For all the users of Bitxoxo its very important to have the detailed idea about what’s going on in Bitcoin Industry. We hope reading this article you get all the answers to your questions. For non-technical users will go step by step as this topic is extremely complicated to understand. Starting from What’s going to happen on 1st August, what will be the consequences and What will be the stand of Bitxoxo to this?
What is UASF?
UASF (User Activated Soft Fork) built on the protocol BIP 148. The software that enforces the SegWit activation but when the 95% of the miners show their support by giving a signal for SegWit while mining a block.
On not getting the full support of miners the UASF can create chain split and force activates the SegWit on 1 August. Starting from the day, UASF nodes will automatically consider block invalid if they don’t show a signal for SegWit.
What Can be the Consequences?
- In both the scenario whether the chain split or not, Bitcoin remains the same and valid. So, users don’t have to worry about the ban on cryptocurrency.
- In chain split the bitcoin will be divided into two other coins i.e., 148 BTC and Legacy BTC. This split could be temporary or for a long term.
- The similar split held before with the digital currency Ethereum, where the coin divided into two “Ethereum” and “Ethereum Classic.”
- Bitcoin value may get affected but it’s not confirmed the exact situation could be traced on or after 1 August.
Bitxoxo Suggest to Users
- Avoid making transaction nearby the date (1 August). Don’t send or receive bitcoins a day before or after until the situation settles down.
- It is recommended to keep your coins safe in Bitcoin wallet that gives you full control of your private keys and make sure you have a backup for the same.
- If you don’t have Bitcoin wallet or for any other reason you can store your coins with Bitxoxo. We will take care for your coins and you can relax.
Bitxoxo Stand for the Change
- We are ready and prepared to adopt any kind of change in technology. With all our support to both the version of Bitcoin if happens in future.
- If chain Split, Bitxoxo will freeze all the buy and sell Bitcoin request and will not allow the users to deposit and withdrawal funds. This state could remain for 2-3 days or more until the situation comes back to normal.
- Bitxoxo has all the right to act according to the situation to keep your coins safe and protected from unwanted risks.
- We’ll be monitoring every situation and technical changes and keep updating you with all information needed.
- Since the activation of SegWit and Chain Split are unpredictable with no accurate time. Bitxoxo has all right to suspend operations without any prior notice and after the settlement will resume the operation again.