BX.in.th August 1st Bitcoin Fork
Added on 2017-07-14
Several users have asked us what we plan to do on BX.in.th during the upcoming August 1st potential Bitcoin fork, and so we will make this clear now. This article is geared towards laying out our position for users who are specifically interested, and already familiar with the upcoming August 1st events.
Several hours before the August 1st BIP148 fork we will pause Bitcoin withdrawals and deposits, and they will be re-opened when we are satisfied that it is safe to do so. The duration of this pause will depend on the outcome of the fork, but we expect the downtime to be no more than a few hours. Trading will continue as normal and withdrawals for all other currencies will remain as normal.
BX.in.th is currently running Bitcoin Core 0.14 for our Bitcoin node. This means that by default we will follow the longest blockchain whether that be a Segwit or non-Segwit chain.
What we highly expect to happen, either A or B:
A) *Our Preferred Choice* A majority of the miners will switch over to using Segwit2X compatible node, and start mining Segwit signalling blocks. This will mean that both the miners running Segwit2X and the UASF users running BIP148 nodes will be in agreement on August 1st that Segwit should be enabled and there will be no fork.
In this scenario we will be able to re-enable withdrawals and deposits very quickly; and possibly not even have to pause at all.
B) Miners are not able to start running Segwit2X before August 1st and the BIP148 fork occurs because miners are still running non-segwit nodes. Because the BIP148 mining support is so low this forked blockchain will quickly fall behind as their blocks will be created very slowly. The majority mined chain will continue on as normal and we will continue to follow it.
In this scenario we expect it to be clear within a few hours that the BIP148 chain has fallen far behind, we will disregard the BIP148 chain and not consider it to be of any value. Our users will not get any BIP148 tokens, and we will re-open withdrawals and deposits on the standard Bitcoin chain.
What is a remote and unlikely possibility:
It’s possible that scenario B happens but BIP148 chain gets a reasonable amount of mining power. In this case the BIP148 chain will be a viable blockchain and most likely would have some kind of considerable trading value. In this unlikely situation we would have to keep our Bitcoin withdrawals and deposits on hold and play the situation by ear.
It is worth noting that our default position, as per our terms of service, is for us to make a decision as to which Bitcoin we consider to be stronger and our users will be entitled to coins on that blockchain only. If you wish to make your own choice about which blockchain to follow or use coins from multiple chains that you must withdraw your bitcoins at least 48 hours before August 1st.