User Guidance For Upcoming Bitcoin Network Events

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In response to the recent events happening on the Bitcoin network, we are providing a general overview of the events taking place and guidance to our customers during this period. To date, there have been no major disruptions to the Bitcoin network or Bitcoin services, and we do not expect there to be any issues for all buyers and most sellers until mid November. We support the compromising efforts of Segwit2x, and the activation of Segwit. Sellers who would like to claim their “Bitcoin Cash” after August 1st should continue reading for further guidance.

 

What’s happening?

For several years there has been discussion about scaling the maximum allowable block size on the Bitcoin network in order to increase transaction throughput. For a more comprehensive review on the block size debate, read here. Recently a compromise to use Segwit2x was reached among users on how to scale the network, whereby Segwit would first be activated, and 90 days following that, a hard fork would occur that would double the base block size from 1Mb to 2Mb. It is expected that Segwit will activate smoothly and without issue around July 28th, and the hardfork will occur in November. We do not expect any disruptions to occur on July 28th. A more technical overview of the upcoming timeline is provided by Coindesk.

In addition to what is happening on the Bitcoin network, a hard fork to create a new altcoin “Bitcoin Cash (BCC)” will be occurring on August 1st. Anyone who owns BTC on August 1st will also own BCC after August 1st.  For details on this new altcoin and how the hardfork works, please read here. For users only interested in Bitcoin, this will not affect your Bitcoin experience whatsoever.

 

What is BitQuick.co doing and what should you do?

We will be temporarily shutting our service down on July 31st at, 3:00 P.M. CDT for an indeterminate amount of time until the network stabilizes; however, we recommend users stay tuned to our Twitter and AthenaBitcoin’s Twitter in case of any changes.

We will make a best effort to provide sellers with any BCC, or other tokens created in any other chain splits; however we cannot make any guarantees in regards to the time of availability for these funds. If you want immediate access to your BCC on August 1st, we recommend withdrawing your BTC to a wallet with private keys you control, and wait for further information from us in regards to splitting your BTC and BCC; however, we must warn that splitting your BTC does require some degree of technical proficiency.

 

Summary

We will be temporarily suspending services on July 31st due to the possibility of network instability. There is no action for buyers to take in regards to BitQuick.co services. A best effort will be made to provide funds in the event of a BCC fork to BitQuick sellers, and further instructions for claiming funds will be provided. If sellers want immediate access to BCC, we recommend they withdraw funds before August 1st. If you have any questions, our support team is always available to answer questions: [email protected]

Note: This guest blog post was written by Jad Mubaslat (BitQuick Advisor and Founder).

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