CoinJar's Position on Segwit2X

What's happening?



Around mid-November, Bitcoin will experience a hard fork and a new Segwit2x blockchain will be created. This is a contentious hard fork with no planned replay protection, meaning it may be accompanied by major network disruption.



To ensure safety of customer funds during this period, CoinJar will suspend all trading and wallet services approximately 24-hours before the fork. As the exact date of the fork is unknown, we may not be able to provide any guidance on the exact time this suspension will start, however it is projected to occur mid-November 2017.





What is this? How is it different to previous forks?







At this moment, CoinJar is designed to support only one kind of Bitcoin. If we are going to make other kinds of Bitcoins available (either for trading or claims), they will be made available in January 2018. For ease of communication, we define the Segwit2x coin to be ‘B2X’, and the original Bitcoin to be ‘B1X’. The definition of BTC is currently the original Bitcoin, but this becomes indeterminate after the fork.



After the fork, we will monitor the network for 96 hours, and at the end of 96 hours, we will calculate an "Adoption Threshold" based on an average of the price and hash power of both chains. This will determine which Bitcoin, B1X or B2X, will become BTC on CoinJar. An in-depth explanation of this “Adoption Threshold” is in the link below.



As always, CoinJar seeks to protect customer funds, and we’re providing CoinJar customers with as much information as possible to decide the course of action that suits them best. For the upcoming Segwit2x fork, a new type of Bitcoin will be created, but there are significant uncertainties. In the interest of transparency and objectivity, we are sharing the decision framework we are using to determine the outcome and impact of the Segwit2x fork in our Segwit2x Knowledge Base article At this moment, CoinJar is designed to support only one kind of Bitcoin. If we are going to make other kinds of Bitcoins available (either for trading or claims), they will be made available in January 2018. For ease of communication, we define the Segwit2x coin to be ‘B2X’, and the original Bitcoin to be ‘B1X’. The definition of BTC is currently the original Bitcoin, but this becomes indeterminate after the fork.After the fork, we will monitor the network for 96 hours, and at the end of 96 hours, we will calculate an "Adoption Threshold" based on an average of the price and hash power of both chains. This will determine which Bitcoin, B1X or B2X, will become BTC on CoinJar. An in-depth explanation of this “Adoption Threshold” is in the link below.As always, CoinJar seeks to protect customer funds, and we’re providing CoinJar customers with as much information as possible to decide the course of action that suits them best.



If customers wish to decide on the participation of their Bitcoin on a specific chain, they must withdraw their bitcoin from CoinJar before 13 November, 12:00pm Melbourne time.



Further announcements will arrive via via our Twitter Facebook and status page

Read Full Segwit2x Guide