On November 9, BitPay, the cryptocurrency payment service provider released a circular that talked about the upcoming Bitcoin Cash [BCH] hard fork and its impact on the BitPay wallets.
BitPay stated that during the fork, all the Bitcoin Cash present in the wallet will be safe. The company has also stated that it is highly recommended that users should put a pause on transactions a few hours prior to the hard fork, specifically at 10 am on the day of the fork. The platform also said:
“During a hard fork , there is an increased risk that outgoing or incoming transactions can be lost or double-spent.”
BitPay has informed users that the platform does not have any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to any other implementation that might be launched post the fork. The Stephen Pair led company has also said that they would completely monitor the security risks during the fork so that users can have a seamless experience later.
The announcement circular also focused on letting the community know that in case of a split in the chain, Bitcoin Cash will be supported by the company only on the chain that the company proposes, which is the Bitcoin ABC chain. They added:
“In the event of a chain split resulting from the hard fork, the BitPay wallet will only support the Bitcoin Cash chain on which we resume to process payments for BitPay merchants. We do not currently have plans to make new tokens from the split available in the BitPay wallet.”
The Bitcoin Cash hard fork has created quite a stir in the community with several arguments arising between the two parties on the network. One faction is led by nChain’s Craig Wright while the other side is spearheaded by Bitmain’s Jihan Wu.