This October 12, the popular Cryptostones portfolio Blockchain announced its plan to follow the possible fork of SegWit2x. In their announcement, they explain the situation regarding the bifurcation, set out their action plan and offer advice to their users to this event.
The statement was posted on its website. In this communique they remind their users that approximately this November 18 a bifurcation of the Bitcoin blockchain could take place, looking to increase the size of its blocks to 2MB. This update would follow the provisions of the New York Agreement of May of this year, of which Blockchain is a signatory
If this bifurcation occurs, it is likely that two different chains will form that claim the name of Bitcoin, so they explain their plan of action before such scenario:
In this case, we will follow the chain with the greatest difficulty accumulated and we will name this chain as Bitcoin. If the minority chain has a significant value we will enable the funds to customers to retain or exchange for a period of time, as we did with Bitcoin Cash. If the minority string is 1MB blocks, we will call it BC1. If the minority string is the one with 2 MB blocks, we will call it BC2.
They mention that during this period the transactions are likely to be temporarily suspended, until the Bitcoin network stabilizes. Throughout this process the funds will be safe and users will be able to monitor them in their portfolios. In the same way, it will be enabled the use of all the functions related to Ethereum, for which reason they urge their users to keep funds in said crypton box in case they need to make some monetary movement during that period.
They conclude the statement mentioning that users have control of their private keys and with their word of recovery can import it into the portfolio they want. They recommend that, if they have not backed up their catchphrases, do so immediately.
This announcement bears great similarities to that made by one of Blockchain’s main competitors in terms of portfolios of cryptones, such as Xapo. The exchange house Coinbase also announced a similar stance, without going into details on how to name each chain. Meanwhile, the bureau of exchange Bitfinex added a new token called B2X, which represents the new currency that would be created in case the bifurcation took place, while saying that they will let the market establish which of the two seems more valuable to carry the name of Bitcoin.
This bifurcation proposal has generated great differences throughout the Bitcoin ecosystem. Several actors have been taking positions for and against this for different reasons. Even on October 11, Bitcoin’s core group of developers, Bitcoin Core, made an announcement about the dangers that may result from this bifurcation for the network. It is likely that in the coming days we will continue to receive new announcements regarding SegWit2X and take positions, either for or against, until the possible date of its execution.