Bitcoin Exchanges Brace for Another Hard Fork (SegWit2x)

After the previous hard fork created Bitcoin Cash, a new split of the Blockchain is expected later this year over the acceptance of the SegWit2x proposal. This means that we might see the emergence of a third 'Bitcoin ' in November, and service providers must be prepared for that.

Today OKEx, the Hong Kong-based derivatives exchange from the team behind Chinese Bitcoin trading giant OKCoin, notified its users of its policy regarding the matter. Most importantly, the venue explains that immediately before and after the potential SegWit2x hardfork, until the network is stabilized, OKEx will suspend all BTC deposits and withdrawals.

It added that "as a company dedicated to promote Bitcoin application, we strive to provide the best services to our customers. Therefore, we will support all major Bitcoin technical development roadmaps and respect our customers’ individual desire."

GDAX, the institutional exchange platform of Coinbase, previously updated its customers: "After the fork, we will enable access when we have determined each blockchain is secure and stable. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge."

Ironically, this possible upcoming split of the Bitcoin blockchain might be behind the recent rally that pushed the original cryptocurrency to one all time record high price after another. While before the previous hard fork people feared for the value of their holdings, the monetary success that it led to (BTC+BCH>$6000) has made people want to increase their exposure now so they can get both versions afterwards.