Posted by Coinify on 27 October 2017 01:23 PM
Please note: this statement contains status updates on Segwit2x located at the end of the post.
What is Segwit2x?
Following this summer’s activation of the code upgrade to SegWit (resulting in creation of 2 chains Bitcoin and Bitcoin Cash), the bitcoin network is preparing for another change: Segwit2x, a ‘hard fork’ with the intention of further expanding Bitcoin’s transaction capacity by increasing its block size from 1MB to 2MB. Read more about what blockchain forks are, why they happen, and how to deal with them in non-technical language.
Coinify Anticipations regarding Segwit2x Fork
Coinify is a virtual currency transaction company with Bitcoin users at its core, and our key focus and priority is to act in the best interest of our users. As the Segwit2x fork will affect the way Bitcoin transactions are confirmed and registered on the Bitcoin blockchain network, we will take the necessary measures to protect our customers.
As a part of our contingency plan, we anticipate the need for a downtime of our services for a short period(s) around November 15th. We want to stress that we will make sure the downtime is as short as possible while still keeping our customer funds safe until the Bitcoin network is stable again.
Regarding the (insofar unclear) outcome of Segwit2x:
Coinify does not hold customer funds in Bitcoin, with the exception of Merchants with an active balance who have chosen to be paid out in Bitcoin. We will contact all these Merchants and suggest them to request Bitcoin payouts no later than 12:00 PM on Monday, November 6th (CEST).
More specific implications of the outcome of the Segwit2x fork will be communicated to our customers shortly. Please be on the lookout for updates in the following section.
At the present rate of blocks being processed, the current estimate for the Segwit2x fork is Thursday, November 16 (check the latest date here).
As anticipated before, there will be a need for a downtime of our services (buy, sell and pay with bitcoins). This will be implemented roughly 24 hours before the fork.
Even though there have been statements that report SEGWIT2X being suspended, this is not 100% sure yet and there still might be a minority SegWit2x fork. Having your best interest in mind, we adhere to our protocol of calling a service downtime only if necessary.