Since the Bitcoin improvement proposal (BIP-91) had been agreed on, it seemed like Bitcoin crisis is averted and the market-shaking fork won’t take place. Bitcoin development community decided to embrace the software upgrade called SegWit2x, which aims to increase network’s transaction capacity.
But it turns out that still there are controversies left to resolve. BitcoinCash (BCC) development team had announced that they will go ahead with a fork on August 1st. The essence of their project is to increase the block size to 8 Mb, providing protection from replay and wipeout attacks. And they do not support SegWit. Hard fork is extremely likely to expect.
Our mission here is to protect your funds and provide you with the most flexible and up-to-date market tools. From now on you are able to purchase BitcoinCash futures (BCCF) right here on HitBTC, even before the hard fork. Trading pairs to BTC, ETH and USD are available. Once hard fork takes place, these futures are going to be transformed into BCC.
Also those who store a certain amount of BTC on their accounts, will receive the same amount of BCC. We assure you that all Bitcoin funds, stored on exchange, will be safe before, during and after the fork process.
For further information take a look at our statement.
As you may know, Bitcoin Core is undergoing some important scaling improvements. Here is some historical background on what is happening now:
Segregated witness or SegWit is the backward compatible protocol upgrade that was originally proposed by Bitcoin Core development team as a part of scaling strategy. SegWit could have been initially activated through BIP141 if 95% of hash power had signaled readiness to upgrade within single difficulty period before November 15th, 2017. Shortly afterwards users decided to stimulate miners’ decision making to upgrade and announced BIP148 as known as UASF (user activated soft fork), scheduled on August 1st. From this date their nodes would have rejected all blocks that are not signaling readiness for BIP141.
Meanwhile in May 2017 the critical mass of Bitcoin ecosystem, i.e. users, miners, companies, developers etc., agreed on SegWit activation through BIP91. Consequently only 80% of hash power, signaling for readiness, is needed to activate BIP91 and proceed with SegWit adoption. That is what has happened on July 23d. Since then miners have to orphan every block that is not signaling readiness to SegWit. But they might not do this and proceed mining blocks on non-SegWit chain. As a result there is a potential threat of Bitcoin’s hard fork.
At the same time as BIP91 was activated, the launch date of Bitcoin Cash (BCC) was scheduled on August 1st, 2017, 12:20pm UTC. Bitcoin Cash is a hard fork of Bitcoin’s chain and initially was developed to prevent the UASF via BIP148. It doesn’t support SegWit and has three main features: the block size of 8 MB, integrated replay and wipeout protection and new way of signing transactions. So the likelihood of potential split has enhanced.
Here is HitBTC’s official statement on this issue:
- HitBTC stands for SegWit activation. We believe that planned changes and improvements will receive strong community support and result in the technology efficiency and prosperity. We hope that all the negative scenarios, political issues and malicious acts will stay on the sidelines and Bitcoin community will make a weighted and appropriate decision.
- Customers’ funds security is our highest priority. We will suspend Bitcoin and its tokens USDT, MAID and AMP deposits and withdrawals from July 31st till August 2nd to protect users from replay attacks and network instability. The timing may vary, we will keep you informed about any updates.
- If there is no chain split and the Bitcoin blockchain functions properly, we will resume deposits and withdrawals.
- Even if the UAHF happens, we will take all the necessary technical steps to support the new blockchain. We will fund every Bitcoin holder with the newly born asset.
- For the sake of your assets security we advise you to limit the number of Bitcoin transfers and keep your funds in one place. HitBTC assures its users that all Bitcoin funds, holding on exchange, will be safe during the uncertainty of potential chain fork.
We are monitoring the updates on SegWit adoption and will keep you informed about further mitigations. Stay tuned.
Dear traders, as promised our engineers transformed BTU to ETH token. Our twitter subscribers have chosen this course of action on the vote.
- BTU tokens are turned into BUS (Bitcoin Unlimited Support) tokens based on Ethereum;
- BTU tokens are converted into BUS token as 1 is to 1;
- Deposits and withdrawals of BUS tokens are now available.
Meet the alpha version of our new API. The platform’s dependable API provides an easy integration, is extremely stable and will satisfy the needs of algorithmic traders.
New API is designed specifically for advanced traders and has already received a lot of positive feedback. Our exchange strives to keep on improving!
Please note: the earlier version of the API will keep on working and would not be deactivated as long as at least one customer uses it.
