Upcoming Bitcoin fork and your Coins.ph account
- Bitcoin network upgrade on August 1st will likely result in a fork, leading to Bitcoin (BTC) and BitcoinCash (BCC).
- Your BTC and PHP will be safe and secure in your Coins.ph wallet during this transition.
- Coins.ph will not be supporting BitcoinCash, so wallets containing BTC during the fork will not receive BCC.
- If you wish to receive BCC you must remove your BTC from your Coins.ph wallet by 7am, August 1st.
- BTC transactions will temporarily be suspended on Coins.ph starting at 7am on August 1st, 2017 until it is determined that your funds can securely be reconnected to the network.
Dear Coins.ph Customer,
As the update to the Bitcoin network scheduled for August 1st draws nearer, we wanted to provide you with a status update of how we plan on addressing this at Coins.ph Our priority is the security of your funds, and we want to assure you that your PHP and BTC held on Coins.ph will remain safe and untouched during this upgrade to the broader Bitcoin network.
We have previously written a blog post regarding the underlying changes taking place, which you can refer to for further details.
It appears increasingly likely that there will be a fork in the Bitcoin network, which will result in the creation of a second blockchain called BitcoinCash (BCC) which will have its own token, separate from Bitcoin (BTC). Coins.ph does not plan on supporting BitcoinCash at this time. This means that anyone holding Bitcoin in a Coins.ph wallet during or after the fork will not be issued the new BitcoinCash tokens, nor will their wallets be able to send or receive these new tokens.
Similar to others in the industry, we consider any hard fork which is rolled out without industry-wide consensus, and therefore splits the network, to be an altcoin, not Bitcoin itself. This is irrespective of how much hash power the forked coin may have. Ours is only one voice of many, but this is entirely consistent with the view currently taken by the economic majority of Bitcoin exchanges.
Coins.ph has no plans of supporting BCC at the moment. Customers who want to transact in BitcoinCash (BCC) must send their Bitcoin stored on Coins.ph to an alternative wallet before 7 am on August 1st, 2017 (Philippine time).
Bitcoin transactions will temporarily be suspended on Coins.ph on August 1st, 2017 starting at 7am as the network changes come into effect, and will resume once our team has determined that your funds can securely be reconnected to the network. During this time your Bitcoin will not be accessible, but you may continue to use our range of services through your PHP wallet.
We will continue to keep a very close eye on the status of the Bitcoin network’s changes. If you have any questions regarding this, please do not hesitate to ask us. And, keep an eye out for more announcements on our Facebook post early next week.
All of the best,
The Coins.ph Team