If you haven’t heard about the potential Bitcoin fork on August 1st then you must’ve been hiding under a rock :). Most of the cryptocurrency-focused media and press have been talking about a potential doom and gloom situation.
Since we at TenX will also be affected by a potential split, we have decided to make the following protective measures:
- Effective immediately and until after August 1st we will require 8 (instead of 3) confirmations of a Bitcoin transaction until we credit it to your TenX wallet. This does NOT affect the speed of spending your Bitcoin through the TenX card as this is instant.
- We will stop deposits and withdrawals of Bitcoin from July 31st until after the dust settles on August 1st. As it looks right now, you will still be able to spend your Bitcoin through the TenX card during that time.
- In case of a potential fork, our partner BitGo (who is handling the users’ private keys) has not announced whether they will definitely support any other than the SegWit chain. This means, should there be a fork that sustains and you definitely want to be on both chains, you have to move your Bitcoins into a wallet whose private key you control. (https://bitcoin.org/en/choose-your-wallet) Remember that you have to withdraw your Bitcoins before July 31st because on that day we will not allow withdrawals or deposits.
Should you have any questions, please join our slack channel for direct help: http://ten-x.herokuapp.com
The author Dr. Julian Hosp is the co-founder of TenX and co-author of the whitepapers of TenX and COMIT.
TenX (www.tenx.tech) is a Singapore based Fintech company that makes cryptocurrencies spendable anytime anywhere by offering a debit card payment system to its users on the frontend and by connecting blockchains at the backend through the COMIT protocol.
COMIT is an open source project that connects any blockchain without creating an extra token. Whitepaper: www.comit.network