Update - 15 November 2018
Even though there have been statements that report SEGWIT2X being suspended, this is not 100% sure yet and there still might be a minority SegWit2x fork. Because of this, we will pay out on Friday 17th November as normal.
At the end of July, the Bitcoin network activated a code upgrade to SegWit (which created two Bitcoin chains - the normal Bitcoin and new Bitcoin Cash varient) which attempted to help with the issue transaction issues many of us have with Bitcoin - its too expensive and transactions take too long to process. On November 16 2017, the Bitcoin network is due to experience another code upgrade, this time called a Hard Fork at block 494784. This new code upgrade - called SegWit2X - will attempt to fix these scalling issues everyone is having with Bitcoin.
There is no definite outcome to this code change - miners can either accept, or decline the code change - so we have to make some decisions with what we'll do after Thursday November 16.
What CBN will do:
Here at CBN we do not store our users balance as Bitcoin - instead, we store it as its own virtual currency called CBN Satoshi - so your balance will not be affected at all by the changes. But because the changes might affect how we pay our users out, we have to turn our payment system off until the changes have been made and it becomes clear what chain will be classed as Bitcoin.
This means our new Payment Schedule for the next few weeks will be:
- Friday 10th like normal
- Friday 17th like normal
- Friday 24th will be moved to Saturday 25th
- Friday 1st December like normal
We shall continue supporting the most popular chain (the chain that will have the most hash power) and we will continue calling this chain Bitcoin (BTC). This will be the Bitcoin we pay out to users.
This is what the majority of systems are doing - so you should have no problems.
What YOU should do:
If you have your Bitcoin in a private wallet (such as Electrum on Windows) - your Bitcoin is safe. If the Hard Fork makes two different chains, you'll have access to use both. This is the best case sceanrio, as potentially you'll be able to use both Coins.
If you have your Bitcoin in a web based wallet - where you do not control the private keys - then it is up to the wallet provider or exchange to decide whether you can access both new versions of the currency. Look for answers on their website or ask their support team.
We will continue to keep all of our users updated with the latest information as soon as we get it. From Wednesday next week we'll be holding a Live Blog with all the latest updates as they happen. If you have any questions:
- Post them in the comments section below
- Ask them via the support in the app
- Email firstname.lastname@example.org your questions