HitBTC’s Statement on Bitcoin Network Potential Fork

Place/Date: - July 28th, 2017 at 8:37 am UTC · 2 min read
Source: HitBTC

Leading cryptocurrency exchange HitBTC has published the official statement:

  1. HitBTC stands for SegWit activation. We believe that planned changes and improvements will receive strong community support and result in the technology efficiency and prosperity. We hope that all the negative scenarios, political issues and malicious acts will stay on the sidelines and Bitcoin community will make a weighted and appropriate decision.
  2. Customers’ funds security is our highest priority. We will suspend Bitcoin and its tokens USDT, MAID and AMP deposits and withdrawals from July 31st till August 8th to protect users from replay attacks and network instability. The timing may vary, we will keep you informed about any updates.
  3. If there is no chain split and the Bitcoin blockchain functions properly, we will resume deposits and withdrawals.
  4. Even if the UAHF happens, we will take all the necessary technical steps to support the new blockchain. We will fund every Bitcoin holder with the newly born asset.
  5. For the sake of your assets security we advise you to limit the number of Bitcoin transfers and keep your funds in one place. HitBTC assures its users that all Bitcoin funds, holding on exchange, will be safe during the uncertainty of potential chain fork.

Paul Clarkson, product manager at HitBTC, states:

“We strongly believe that improving Bitcoin community and partnership is the best way for growing up. That’s why we maintain SegWit activation. We guarantee that all Bitcoin funds of our users will be safe and hope for Bitcoin Core scaling strategy to give a fruitful result.”

HitBTC is an innovative multi-currency exchange with high liquidity, low fees and no limits for depositing or withdrawing cryptocurrency. The platform has been operating since 2013 and it is still growing and gaining popularity rapidly. Daily trading volume on the exchange currently exceeds $34’000k and is forecasted to increase.

Segregated witness or SegWit is the key part of multiple Bitcoin Improvement Proposals (“BIPs”), including BIP141, BIP148(user activated soft fork), BIP149 and BIP91 that needs 80% of hash power, signaling for readiness, is needed for.