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Bitcoin Scaling

Earlier in the year we released a blog discussing the possibilities of a hard-fork to the Bitcoin blockchain. This blog spoke about Bitcoin Classic vs Bitcoin Unlimited - https://magnr.com/blog/bitcoin/bitcoin-fork/

Since then, the mining community has signalled a deadlock with those proposed updates, and thankfully these ideas look to have passed. 

Instead there is now talk of soft-fork proposal 'Segwit2x'. So what does that mean now?
Well, you can click through to a recent Coindesk article which provides an illustration of what could happen - http://www.coindesk.com/happen-bitcoin-visual-guide-scaling-outcomes/

Regardless of what may happen, as detailed at the end of the blog, we already have a process in place where we will act to preserve the value of client funds if any fork were to happen. We will ensure that every satoshi held by Magnr is protected in every way possible from any form of loss.

Like the rest of the community, we are closely monitoring the situation day by day. Similarly you can also monitor the status of Bitcoin node voting here - https://coin.dance/blocks, and - http://nodecounter.com/

We trust that this information provides a little more clarity in our approach to running operations here at Magnr during such an event.

 

Magnr Support Team
Help and Support - https://support.magnr.com/hc/en-gb

20 July 2017

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