FYI: Coinbase Update On Upcoming Bitcoin Forks: Segwit2x & Bitcoin Gold

in bitcoin •  last year

We wanted to give you an update on two upcoming Bitcoin forks—Bitcoin Segwit2x and Bitcoin Gold. You can read more about what a digital currency fork is here and see our prior update here.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Bitcoin Segwit2x

The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin and the forked blockchain as Bitcoin2x.

Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. No action is required—we will automatically credit your account. So, if you have 5 Bitcoin stored on Coinbase before the fork; you will have 5 Bitcoin and 5 Bitcoin2x following the event.

For more information about Bitcoin2x please see our FAQ page and our blog post for a detailed timeline of events.

Bitcoin Gold

The Bitcoin Gold fork occurred on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it.

For more information about Bitcoin Gold please see our FAQ page.

Over the coming weeks, we will keep you updated on this event through our blog, status page and twitter.

Thank you,
Coinbase Team


Just thought I'd share the good news. Looks like they are getting ahead of it this time and are going to fully support the FORK.

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I'm glad they don't support such shady attempts to overthrow bitcoin honestly like bitcoin gold for instance so many places did not support it and for good reason. Them supporting segwit2x though really makes you think this is going to be some serious change.

Keeping my fingers cross :) Best wishes, - @splendorhub

Has anyone heard any information on Bittrex is going to do about 2x? I could care less about gold.

Coinbase is as indecisive as ever.

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For BTCGold yes but this was expected, hopefully most moved their BTC out and into a paper wallet.

Very nice information and i am glad concerning this enlightenment about the upcoming fork but i want to ask if this upcoming fork will affect bitcoin completely. Are these exchange like coinbase going to avoid the use of bitcoin? What is best at the moment to focus on the new bitcoin gold or remain with bitcoin? Please, someone with more knowledge about this should inforn me, thanks

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