When block 494,784 is extracted (on or around November 16), the second and last part of a major network upgrade to the Bitcoin protocol called "SegWit2x" will take place. Below you will find a quick description of what to expect in the next few weeks.
Some Information About SegWit2x
SegWit2x is essentially a software upgrade that will enhance the Bitcoin protocol capability. A majority of Bitcoin miners have signaled their intention to deploy Segwit2x, which increases the basic size of bitcoin transaction "blocks" (bitcoin transaction groups). The last part of this change is expected to occur when the bitcoin block 494 784 is extracted. At this time, this protocol change will probably be activated on or about November 16th.
How does Blockchain plan to respond to SegWit2x?
During the upgrade, unexpected changes may occur in the Bitcoin network. Our team is working tirelessly to make sure our platform is ready to incorporate these changes into the network as quickly as possible. During the upgrade period, we will take steps to protect users and the security of their funds.
To secure your funds while the network is in transition, we will temporarily suspend the functionality of sending, requesting, and exchanging bitcoin ] about 24 hours before the fork time until the network stabilizes. In addition, we will suspend all the features of buying and selling approximately 24 hours before the fork.
What happens if there is a network split?
There is a significant possibility that a planned hard range will yield two chains of bitcoin blocks. In this case, we will follow the string with the most accumulated difficulty and refer to this string as bitcoin. If the minority channel has significant value, we will make this value available to customers to keep or exchange for a certain time, as we did with Bitcoin Cash. If the minority channel is the one with 1 MB blocks, we plan to call it BC1. If the minority channel has 2 MB blocks, we plan to call it BC2.
Are there any steps to be taken in advance?
Although no immediate action is required, we encourage you to write your backup sentence if you have not already done so. Check out this blog for more information on this subject.
Will I be able to see my bitcoin in my Blockchain wallet?
Yes. We will temporarily suspend bitcoin transactions, but your funds will remain secure and you can monitor them from your Blockchain portfolio. Please note, until the network stabilizes, the scale of your bitcoin will be based on the value of bitcoin at the time of the hard range.
Can I use the ether during SegWit2x?
Yes, the ether will be available during SegWit2x. If you have transactions to be made during this period, we recommend using ether to send and ask.
When do you suspend buying and selling features for bitcoin?
We suspend the buy and sell feature approximately 24 hours before branching.
Where can I find the latest updates?
We created a status page at blockchain-status.com where we will regularly post updates. We will also have updates on the entire portfolio.
Any additional questions? Our leading support team is ready, as always, to answer your questions at support.blockchain.com.