Since its release in 2009, Bitcoin has gained unprecedented global influence because it’s a decentralized, global circulated, immutable digital asset with constant supply. With the continuous development of Bitcoin, there are more people using it and there are more transactions on Bitcoin blockchain. Therefore, Bitcoin network is getting congested. The 1M block size cannot meet the current demand and starts to hamper Bitcoin’s development.
To solve the network congestion problem, several different proposals have emerged within the Bitcoin community. Some have advocated for block size expansion to support more transactions and increase network throughput. Some have proposed to upgrade the data structure (SegWit) and introduce a second layer network (Lightning Network) in order to increase transaction throughput. Huobi believes that all the Bitcoin scaling proposals are for a better future of Bitcoin. Regardless of the scaling debate result, Huobi believes that the final choice will be determined by the market and users.
As a world-leading digital asset trading platform, Huobi is dedicated to providing first class digital asset trading services. Huobi does not have the right to and will not choose any scaling proposals on behalf of our users. Therefore, Huobi will support all forms of Bitcoin and our users have the options to choose which coins to trade.
Officially, Huobi is preparing for the upcoming potential Bitcoin forks with the following policies:
1. Around the potential fork time——About 8:00, August 1st, 2017(GMT +8), we will suspend Bitcoin deposits and withdrawals due to potential technical risks such as replay attacks and other issues that may cause network instability. We will further publish another announcement to inform the specific timing.
2. If there is no fork, and the network is stable, we will resume Bitcoin deposits and withdrawals.
3. If Bitcoin is split into several blockchains, Huobi will for every blockchain give users their rightful ownership of their digital assets. Once the potential Bitcoin forks happen, Huobi will take steps to support trading for every type of Bitcoin.
4. If you can’t be 100% sure about your wallet has the function of anti-replay attack, we strongly suggest that you deposit your Bitcoin in Huobi and we will handle all resulting technical issues related to the potential Bitcoin forks. If you have Bitcoin in your Huobi account, please don’t worry about your asset’s safety.
5. Huobi will suspend Bitcoin deposits and withdrawals during Bitcoin fork time but we will support all type of Bitcoin after the fork right away. If you need to trade any type of Bitcoins, please deposit Bitcoin in advance.
July 18, 2017