With the deadline for the future of Bitcoin looming, companies are starting to contact their customers regarding the security of their money. We’ve rounded up some of the major ones and what their plans are for August 1st:
- Coinbase – A popular online wallet – will be temporarily suspending deposits, withdrawals, buying and selling of bitcoin on August 1st. They also stated that they will only be supporting the current Bitcoin(BTC), and not the fork if such occurs. Customers that wish to access both should withdraw their Bitcoin before 11:59pm PT on July 31st. More info
- Poloniex – A major exchange has said that they ‘cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split‘. The decision will be made after the 1st August, so if you are looking to use Bitcoin Cash as well as BTC.. you’re probably safer withdrawing your money to a location that supports both. More info
- Cryptopay – a bitcoin debit card company – has contacted users reassuring them that they will be safe whatever the outcome. As with most other companies, they will be disabling any deposits or withdrawals from 31st July at 23:00 UTC which will then be reactivated once deemed stable. They also stated that they were open to consideration as to whether they will include Bitcoin Cash in their service, depending on it’s success. More info
- Bitpay – the bitcoin payment service – currently has no plans to support Bitcoin Cash, meaning that anyone that uses services such as Steam will have to use BTC to pay and will not be able to use their forked currency. More info
- Faucethub.io – The microwallet that we use with our faucets will be halting Bitcoin deposits/withdrawals at 9pm GMT on the 30th July for an expected 72 hours (but could differ depending on the outcome of the fork). Their official advice is to withdraw your Bitcoin before the fork, to somewhere where you control the private keys. More info
- Therefore we have decided to halt the Bitcoin faucet claims from 30th July until further notice, as we too will be securing our Bitcoin in a safer place!
- These are just a handful of the important cryptocurrency services, and we suggest checking with the above and other organisations to get the latest information regarding decisions on what currencies will be supported. Whatever the outcome.. the Bitcoin community should remain positive. In the short term things will be a little rough and unstable, but the outcome of this unstable period will be positive whichever coin dominates.
Know of any other responses? Put them in the comments below!