Update for customers with BTC stored on Coinbase - they will not be supporting hard fork and will suspend activity

in bitcoin •  2 years ago

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FYI - just got this letter from Coinbase -

Dear Coinbase Customer,

We are contacting you to make you aware of recent developments in a number of proposals for technical changes to Bitcoin. All BTC stored on Coinbase will remain safe during these events described below.

The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.

If you do not wish to have access to UAHF coins, and do not wish to access your BTC during the fork, you are not required to take any action.

If you do wish to have access to UAHF coins or access your BTC during the fork, you should send your BTC from Coinbase to your external address by July 31.

For more information on these potential Bitcoin forks, please refer to this article: https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq.

Thank you,

Coinbase Team

Check out our Status Page and Twitter for the latest updates from Coinbase.

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I think their trying to drive down the price with the "threat" of a hard fork. We'll be fine!

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://community.coinbase.com/t/update-for-customers-with-bitcoin-stored-on-coinbase/25081

I am trying to read more on the UAHF and UASF. Will my Bitcoin change if I take it out? Since coinbase isn't supporting the new blockchain.

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In general, you shouldn't store cryptos on exchanges - get an offline wallet or cold storage. While nothing is for sure yet about the forks, it's looking like the UASF will happen August 1 and the UAHF a few months later. Maybe. Regardless, the safest thing to do is pull your BTC off until things get resolved. There's a lot of FUD running amok and we are seeing a lot of volatility again.

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Thank you Coinbase Team 4 The Information's. 😊✌️