14/11/2017: Recent events suggest that the likelihood of a hard fork is significantly lower. We will still be following the approach detailed below as a matter of precaution but expect the period of paused deposit and withdrawal processing to be much shorter.

At Block 494784 (currently estimated to occur around November 17th), Bitcoin will undergo a hard fork with a potential change to the Bitcoin protocol, commonly known as “SegWit2X”. This change is controversial, and many bitcoin investors, users, merchants, exchanges, wallet providers, miners and developers have differing opinions as to whether or not Bitcoin should be changed in this way. Furthermore, this change lacks mandatory “replay protection” or “wipeout protection”. This means that transactions made on one fork can get inadvertently spent on the other fork, and/or valid transactions on the SegWit2X fork could become invalid at a later time (this last scenario is not possible the other way around).



Given the lack of consensus among stakeholders and the lack of replay and wipeout protection, there are three possible outcomes - both forks could coexist on an ongoing basis, SegWit (the current version of Bitcoin) prevails, or SegWit2X prevails.

To minimise risk to our clients’ bitcoins, Coinfloor will suspend deposits and withdrawals of bitcoins just prior to the fork. The ability to deposit and withdraw will remain suspended until the bitcoin network stabilises and the outcome of the fork becomes clear.

Coinfloor will allow trading to continue during and after the fork. Following the fork, the bitcoins traded on our platform will represent an equal number of SegWit and SegWit2X bitcoins. For example, a trade for 3.5 bitcoins on Coinfloor will be equivalent to a trade for 3.5 SegWit bitcoins and 3.5 SegWit2X bitcoins simultaneously.

After the fork, if we determine that both forks remain significant, we will issue the coins resulting from both forks. Otherwise, we will not list the losing fork and will continue to refer to the prevailing fork as “BTC”, “XBT” or “Bitcoin”.

We will then recommence processing deposits and withdrawals of the main Bitcoin fork and, if applicable, the secondary fork. No deposits should be sent to us until we announce resumption of deposit and withdrawal processing.

Please note: It will be at Coinfloor’s sole discretion as to how we determine whether either fork has significant traction, has prevailed, has lost, or when to make this final determination. However, given current sentiment, we are hopeful that the determination period will be relatively short.

The Coinfloor Team