CEX.IO News

An Important Notice About Segregated Witness and Possible Chain Split

, July 19, 2017

Update, July, 26th: Limitations for Bitcoin deposits and withdrawals on August, 1st, are cancelled. CEX.IO will operate in full.

The whole cryptocurrency industry is now preparing for the 1st of August, a crucial date for any Bitcoin holder. This is the date when a Segregated Witness will be triggered, a solution aimed to solve one of the biggest issues of Bitcoin, namely, its scalability.

It is important to understand that there are 2 possible outcomes of this release:

  1. the activation will go smoothly and everyone will get back to the normal Bitcoin use;
  2. miners will support various software, and a chain split will happen.

If the second scenario is the case, it means that there will be 2 Bitcoin blockchains. If you possess a Bitcoin, then you will have a Bitcoin on one chain and a Bitcoin on the other chain, if the split is correct. 

What about CEX.IO Exchange and its Users?

There is literally no reason to panic for CEX.IO users. CEX.IO has been actively preparing for the SegWit and will support any of the forks eventually chosen on the market. Moreover, we will gladly provide coin-splitting services to our users.  

Thus, if you do not know how to split the coins, then you are welcome to deposit your Bitcoins to your account on CEX.IO exchange, better 12 hours before August, 1st, 2017, 03:00:00 GMT+0300 (EEST). If the SegWit activation results in the chain split, then we will split your coins correctly, including the creation of new private keys and new wallets.

Please note that there can be considerable Bitcoin price fluctuations on the market right before August, 1st, and sometime after the activation.

 

Conclusion

We will certainly update this article along with any news regarding the SegWit and CEX.IO operation. We welcome you to monitor and share this post to spread the information about the upcoming SegWit activation.

Related

CEX.IO News Education

What are the Orphaned Blocks?

There are plenty of people out there who are upset at the amount of computing power and electricity that is currently going into Bitcoin mining, and these people would likely be even more upset after learning about the intricacies of orphaned blocks. Although the first person to find a

Sep 12, 2014 | 4 min read
CEX.IO News

Temporary Server Maintenance

On Monday, March 19, 2018, the CEX.IO servers will be undergoing regularly scheduled maintenance. As a result, some of the functionality of the CEX.IO platform will be temporarily unavailable. We expect the full process to take up to 6 hours. Services to Be Affected During the maintenance, most of

Mar 17, 2018 | 3 min read
CEX.IO News

Where to spend your Bitcoins: Introduction

Despite the fact that Bitcoin has made significant progress towards becoming the world’s first truly global currency over the past few years, many people are hesitating whether they should start using Bitcoin on a daily basis or not. The main reason is that for the vast majority of purchases,

Apr 18, 2014 | 3 min read