Friday, 20 October 2017

Xapo and the Hard Fork

What you can expect from Xapo in the event of a fork in the Bitcoin blockchain - which may occur on August 1st, 2017.

There is a proposal, known as Bitcoin Cash, that may create a fork in the Bitcoin network. This means that after August 1st, 2017 there may be two versions of the Bitcoin blockchain and two separate digital currencies: the original Bitcoin and Bitcoin Cash. 

Xapo ensures the security of our customers’ bitcoins above all else and, in the event of a fork, your assets will be safe at Xapo.

We may, however, temporarily halt incoming and outgoing transfers from the Bitcoin network until we confirm that such transfers can be done safely.

We may also temporarily suspend the Xapo Debit Card and the conversion from dollars and other currencies to bitcoin and vice versa.

In other words, your assets will be safe at Xapo but you may not be able to transact for a period of time.

In the event of two surviving blockchains, we will support one blockchain, the one with the most accumulated difficulty.

Xapo will give you the choice to withdraw the coins in the secondary blockchain or to let Xapo sell the coins in that secondary blockchain and automatically add that value to your account in the supported blockchain. There is no estimated date as to when this will be determined, as it will be only when we deem it safe and sensible to do so.

So, if you would like to make bitcoin transactions during a fork, you will need to move your bitcoins out of Xapo before 23:00hrs UTC on July 31st. Any funds in the Vault that you would like to use during a fork will need to be retrieved from the Vault no later than 23:00 hrs UTC on July 28th so you have sufficient time to send them out of Xapo before the fork.

If you want to transact with any secondary digital currency that is created after August 1st, you should move your funds out of Xapo now. We do not have an estimated date for when the other supported blockchain will be safe to transact.

At Xapo, your bitcoins are secure and we allow you to decide what to do with the coins in your account.


The Xapo Team

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