19 Dec Bitcoin hard forks & Bitcoin Cash claim process
Bitcoin Cash Hard-Fork
The significant update Bitcoin Hard-Fork which happened on August 1st, 2017, at 12:20 UTC occurred due to a disagreement on the approach required to upgrade Bitcoin’s protocol. BSave does not agree with contentious hard forks, and does not accept the manner in which Bitcoin Cash was forked, or the lack of preparation or notice before the fork; we consider this a dangerous action that imposes unacceptable costs on end-users and businesses. However, months after the fork, it is clear Bitcoin cash still has value and popular demand, so we have decided to let our customer claim their bitcoin cash. Do not expect future coins to be credited in this way as Bitcoin gold/diamond/platinum. BSave reserves the right to credit forks or not – in the presence of doubt, always withdraw first.
What about Future Forks?
BSave doesn’t currently have the resources nor the wallet architecture to support other cryptocurrencies than bitcoin. Like a lot of other bitcoin companies, we believe bitcoin will have many other hard-forks in the future, the administrative overhead of distributing any and all hard forked coins is prohibitive and BSave will not monitor or maintain balances of hard-forked coins.
How Do I Make My BCH Claim?
Following BSave’s management decision to act in the best interest of our clients, to preserve and protect the value of their investment in Bitcoin and as a result of the fork, each client who held a balance on a BSave savings account on August 1st, 2017, at 12:20 UTC will be eligible to claim an amount of Bitcoin Cash (BCH), minus transaction fees, until March 29th, 2018. Because BitFinex distributed BCH with a coefficient of 0.8539 (see: www.bitfinex.com/posts/214), the distribution coefficient for BSave customers will be 1 BTC:0.9477 BCH.
In order for us to process your claim please email our team, from the email address with which you signed up to BSave, at [email protected] with the title Bitcoin Cash Claim in the subject. In the message body, please ensure you include the following:
- Your BSave account deposit address;
- Provide us with the destination BCH wallet address to which you wish your funds to be sent. Note: do not use addresses with an expiration time.
Important: All claims will be verified and audited before BCH funds are sent the client’s nominated address. Please note that If you are unable to provide the above-requested information we will not be able to verify and process your claim.
We will process BCH payments once a week.
Our Help Center provides further support information about our services. From there you can access many of our short-form articles that will help you on your way to save more effectively with a BSave savings account.
The BSave team