BitPay Shuts Down Bitcoin SV, Plans To Continue with Bitcoin ABC After BCH Fork

As the long-waited Bitcoin Cash (BCH) fork is just a couple of days away, those who are in some ways in association with BCH – especially in terms of payment processes – are preparing themselves for the better or the worse. One great example of this is global bitcoin payment service provider, BitPay, who has since tweeted the consequences the fork might have on their system and users.

https://twitter.com/BitPay/status/1060859202585931777

According to the claims made by the team involved, BitPay’s system uses Bitcoin ABC, the main software behind BCH. While the team is aware that a “non-backward-compatible hard fork” helps to better innovation, they seem to be more concerned with the tied risks. In particular, they said:

“They also carry a risk of creating a permanent split in a network … This would create two versions of Bitcoin Cash chain, resulting in disruptions for Bitcoin Cash payments.”

As for Craig Wright, who has been against the whole idea for a split, he still remains firm on his stance, as he is more or less certain that there will be “NO new asset”. As per his tweet made Friday, November 9, 2018, softwares ABC and SV will never exist together. Here’s his response to his original tweet that strongly stated that there will only be one BCH:

https://twitter.com/ProfFaustus/status/1060823019105456128

Given that the fork does go on and a split occurs in which another software, the renowned Bitcoin SV gets implemented, BitPay revealed that they will not support the latter and will simply remain with Bitcoin ABC. The reason for sticking to what is currently integrated is supposedly to wait until “payment risks have passed.”

For users who use the BitPay Wallet, it has been announced that the fork will not impact one’s funds. However, it has been advised against sending or receiving transactions at 10 AM EST, which has been noted as two hours prior to the time in which the fork has been scheduled. As explained by the BitPay team, stopping said trading will prevent transactions from either getting lost or being double spent.