Update: Possible disruption Bitcoin network

UPDATE 24-07-2017 10:00: The risk of a split in the bitcoin network seems to be such that we are no longer planning to stop the trade in Bitcoin. Of course, the circumstances can still force us to review this decision and we will immediately inform you, but for now we do not see any reason to do so.

There is a lot of uncertainty surrounding August 1st, as it will become clear whether the Bitcoin network will split into multiple different versions. This is a consequence of disagreements within the Bitcoin community on the different scaling proposals. Read the official bitcoin.org blog for background information on the situation and our statement for our views on the debate.

In the event of a split in the Bitcoin network, there will be two (or more) different versions of Bitcoin. For now, it remains unclear how the situation will develop. Below are some of the important dates to watch. We will keep you updated as the situation develops.

  • July 21st: Miners that signed the “New York Agreement” will start signalling SegWit. If more than 80% of the total hashrate signals in favour of SegWit, it can be activated through another 80% majority vote.
  • It will become clear whether SegWit can be activated without causing a split in the network on the 29th of July. The precautionary measures Bitonic will take can be updated at any time on this day and will be communicated on the fly.
  • August 1st: At 2:00 AM Amsterdam time (CEST) all UASF (BIP148) nodes will start ignoring all non-SegWit blocks. It will become clear whether the network will split in the following hours.

Bitonic will implement the following precautionary measures:

  • Starting July 31st, 20:00, bitcoin purchases from and bitcoin sales to Bitonic will be temporarily paused. We cannot guarantee it will be possible to buy or sell bitcoins up to this point, as Bitonic might need to be paused before this time depending on how the situation develops.
  • If you purchased bitcoins on Monday July 31st using an unverified bank account, make sure to contact us before 20:00. Failure to do so will result in the bitcoin transaction being delayed until Bitonic deems it safe to resume transactions.
  • Bitcoins for sell orders that are cancelled will no longer be automatically returned after 22:00.

Keep an eye on our news updates for any changes.

What you can do to prepare for a possible split:

  • Store your bitcoins in a wallet that you control (i.e. you control the private key). It is possible to keep your bitcoins at an exchange, like BL3P, or a wallet service, such as blockchain.info. However, it is important to note that in the event of a split there is no guarantee the exchange will offer multiple versions of bitcoin. This could result in being unable to access your bitcoins on an alternative chain.
  • Avoid making any transactions from July 31st onwards. It is possible that transactions past a certain date will be reverted - this means it is also not safe to receive bitcoins during this time. Watch our news for updates.
  • Most exchanges and web wallets will pause deposits and withdrawals. It might therefore not be possible to buy or sell bitcoins.

Read our update on BL3P.eu for measures specific to BL3P.

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