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Important information regarding the upcoming Bitcoin hard fork
As you may or may not be aware of, there is a hard fork scheduled to take place on the Bitcoin network on or around August 1st. During this event the network will split into 2, creating 2 separated blockchains (Bitcoin Core and Bitcoin Unlimited).
We will be halting Bitcoin deposits and withdraws on the 30th July 9PM GMT for an expected 72 hours. Based on the outcome of the fork it may be longer. This action is necessary to analyse the potential technical issues behind the 2 co-existing coins, with security and stability in mind.
What do I need to do to keep my coins safe?
Our official advise is to withdraw your Bitcoin before the fork to a personal wallet where you control the private keys. Users are then advised to "split their coins" so they have control of them on both chains. Alternatively, you can exchange your coins into another altcoin such as Litecoin and keep hold of them until after the fork situation has stabilized.
Which fork will be the "winner"?
At this time nobody knows, since this is left in the hands of the miners. When miners decide to move their hashing power to the forked chain, this could make it "longer" and therefore more of a winner in some people's eyes. We believe that there will not be any winners, and that the 2 currencies will simply co-exist as Bitcoin Core and Bitcoin Unlimited.
Which fork will FaucetHub be supporting?
At this time, we will be supporting the original Bitcoin Core labeled as BTC. This is true even in the event that the BTU chain is longer.
Will you be adding Bitcoin Unlimited?
We aim to support both Bitcoin and Bitcoin Unlimited via 2 separate currencies/wallets, however there are currently unknown technical challenges regarding the 2 currencies co-existing, along with potential security issues like replay attacks. Until the situation is clearer, we will not be listing Bitcoin Unlimited.
What happens to my coins if I don't withdraw before the fork?
If you choose to not withdraw your coins, then they will sit in your balance as usual, however you will not be able to deposit or withdraw any of them until after the fork.
What do I have to do to protect my Bitcoin Unlimited?
If you want to own both Bitcoin and Bitcoin Unlimited, then we highly suggest that you withdraw your funds before the fork as stated above. This will give you the power and control needed to own your coins on both chains. At this time we cannot guarantee our user's access to their Bitcoin Unlimited if they don't withdraw it.
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