Sunday, January 23, 2022

BitGo Is Preparing Itself and Customers for a User Activated Fork

BitGo Is Preparing Itself and Customers for a User Activated Fork

BitGo, Bitcoin wallet and security company, is apparently readying themselves for a fork as they have published a guide for their customers to help them keep their holdings safe.

Also read: Slush Pool Will Not Support Bitcoin Cash in August 1 Hard Fork

Preparing for a User Activated Fork

According to the company’s official blog, BitGo has increasingly been receiving questions from customers regarding the August 1st split. As a result, they put together a FAQ of sorts to provide general advice about the upcoming date. Some things they commented on were the UASF and UAHF, due to the BIP 148 and Bitcoin Cash proposals respectively.

According to them, users have almost no reason to fear a UASF from BIP 148 because they  believe SegWit is “well on its way to activation.” The BitGo team also reassured their customers that Bitcoin Cash planned to implement replay protection.

Helping Customers Take Advantage of Bitcoin Cash

BitGo also informed their customers on how to best take advantage of UAHF and the Bitcoin Cash token that would emerge from it.

BitGo Fork

Unlike with third-party services like CoinBase, BitGo wallet users do own their own keys. Because of this “ BitGo is safe for storage of Bitcoin during these events.”

However, due to the short time between now and when the Bitcoin Cash chain expected to fork they will not be able to fully support a full Bitcoin Cash wallet.

The platform is also working on a tool for customers to use so they can send their Bitcoin Cash to another wallet that is compatible with the token.

This tool will not be available until 7 August, thus BitGo recommends users move their Bitcoin out of their BitGo wallet before the hard fork if they want to take full advantage of the situation.

What do you think of BitGo preparing for a soft/hard fork? What do you think the outcome of user activated fork will be? Let’s hear your thoughts below.

Images Via BitGo, Altcoin Today

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