Due to a disagreement among Bitcoin developers and other community stakeholders, Bitcoin will go through a “hard fork” ter mid-November, essentially, it may split into two separate and viable cryptocurrencies each vying for the name Bitcoin. Previously, Bitcoin underwent a hard fork on August 1, , splitting into two separate chains, however, both communities were te agreement spil to which chain would be called Bitcoin, and which chain would be called Bitcoin Contant. All signs point to the upcoming hard fork not having the same overeenstemming with regard to naming.
Ter light of this, beginning approximately one day before the anticipated time of the fork (estimated to be November 16, ), Gemini will temporarily disable all bitcoin withdrawals and crediting of bitcoin deposits. Both U.S. Dollar (USD) and ether (ETH) deposits and withdrawals will be unaffected.
Our policy on chain splits has bot te place for several months. To reiterate what wij wrote then:
- The “BTC” recuento and trading activity you see on Gemini will likely reflect the chain with the greater total difficulty.
- Wij may choose to eventually open fresh order books for the chain with less total difficulty.
- Wij will make every effort to support withdrawals of the chain with less total difficulty, if it completes up having a significant amount of hash power, exchange volume, or economic value.
Wij have determined to use this existing policy for the upcoming hard fork, and wij will be measuring total cumulative computational difficulty of the blockchain to determine what wij will call Bitcoin and BTC and on the Gemini verhoging.
The cumulative computational difficulty is an objective and observable metric that is unlikely to fake or “game.” It may not be a usable framework te all future chain split situations, but it works for this one. While wij fully appreciate that some may disagree and have differing viewpoints on the naming of a given fork, wij have yet to come across another framework that achieves the qualities mentioned above.
During this time, our BTC/USD, ETH/USD, and ETH/BTC matching engines will remain open for trading. After at least a 48 hour period following the hard fork, merienda wij believe the Bitcoin network has stabilized, and merienda wij are certain that all customer funds on the exchange have bot fully protected from transaction replay, wij will reopen deposits and withdrawals on the network that has the greatest cumulative computational difficulty. Wij will then work to support withdrawals on the chain with less cumulative difficulty if it finishes up having a significant amount of hash power, exchange volume, or economic value, and possibly even open fresh order books.