The Hardfork that occurred on August 1st has been an exciting and trying time for the crypto-community and its service providers. Uphold strives to keep its members informed and up-to-date on events. In keeping with this promise, we want to inform you on the status of Bitcoin Cash and what it means for you on our platform.
On Friday, 4th August at 10:00am PST, Uphold will distribute Bitcoin Cash cards to each member wallet reflecting the Bitcoin Cash they are entitled to. The allocation of Bitcoin Cash will be 1:1 Bitcoin Cash to all eligible BTC holdings. Eligibility will be determined by the snapshot of the number of BTC held in Uphold member wallets that was taken on our system when the Bitcoin Fork occurred (Tuesday, 1st August at 12:20 UTC). Any deposits of BTC that were in transit, but not completed on our system at the time of the Fork, will not be credited with Bitcoin Cash equivalents.
As of the time of this posting, the Bitcoin Cash network is not yet stable. We have seen several instances where mining has completely stopped, for up to 12 hours in some cases. Exchanges have not opened Bitcoin Cash for deposits and withdrawals, creating liquidity issues for the coin. Due to these factors, Uphold will display the value of Bitcoin Cash in member wallets; however, trading, transfers, deposits and withdrawals will not yet be enabled.
Uphold will continue to monitor the Bitcoin Cash network closely. If exchanges open for deposits and withdrawals and the liquidity situation stabilizes, we will work to ensure support of the coin on our platform. We anticipate that full-spectrum support of the new currency may take up to two weeks post opening at exchanges. If these timeframes change or network stability conditions change, we will promptly inform our members, and we will continue to provide updates via our Twitter and Facebook pages.
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