aspects for the funds stored in Xpay’s wallet at that moment, ensuring their security.
As a merchant or user processing payments in cryptocurrency
During the same period, the possibility to process payments through Xpay will be disabled too. We recommend you to consider this in order to inform the people that wish to pay in crypto assets, similarly we invite you to be aware of future announcements to know when this service will be enabled again.
Other Xpay functions
The tools that can be found in the features Dashboard will also have minor changes due to the BCH hard fork, specifically, it will not be possible to temporarily use the crypto asset in the features of this menu, such as buying gift cards, recharging your mobile phone balance, sending money abroad, etc.
Similarly it will not be possible to enter the Crypto Assets Store in the Dashboard, or use the Scheduled Shopping feature to make operations involving Bitcoin Cash (BCH).
We will keep up with the results of the hard fork to fully enable operations with Bitcoin Cash (BCH) in Xpay. Finally, we would like to emphasize that these measures will only affect this asset, and they will not compromise the deposits and withdrawals or the possibility to make and process payments with any other asset supported in our platform.
We invite you to follow us on Twitter, Facebook and Instagram, and we also invite you to take part of our community on Telegram, so you can know first hand future announcements about the full restoration of the operations with BCH in Xpay.
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