Coinbase & Bitfinex SegWit2x Hard Fork Bitcoin Cryptocurrency Guide

The debate over the impending SegWit2x update is raging, with many industry players, crypto traders, and individuals weighing in with their perspectives. Many are calling for a rejection of the previously agreed upon New York Agreement after the rollout of SegWit, while others believe that SegWit2x is necessary.

Two of the largest cryptocurrency exchanges have recently issued statements on the SegWit2x updates. While these platforms are typically centrist, they often need to provide users with clarifications on tier position.

Coinbase

Coinbase has recently issued a statement on the SegWit2x update via Twitter, stating that customers with Bitcoin stored on the exchange will have access to their crypto on both blockchains. Unlike the previous Bitcoin Cash hard fork, Coinbase has made it clear that they will allow trading on both after a brief assessment period.

Bitfinex

Bitfinex, one of the largest Bitcoin and altcoin trading platforms, has also issued a statement regarding the SegWit2x update. Like Coinbase, Bitfinex have indicated that they will place a temporary hold on trading until the safety and security of both blockchains can be ascertained:

“The lack of strong two-way replay protection in Segwit2x means that we must take steps to protect customer funds. At the moment of the fork, all deposits and withdrawals for both BTC and B2X will be halted until we are able to:

1 – ‘taint’ our customers’ Bitcoins to ensure withdrawals cannot be replayed on both chains; and,

2 – ensure that we can properly credit deposits in the event a transaction is replayed on both chains. We expect this process to require at least 24 hours, and potentially significantly longer. If the event happens, announcements will be made throughout the process to keep everyone up to date.”

Moving Forward

While the outcome of the SegWit2x debate is unclear at this point, the statements made by these two major exchanges are a positive step forward in assuaging the fears of traders and investors. While neither have made a public statement either for or against the update, it’s clear that both are opposed to a fork that would cause confusion in the industry.

 

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