HitBTC announcement on Bitcoin Gold and SegWit2x

Dear traders,

Bitcoin Core is continuing to undergo important protocol changes. We are at the edge of two more forks that will result in new altcoins.

  • Bitcoin Gold (BTG) project has announced their plans to go live on October 25th by hard forking the Bitcoin blockchain. The idea behind BTG is to give the opportunity of CPU/GPU mining back to miners.
  • SegWit2x is striving to seamlessly proceed with changes, stated and signed by the community’s majority in the New York Scaling Agreement on May, 2017. The main idea behind this is to set a timeline for increasing the network’s block size to 2MB, up from 1MB today.

The difference in miners’ opinions regarding these updates will result in distribution of the worldwide hashing power between those projects. The exact ratio of this distribution is uncertain. Without advocating for or against any of those updates, we believe it’s important to clearly state our position in the middle of that uncertainty.

Our top priority is to fulfil our commitments towards our traders. We’re aiming to provide our traders with possibilities to try new tools and to support what they believe in. That is why we have decided to provide access to all chains.

Please find below our planned course of action regarding the upcoming changes.

Bitcoin Gold

  • Bitcoin Gold will be born at block 491407 on October 25th. Once that block is reached, the Bitcoin network will split into two: BTC and BTG.

At the moment the first block on Bitcoin Gold is found, you will receive the exact amount of BTG tokens as you hold Bitcoin on your HitBTC account. We guarantee that Bitcoin deposits, withdrawals and trading process won’t be halted or interrupted during the hard fork. Our developers are doing their best to proceed with all technical challenges without any inconveniences. We understand how important it is to keep exchange operations running 24/7, especially during the periods of such major modifications.

BTG trading markets on HitBTC are going to be open on October 25th.

There is a possibility that BTG transactions will be available only a week after the fork. As soon as it happens, we will make BTG deposits and withdrawals available for our users.

Find more information about Bitcoin Gold on their official website and here.

SegWit2x

  • The SegWit2x hard fork appears to be activated in the middle of November.

As of now, the community hasn’t come to a consensus about the SegWit2x adoption. The clear winner in this hard fork hardly could be identified.

Our team has decided to title the SegWit2x fork tokens B2X. At the moment of the hard fork you will be credited the same amount of B2X as you have BTC on your HitBTC account. We may temporarily suspend BTC deposits and withdrawals due to the lack of strong two-way replay protection in SegWit2x. Please be informed that in case the split event doesn’t happen by the end of this year, B2X tokens shall be deemed to have zero value. We would also like to take a chance to remind you that trading future split tokens may entail some risks due to the unpredictability of the situation, so kindly do it at your own discretion.

It is noteworthy that the possibility of B2X gaining more hashrate than BTC theoretically exists. In any case, we won’t suspend BTC trading on HitBTC. It’s important to be aware of possible title changes though. If the possibility mentioned above comes true, Bitcoin community might encourage “BTC” title being relocated to SegWit2x token. Whatever happens, we will proceed with the the decision that will be the most convenient for our traders. As always, we’re keeping an open dialog with our community.

 

In case we could be of any assistance or guidance, or you’d like to share a thought – please contact our support team, they are here for you.

Regards,
HitBTC Team