GDAX Will Support the “Limited” SegWit2x Hard Fork After all

The SegWit2x hard fork has been very contentious, to say the very least. Initial support started dwindling pretty quickly. Moreover, the developers informed the world this plan was canceled not too long ago. It seems that situation has come to change as well. A few community members will still attempt to go ahead with this fork in a few hours. As a result, GDAX will disable Bitcoin transactions and make funds available to users. An interesting development, to say the very least.

It is uncanny how the SegWit2x debacle is still not over. A lot of people were relieved when the developers scrapped their initial plans. A few hours later, someone mentioned the community would still go ahead with this fork. There are still a few miners supporting it. How all of this will play out over the next 48 hours, remains to be determined. There is a lot of confusion regarding this development, which is only understandable.

GDAX Doubts SegWit2x Will Survive

GDAX has announced their stance regarding this fork. First of all, Bitcoin deposits and withdrawals will be disabled 6 hours before the fork. This event is scheduled to take place later today at around 2 AM. Preventing users from sending funds to the wrong chain is the company’s main priority. It is unknown what type of replay protection SegWit2x will offer in its current iteration. Trading on GDAX will not be affected by this change, though.

Assuming the chain is valid, the company will support the B2X tokens as well. There is no reason to believe this will become the majority chain later today, but one never knows. A lot of strange things have happened in the Bitcoin world as of late. This new fork will create even more tension among Bitcoin supporters. Do keep in mind trading of B2X will not be supported by the company right away, if ever. It certainly creates an incentive for people to buy Bitcoin right now.

Should the chain be unusable, there is no plan for B2X support whatsoever. GDAX won’t even allow withdrawals of the currency either in that case. It is still possible they would allow trading later on, depending on whether or not the chain survives. Rest assured a lot of people will keep an eye on the SegWit2x chain in the coming hours. It is good to see companies clarify their position regarding sensitive matters. Three competing Bitcoin forks will certainly shake things up quite a bit.

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JP Buntinx

JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.
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Source: Newsbtc