Announcements

Bitcoin Segwit and Bitcoin Cash Odds

31 Jul 2017

Bitcoin situation clarification: Why is it safe and profitable to keep your bitcoins with Digital Coin Trade®™?


In the context of the present situation with the cryptocurrency, some members have been asking questions regarding safekeeping bitcoins with Digital Coin Trade®™. Please, rest assured that there’s nothing to worry about. Keeping bitcoins with Digital Coin Trade®™ is no less safe than keeping them in a personal wallet or at a platform. The only difference being that with Digital Coin Trade®™ your bitcoins are actually invested in currency swap trading.

If the bitcoin exchange rate were to suddenly drop, you could always exchange bitcoins for a conventional currency. Once it goes up again, you can exchange your money back for bitcoins. You're protected from every angle.

bitcoin-fork


What has been happening around bitcoin and why?

Bitcoin is a promising cryptocurrency that is continuously developing. More and more people start using bitcoin meaning that transaction validation requires more time and fees are rising. The load is growing, and the existing Bitcoin infrastructure cannot handle the present demand and needs to be improved.

The Bitcoin Community has come up with several proposals on how to scale cryptocurrency to solve the load issue. It’s quite likely that one of these initiatives — SegWit — will be launched on August 1. It aims to improve the database structure by clearing half of the space in the block and thus increasing its capacity two-fold.

Plans also include an increase of the block size to further double its capacity (thus raising it four-fold). However, there is an unlikely risk that the bitcoin could be divided into 2 types (different block / transaction chains) if the Bitcoin Community fails to find a common solution.



Bitcoin Cash & potential disruptions

Bitcoin Cash is an alternative digital currency that will come into existence on 1 August 2017. Most Bitcoin platforms, including Digital Coin Trade®™, will provide support for Bitcoin Cash. Customers who want access to Bitcoin Cash (BCC) tokens should withdraw their Bitcoin from a Bitcoin Cash-compatible platform, at their own risk, before 1 August 2017. We can’t make any recommendations in this regard.


Precautionary measures

Securing our customers’ assets and maintaining an orderly Bitcoin market are our main priorities. As a precautionary measure, we currently require six blockchain confirmations for incoming Bitcoin transactions due to activation of the mentioned fork/upgrade. We may temporarily suspend deposits, withdrawals, buying, selling and/or trading on 1 August 2017. Transaction processing will be slower as a result.

Our stance on the present situation is as follows:

  1. We believe that each proposal regarding bitcoin scaling aims to develop it. Whatever decision is made in the end, it will undoubtedly be in the best interest of the users.
  2. Our System will support and use the solution that wins in the debate and is accepted by the Bitcoin Community. It’s the only way to go as it also serves the interests of our members.
  3. Should the bitcoin be divided into 2 types (even though we believe it’s highly improbable), Digital Coin Trade®™will make a decision based on the situation. (The truth is all leading exchange platforms will do the same.) The interests of our members will not be harmed in any case!
  4. Please, bear in mind that the present situation may (and undoubtedly will!) stir up fraudsters who will take advantage of gullible users. Therefore, for safety reasons, we recommend safekeeping your bitcoins with Digital Coin Trade®™ rather than at a personal wallet to prevent your money from being stolen.
  5. Since the System is far better protected against any emergencies compared to a single user, the most reasonable thing to do, in our view, is investing in bitcoins with Digital Coin Trade®™ now and quietly waiting through all the coming events while watching your money grow. All the more so as the situation within the System is totally stable at the moment.

Due to the preparation for the upcoming SegWit activation in Bitcoin network (https://coin.dance/blocks) there is a possibility of technical failures.