At Uphold, we remain dedicated to keeping our members updated on the latest events and advancements in the digital currency space.
As such, we wanted to share an update on the upcoming Bitcoin Segwit2x (B2X) hard fork, expected to take place December 28, 2017.
Click here to learn more about what forks are and why they happen.
B2X is considered a “contentious” hard fork to increase the block size limit from 1 to 2 MB which has greatly divided the Bitcoin community and may result in a chain split.
Taking all of this into account, we are planning the following:
- Bitcoin cards will remain associated with the legacy Bitcoin chain before the hard fork block. Uphold will observe the Bitcoin network so we can determine if a chain split has occurred and the outcome.
- In the event of a chain split, “Bitcoin” cards will remain associated with the existing Bitcoin chain with 1MB blocks until the industry and ecosystem demonstrates a clear chain preference for “Bitcoin.”
If it is unclear which chain is the preferred and dominant chain, we may create a new card for Bitcoin Segwit2x chain with 2MB blocks with the same balance you had on your Bitcoin card previous to the fork.
We will keep our users posted.
Members who hold BTC within their Uphold wallet at the time of the fork will be entitled to an allocation of B2X will be 1:1 B2X to all eligible BTC holdings. Eligibility will be determined by the snapshot of the number of BTC held in Uphold member wallets that will be taken on our system when the Bitcoin SegWit2x fork occurs. 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 B2X equivalents.
As an Uphold member, here’s what you can expect:
- Members holding BTC within their wallet at the time of the fork will be entitled to an allocation of 1:1 B2X to eligible BTC holdings.
- Uphold will support B2X after blockchain stabilization occurs.
- We will continue to provide updates via our Twitter and Facebook pages.
We anticipate that full-spectrum support of the B2X 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.