Many of our customers have asked how we plan to approach the Bitcoin Cash (BCH) fork that is expected to occur on November 15, 2018, 2:40 PM GMT (6:40 AM PST and 9:40 AM EST).
First, we’d like to let our users know your funds are safe and secure within BRD, even if you take no action.
We at BRD have one expectation of ourselves, and that’s to do our best for our users. Given that we are global and do not control our users’ funds, we will continue to do what we can in order to:
🔒: Keep customer funds safe and secure.
🙋: Give customers as much of a choice as possible.
We believe these are reasonable and worthy expectations, and they inform a lot of what we do here.
So what’s going on?
Twice a year, the Bitcoin Cash (BCH) blockchain goes through a hard fork to implement any new code upgrades. Usually, the BCH community agrees on what changes should be implemented, which results in a smooth implementation with no noticeable interruptions. This time, however, the community was not able to agree on the proposed changes and now BCH is expected to fork into two separate blockchains.
Why is this happening?
At the moment the BCH development community is split between two different proposals. One group is supporting a prospective blockchain called Bitcoin ABC (ABC). Another group, is supporting a prospective blockchain called Bitcoin Satoshi's Vision (BCHSV).
Why shouldn’t I move my funds?
As of today, November 14th 2018, the BCHSV community has not yet proposed a plan for replay protection, and it’s possible it may never be offered. For a better explanation of what replay protection is, read this blog post about the original fork of Bitcoin Cash.
As a result, the BCHSV blockchain will not be shown within BRD, however any BCH funds you send from your wallet may be sent on both blockchains without your knowledge. If people wish to trade the coins they hold on the BCHSV blockchain shortly after the fork, they should move their funds to a platform that has advertised it will split coins for its' customers before the fork.
Until the dust settles, here’s what we recommend.
BRD recommends not sending or receiving Bitcoin Cash (BCH) starting 4 hours before the fork. The fork is scheduled for approximately 2:40 PM GMT on November 15th (6:40 AM PST and 9:40 AM EST). It is important to note that we currently do not know if both chains will continue to exist after the fork. Therefore, we cannot commit to supporting both chains or provide a timeline for when we might add support for the second chain. Likewise, we do not yet know when it will be safe to again send and receive BCH, but we will send out an update as soon as we have more information.
We will keep all of you updated as this fork unfolds. 👍✌
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