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Future Bitcoin Forks

Will Magnr support Bitcoin Gold?
Our valued clients enjoy the safety and simplicity storing Bitcoins on Magnr Savings. For this reason, we will not support multiple forks of the same coin. This includes handling technical splits of BTG coins on behalf of clients.

During forks, business activities will be conducted as normal. Magnr Trading and Savings account balances will always remain in BTC. We remain committed to our focus on providing safe and secure services to Bitcoin holders.

Bitcoin Gold value
Because Magnr will not be paying out BTG Bitcoin Gold, any remaining value (if any) will be managed internally and given back to clients on Magnr Savings through regular monthly interest payments. Moving forward, we seek to add transparency to this process.

What about Future Forks?
Magnr will always choose to follow the main (block)chain, regardless of future fork activities. The main chain is one which will be determined as the chain containing the majority of transaction volume across the network. This is usually the chain containing the greatest amount of miner support and hashing power.

We observe that smaller forks often suffer from technical debt and a lack of mainstream support. For businesses in the space, this makes supporting more then one version of Bitcoin uneconomical.

Clients wishing to access coins on a newly created (forked) blockchain should withdraw their funds to an alternative wallet service before activation of any new fork.

If you have any further questions regarding our latest announcement please contact our support team by submitting an enquiry through our website or the following link - https://support.magnr.com/hc/en-gb/requests/new

 

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

November 2017

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