You’ve probably heard that the Bitcoin Cash (BCH) network is on track to experience a planned protocol change via a hard fork on November 15, 2018. Here’s what you need to know about how this hard fork will affect your BitPay wallet:
What’s happening with Bitcoin Cash?
BitPay’s system uses the primary software implementation of Bitcoin Cash called Bitcoin ABC. Bitcoin ABC has scheduled a Bitcoin Cash protocol change via hard fork on November 15th.
While non-backward-compatible hard forks allow for rapid protocol innovation, they also carry a risk of creating a permanent split in a network. It is possible that Bitcoin Cash will experience this kind of split. This would create two versions of the Bitcoin Cash chain, resulting in disruptions for Bitcoin Cash payments.
How does this affect my BitPay wallet?
During the fork, your funds held in your wallet will be safe, and you won’t be at risk of losing funds. However, we strongly recommend that you stop sending or receiving transactions from your Bitcoin Cash wallets at 10 AM EST (about two hours before the fork). During a hard fork , there is an increased risk that outgoing or incoming transactions can be lost or double-spent.
What happens after the fork?
BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation. BitPay will closely monitor network conditions and the chains resulting from a chain split. We will send you another notification when we determine that payment risks have passed.
In the event of a chain split resulting from the hard fork, the BitPay wallet will only support the Bitcoin Cash chain on which we resume to process payments for BitPay merchants. We do not currently have plans to make new tokens from the split available in the BitPay wallet.*