As the Segwit2x fork edges closer, the subject is becoming a much-discussed talking point, as individuals and companies are planning ahead to address their bitcoin storage options.
Several companies, specifically cryptocurrency exchanging platforms, have started to announce their plans to provide support for the fork. This includes the cryptocurrency exchange platform hailing from San Francisco, Coinbase. The popular cryptocurrency exchange released their detailed plans regarding this fork some weeks ago. However, the company initially failed to include which name they will use for both respective bitcoin-based blockchains. To rectify this, the company recently announced their strategy for adequately naming each bitcoin strain. Coinbase stated that the fork will result in two separate blockchains which essentially means two different digital assets.
According to Coinbase, after the fork, they intend to refer to the original bitcoin blockchain using the symbol “BTC”. To refer to the Segwit2x forked blockchain, they will use the name Bitcoin2x, and use the symbol "B2X". Once the Segwit2x fork has been accepted by users, however, Coinbase said they could choose to change the name at a later time.
Coinbase users will not need to take any action to claim their new bitcoin currency. Once the currency has successfully forked, all users who have a bitcoin balance will automatically receive their B2X coins at a one-to-one ration.
Coinbase cautioned that their support for buying, selling, sending, as well as receiving, might be disabled for one or two days following the fork. In addition, Coinbase also stated that the Segwit2x split failed to include replay protections, however, Coinbase has decided to implement its own safeguards. In addition, the director of communications at Coinbase wrote a post for the company's blog, detailing the company's timeline of events as well as a support system for both the Segwit2x split and the Bitcoin Gold fork. However, the company warned its users that Coinbase has several safety concerns regarding Bitcoin Gold.
Despite the controversy surrounding Bitcoin Gold, the e-wallet service, BTC.com, announced that they will provide support for both blockchains following the fork. A post on the startup’s blog announced that all BTC.com wallet users will be able to continue transactions for all bitcoin-based blockchains following the fork. The wallet provider also announced that they have implemented their own replay protection.
BTC.com’s contingency plan states that all BTC.com wallet user transactions will be protected from being replayed on either blockchain. Once a user’s transactions are replayed, or rebroadcasted, the user could possibly lose funds from their wallet from companies who have failed to implement this precaution. BTC.com confirmed their belief that replay protection from wallet providers are a crucial step in ensuring that the product has more security in its transactions and that it is a proactive solution which addresses the continuously evolving needs of all cryptocurrency users.
Unlike Coinbase, the Hong Kong-based exchange, Gatecoin, has refused to provide support for the Segwit2x fork. The company stated that the blockchain’s lack of two-way replay protection was their main cause for concern in choosing to not make the currency available on its platform. While Gatecoin will also refer to the token as “B2X”, they will not provide support for it and will not list it on their trading platform. Gatecoin has advised all their users to withdraw their bitcoin from the Gatecoin exchange at least 12 hours before the fork is scheduled to occur if they're hoping to claim their B2X coins. However, the company did state that they will continue to run B2X nodes in case B2X development team chooses to add replay attack protection in the future.
Several companies, specifically cryptocurrency exchanging platforms, have started to announce their plans to provide support for the fork. This includes the cryptocurrency exchange platform hailing from San Francisco, Coinbase. The popular cryptocurrency exchange released their detailed plans regarding this fork some weeks ago. However, the company initially failed to include which name they will use for both respective bitcoin-based blockchains. To rectify this, the company recently announced their strategy for adequately naming each bitcoin strain. Coinbase stated that the fork will result in two separate blockchains which essentially means two different digital assets.
According to Coinbase, after the fork, they intend to refer to the original bitcoin blockchain using the symbol “BTC”. To refer to the Segwit2x forked blockchain, they will use the name Bitcoin2x, and use the symbol "B2X". Once the Segwit2x fork has been accepted by users, however, Coinbase said they could choose to change the name at a later time.
Coinbase users will not need to take any action to claim their new bitcoin currency. Once the currency has successfully forked, all users who have a bitcoin balance will automatically receive their B2X coins at a one-to-one ration.
Coinbase cautioned that their support for buying, selling, sending, as well as receiving, might be disabled for one or two days following the fork. In addition, Coinbase also stated that the Segwit2x split failed to include replay protections, however, Coinbase has decided to implement its own safeguards. In addition, the director of communications at Coinbase wrote a post for the company's blog, detailing the company's timeline of events as well as a support system for both the Segwit2x split and the Bitcoin Gold fork. However, the company warned its users that Coinbase has several safety concerns regarding Bitcoin Gold.
Despite the controversy surrounding Bitcoin Gold, the e-wallet service, BTC.com, announced that they will provide support for both blockchains following the fork. A post on the startup’s blog announced that all BTC.com wallet users will be able to continue transactions for all bitcoin-based blockchains following the fork. The wallet provider also announced that they have implemented their own replay protection.
BTC.com’s contingency plan states that all BTC.com wallet user transactions will be protected from being replayed on either blockchain. Once a user’s transactions are replayed, or rebroadcasted, the user could possibly lose funds from their wallet from companies who have failed to implement this precaution. BTC.com confirmed their belief that replay protection from wallet providers are a crucial step in ensuring that the product has more security in its transactions and that it is a proactive solution which addresses the continuously evolving needs of all cryptocurrency users.
Unlike Coinbase, the Hong Kong-based exchange, Gatecoin, has refused to provide support for the Segwit2x fork. The company stated that the blockchain’s lack of two-way replay protection was their main cause for concern in choosing to not make the currency available on its platform. While Gatecoin will also refer to the token as “B2X”, they will not provide support for it and will not list it on their trading platform. Gatecoin has advised all their users to withdraw their bitcoin from the Gatecoin exchange at least 12 hours before the fork is scheduled to occur if they're hoping to claim their B2X coins. However, the company did state that they will continue to run B2X nodes in case B2X development team chooses to add replay attack protection in the future.