Bitgo Guides Users How To Deal With Hard Fork

Lessons Bitcoin

Multi-signature bitcoin wallet, BitGo has suggested its customers on how to deal with a new chain, be it, the more obvious one – Bitcoin Unlimited or Segregated Witness. The co-founder and chief technical officer of BitGo, Ben Davenport wrote in his personal blog, how their customers should respond in an event of a hard fork.

BitGo is unwilling to be supportive to Bitcoin Unlimited, due to technical reasons. It has chosen to support Segregated Witness instead which it considers an ally system, validated post testing. The company is of the view that any possible fork in near future will be unhealthy for the bitcoin BTC economy., owing to brand dilution and confusion of users, bringing down bitcoin market capitalization.

Segregated Witness is expected to provide block space in the close future. It is difficult for BitGo to comment and crystal gaze in detail but it is sharp and pre-emptive in its approach as a service company.

A hard fork introduced, without industry consensus, in future will most likely be an altcoin. There is a unity in the industry as far as views on a hard fork are concerned. Davenport suggested a few tips to users on what they can possibly do in the eventuality of the Bitcoin Unlimited hard fork launch.

1. Just simply pause any outward transaction happening from BitGo, to avoid it happening on two chains.

2. Be in touch with BitGo support for facilitating safe and secure moving of coins.

3. Post a hard fork resolution, it will be okay to be back and continue with transactions on the original chain.

In the case of a supportable fork, BitGo suggests.

1. Continue with transactions on the original chain.

2. Be cautious and aware of possible block times on the original network

3. Make your transaction via new coin via BitGo, or use the two keys with software developed by other parties. BitGo won’t be able to commit a time frame for enabling support for the new coin.

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