/ Bitcoin

Updated: Service Downtime, A Fork in the Road

On August 1 2017, the Bitcoin network will be undergoing a contentious upgrade which, if it does not reach consensus among mining pool operators could result in a chain split. For an overview we would recommend you read this or for more detailed analysis, this.

As you are aware, Bitspark utilises Bitcoin to make payments around the world and in order to avoid a messy situation that might unfold in the event of a chain split (replay attacks, deposits/withdraws not being validated, potential monetary loss) we will be halting all Deposits, Withdrawals and transactions on the 1st of August until the state of the Bitcoin blockchain has been confirmed. We would advise our users to make any transactions they need to before this date and that any balances (bitcoin or Fiat) will be locked until we restart operations likely 1-3 days following the 1st of August 2017 and will monitor the situation accordingly.

We thank you for your understanding on this and will seek to restore services as soon as possible. Looking longer term on cryptocurrencies usage in remittances, we will have a further exciting announcement coming in the following months.

Update: 28 July

Given the likely emergence of another Blockchain 'Bitcoin Cash' from a hardfork of bitcoin on August 1 we are advising our customers we plan only to support the current 'Bitcoin' chain and not 'Bitcoin Cash' (BCC). Internally, Bitspark manages balances at many liquidity and wallet providers to reduce risk exposure but this also means that multiple wallet providers have different policies on this, predominantly that of no support for BCC. We therefore cannot guarantee that all 100% of Bitcoin assets (does not affect fiat currency denominated assets) will have an equivalent amount (or any) BCC available.

All Bitcoin assets held by our customers are safe and secure but those customers wishing to use 'Bitcoin Cash' we recommend withdrawing Bitcoin to your personal wallets prior to July 31st. We will not be able to issue or redeem any BCC after this date.

We thank you for the understanding on this matter and if you have any questions related to this please contact support via email.