As you probably know from all the news Segwit2x was activated with consensus from the majority of miners (include us). The first step is done and we are in the middle of an activation period as the network prepares to upgrade.
But there is something happening on August 1st that may have a big impact on the network. It’s called BIP 148 UASF and it’s a controversial way for non-miners to try and gain power in Bitcoin.
Right now the miners have all the power to decide which transactions are good and what new changes to support. This proposal would try and force the activation of Segwit through non-mining nodes that anyone can download and run.
The idea is all nodes running BIP 148 would begin rejecting blocks from miners who do not support Segwit. This could result in a chain split and potentially two or more version of Bitcoin. Or it could be a very boring event as everyone falls in line and supports a single chain.
Here is what you need to know and prepare for…
#1. MOST IMPORTANT… We will be cutting off ALL withdrawals starting mid day on July 31st and we will resume only when it’s safe to send them again. We are also shutting down the entire invoicing system so no new invoices can be generated and paid during this time.
We expect the invoices to be down for about 2-3 days so please prepare for this and do not try and sign up any new members during this time. In fact, we think this is a perfect time to take a holiday somewhere and relax until this blows over. You may even see our website down as we will use the time to make some upgrades.
#2. Make sure you have your private keys backed up. You want to move all Bitcoin out of any exchange wallets that you don’t have complete control over. Some of the best solutions are Ledger Hardware wallets, a Trezor hardware wallet, a paper wallet, or even blockchain.info wallet is a good choice. (Do not keep your Bitcoin in Coinbase, or any web wallet that holds your private keys)
#3. Do not send Bitcoin or try and receive Bitcoin on August 1st until everything has been sorted and it’s safe to resume transactions. You don’t want to be stuck sending Bitcoin on the wrong chain or while the transition process is happening because you could lose them.
#4. All Bitcoin inside BitClub Wallets are safe! We keep everything in cold storage and only transfer Bitcoin into hot wallets periodically to pay commission requests. So any balance shown in your back office will be safe and we can handle whatever scenario arises from this event. So you are welcome to keep your Bitcoin where it is.