Blockchain Wallet Provider Announced Hard Fork Plans

For the last few years, the block size debate has plagued the evolution of Bitcoin, as service providers, miners and node-owners throughout the world have actively been debating what the best route for bitcoin is in the future.

Now that we know that the Segwit2x fork is about to happen in a couple of days, service providers in the digital currency market are announcing their plans for after the fork. Not long ago, the world’s largest and oldest bitcoin wallet providers, Blockchain, has stated its plans for the fork. Once the 494784 block is mined on the network, Blockchain will follow the chain that owns the most accumulated difficulty.

According to Blockchain, Segwit2x represents ‘essentially a software upgrade that will bring improved capacity to the Bitcoin protocol’. Not only this, but the company also mentioned that its team is actively working to make sure that user funds will be protected and remain safe during and after the hard fork. To make sure that nothing goes wrong, a couple of features provided by the wallet will be disabled during the hard fork. With this in mind, “To keep your funds safe while the network is in transition, we will temporarily suspend bitcoin send, request, buy, sell, and exchange functionality roughly 24 hours before the time of the fork until the network stabilizes.”

Blockchain mentioned that no immediate action is required from the users’ end, yet they are advised to have their seed phrases and passwords saved securely.

As the hard fork will surely end up with two separate digital currencies, Blockchain has decided to: “We will follow the chain with the most accumulated difficulty and refer to that chain as bitcoin. If the minority chain has significant value, we will make that value available for customers to hold or exchange for a period of time, as we have done with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BT1. If the minority chain has 2MB blocks, we plan to call it BT2.”

Numerous other companies have also stated their plans for the upcoming hard fork. At this time, people think that the hard fork will lead to a more consolidated network, with additional user benefits. However, the last few months have brought along two other hard forks of the bitcoin network, and the appearance of Bitcoin Cash and Bitcoin Gold. Most people hope that Bitcoin will take a break from hard forks following the Segwit2x split.