We have improved the technology and added following enhancements:
- Authorization is faster and easier
- Volumes are displayed in natural terms of currency, no lots anymore
- Error codes are standardized
- Unambiguous and uniform representation of data throughout the API
- Advanced mechanism for new order creation
- The possibility to obtain status of trades via the REST interface
Check out what we also already provide:
- Our API supports all functions provided by the exchange
- 3 types of protocols: REST, WebSocket, FIX provide an opportunity for individually select the functionality you need to trade and collect market data
- The REST protocol provides you with the opportunity to receive (simultaneously and everywhere) market data, perform trading operations and manage funds (deposits, transfers, payments)
- The high-speed WebSocket protocol allows you receive and send data at the same time, ideally suited for high-frequency commerce: the speed of tasks depends only on network delays (less than one millisecond), you can receive real-time messages
- The FIX API is designed specifically for advanced traders to migrate from popular fiat exchanges, using all their professional tools, Persistence included
- API has been updated with TSL secure encryption
- All products are pre-tested by a team of experts
What traders value about us
- Possibility to generate multiple addresses for each currency
- Opportunity to create all kind of orders through the API: limit, market, stop, stop limit
- Client can choose between multiple time-in-force options
- Client order ID can be assigned and customized for each order which allows to request the status of the trade
- HitBTC API provides the opportunity to manage your transactions and check out error messages that could occur on order creation
- Support team operates around the clock, ready to solve any issues
Try new API
The vote finished recently, HitBTC engineers started implementing changes, and we have some important announcements to make.
Your accounts are not credited with BTU anymore.
From now on you don’t receive BTU after BTC deposit. The only way to get BTU is to buy them on the exchange. Considering that these BTU are not connected with real BTU (they are transformed into ETH tokens), replay attacks are not possible by their nature, and that’s why…
Bitcoin withdrawals are available!
It’s time to restore the full functionality of Bitcoin on HitBTC. From now on withdrawals are operating normally.
Please note that we are negotiating with Bitcoin Unlimited project at the moment. Some details have to be talked over, and we are ready to proudly announce successful execution of our plan that you’ve voted for.
You have said your word. The vote is completed. Thank you for your participation!
Option #3 is the winner by a small margin. Congratulations! The wheels are set in motion, these changes are going to be implemented within a week:
What are we going to do?
- Create Ethereum tokens, available for trading and withdrawal. They are going to replace BTU on HitBTC and support Bitcoin Unlimited project.
Explanation: There will be two times more tokens than BTU coins at the moment. Half of this amount will be transferred for the needs of Bitcoin Unlimited project. Another half is going to be distributed among traders. You will receive as many tokens, as you have BTU.
How can you actually support Bitcoin Unlimited project?
By trading new tokens. As they are becoming more demanded and valuable assets, more benefits for this project are emerging.
- You will be able to withdraw new tokens to your Ethereum wallet and credit your HitBTC account with them. Also you can trade them on BTU/BTC market.
- You won’t be credited with BTU after BTC deposit anymore.
- Should the hard fork occur, HitBTC would operate as described here, without changes. Your account won’t be credited with BTU.
As you have probably noticed, the Bitcoin hard fork did not manage to take place before March, 31st. We strive to keep HitBTC aimed to you and your needs, therefore we decided to arrange a voting and involve you in defining the future of BTC and BTU processing on our platform.
Please see the possible options and choose the one to your liking. If you have any inquiries regarding the process, don’t hesitate to question us in the comments or contact us directly.
Option #1: wait a week longer.
- BTC withdrawals remain locked;
- You receive BTU while depositing BTC;
- BTU arbitrage opportunities are at your disposal;
- In case hardfork happens before April 7th, BTC and BTU withdrawals will be unlocked;
- In case the hard fork is delayed, you will face this voting again.
Briefly: wait and do nothing.
Option #2: enable BTC + BTU withdrawals
- You’re able to withdraw BTC, but you have to possess equal amount of BTU on your account. When you withdraw BTC, equal amount of BTU will be subtracted from your account.
- You have 1 BTC and 1 BTU – you can withdraw 1 BTC, and 1 BTU will disappear from your account;
- You have 1 BTC and 0.5 BTU – you can only withdraw 0.5 BTC, and 0.5 BTU will disappear. You should buy more BTU to withdraw the rest, equalizing the amounts of BTU and BTC;
- You have 1 BTU and 0.5 BTC – you should sell part of your BTU in order to get the equal amount of BTC and BTU on the account.
- You continue to receive BTU while depositing BTC;
- If hardfork happens, you will be able to withdraw BTC and BTU separately, no matter how many BTC and BTU you have on the account.
Briefly: it’s possible to withdraw as many BTC, as you have BTU.
Option #3: turn BTU into Ethereum tokens
- You’re able to withdraw BTC without limitations;
- Your BTU are turned into tokens based on Ethereum. Volume of emission will be two times more than the total volume of BTU;
- You don’t receive new tokens while depositing BTC;
- By trading these tokens you support Bitcoin Unlimited project: for every traded token one goes to them;
Explanation: Should this option win the vote, we are going to contact Bitcoin Unlimited and settle this. We’re planning to transfer eventually 50% of these tokens to Bitcoin Unlimited project. You can participate in this by trading.
- You’re able to withdraw these tokens to your Ethereum wallet;
- Should the hard fork happen, you will not receive BTU coins (BTU token is not connected with BTU coin).
Briefly: make BTC and BTU withdrawable and support Bitcoin Unlimited.
To sum it up, check out this table:
|BTC withdrawals active?
||Yes (with the same amount of BTU)
|Do I receive BTU when I deposit BTC?
|In case hardfork happens, can I withdraw BTU?
||No (you can only withdraw tokens)
|Can I trade BTU?
||Yes (you will be trading tokens)
Is everything clear?
Then you’re ready to vote! Voting will last until April 4th.