Coinbase Updates For Bitcoin Segwit2x (Bitcoin2x) & Bitcoin Gold Tokens
Coinbase recently posted an update on their support for two bitcoin hard forks, including Bitcoin Segwit2x and Bitcoin Gold.
Coinbase appears to have learned from the controversy over the Bitcoin Cash (BCH) hard fork earlier this year, where users couldn’t claim their rightfully-owned Bitcoin Cash from Coinbase. Coinbase would eventually reverse their stance a few days after that August 1 hard fork.
Bitcoin Segwit2X and Coinbase
The Bitcoin Segwit2x hard fork is expected to take place on November 16. It will lead to the creation of two bitcoin blockchains. After the fork, Coinbase plans to continue referring to the current bitcoin blockchain – the “original” bitcoin – as Bitcoin or BTC. The forked blockchain will be known as Bitcoin2x or B2X.
If you have a BTC balance on Coinbase at the time of the fork, you’ll be credited with an equal amount of B2X on the Bitcoin2x blockchain. You do not need to take any action to claim your B2X. Coinbase will automatically credit your account.
In other words, if you have 5 BTC before the November 16 fork, then you’ll have 5 BTC and 5 B2X after the fork.
Coinbase Fork Restrictions
Coinbase is implementing some trading restrictions as part of the fork:
24 Hours Pre-Fork:
Approximately 24 hours before the fork on November 16, Coinbase will temporarily disable all buying, selling, sending, and receiving of bitcoin. ETH and LTC transactions will not be impacted. Coinbase users will still be able to view their bitcoin balance and monitor the price. If you plan on depositing BTC into your Coinbase account, you should do it more than 24 hours before the fork to ensure your transfers are confirmed.
During the Fork (Block 494,784):
During the fork, any Coinbase customer with a confirmed bitcoin balance at this block time will be credited with an equal amount of Bitcoin2x.
24 Hours Post-Fork:
24 to 48 hours after the fork, Coinbase will re-enable bitcoin and Bitcoin2x sending and receiving. Coinbase is reminding customers to be careful when sending funds through certain platforms, as different platforms might refer to the chains in different ways, and you shouldn’t try to send Bitcoin2x (B2X) to a bitcoin (BTC) wallet or vice versa.
Bitcoin Gold and Coinbase
The Bitcoin Gold fork took place on October 23.
During their initial announcement, Coinbase expressed concern over the stability and security of the fork. Due to these concerns, they announced that “we do not believe it is safe to allow support for Bitcoin Gold at this time.”
Coinbase has not changed that policy over the last few weeks. Bitcoin Gold is an actively traded currency on certain exchanges. However, its price has fluctuated wildly in the first few weeks. It hit a high of $525 soon after the launch on October 24 before dropping to a price of around $100 to $160 for most of early November. As of November 6, it sits at $155 according to Coinmarketcap.
A handful of exchanges support Bitcoin Gold (BTG) trading. However, Coinbase does not seem to have any plans to support Bitcoin Gold.