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Bitcoin User Activated Soft Fork (UASF)

15 Jul 2017 11:46
Adrian Przelozny, CEO

On the 1st of August, the Bitcoin User Activated Soft Fork (UASF) is scheduled to activate. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness.

The activation of UASF may result in disruptions to the Bitcoin network and cause transactions to become unreliable for a period of time. It may also lead to a fork in the blockchain, resulting in two or more versions of Bitcoin.

In order to ensure the safety of customer funds, we will be temporarily suspending Bitcoin deposits and withdrawals on July 30th, at 18:00 UTC+10. We will enable this functionality only when we are confident that Bitcoin transactions can be processed reliably.

In the event of a permanent split in the Bitcoin blockchain, we will endeavor to make forked balances available for customer withdrawal, however this will be subject to our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability.

Customers who wish to access their Bitcoin on both chains at the time of the fork should withdraw their Bitcoin from Independent Reserve since we cannot guarantee what will happen during the fork or when we will be able to restore Bitcoin deposit and withdrawal functionality.

Thank you for your support and understanding.

Adrian Przelozny CEO, Independent Reserve