There has been a lot of talk about forks in the bitcoin network recently. Different exchanges will be dealing with the fork in different ways, so read on to find out our stance on the whole situation..
You may be aware of a number of recent proposals for technical changes to the Bitcoin protocol. There is a proposed user-activated hard fork (UAHF) coming on August 1st and, if this goes ahead, there will be a fork in the bitcoin network. This means that there will be a separate blockchain and coin, a coin currently being called 'Bitcoin Cash' or 'BitcoinABC'. CoinCorner will not be supporting any new blockchains or associated coins that come off the back of a UAHF.
We can guarantee that any customer funds held with CoinCorner will be kept safe during the forking process, but we may be temporarily disabling some functionality from 24 hours beforehand until we feel comfortable that the network is stable again. This means that customers won't be able to buy, sell, deposit or withdraw bitcoins until the situation becomes more clear, although we are hoping this will be, at most, 48 hours.
So what should you do?
If you DO NOT want any potential new forked coins that are the result of a UAHF, or do not need to access your bitcoins during the fork, then no action is required.
If you WOULD LIKE any potential new forked coins that are a result of a UAHF, or would like to access your bitcoins during the downtime, you will need to transfer your bitcoins from your CoinCorner wallet to an external wallet before July 31st.
In other news, on Saturday 5th August 2017 a couple of members of the CoinCorner team are taking part in ToughMann, an adventure challenge here on the Isle of Man.
Danny and Molly will be testing their toughness on the 10 kilometre course up at Ballamoar Farm in Ballaugh. But that's not all. Peppered along the 10km course are a collection of challenging obstacles such as Killer Hill, The Muddy Box, a climbing wall nicknamed 'The Beast', monkey bars, a plunge into ice cold water and cargo nets before another short run between the final obstacle and the finish.
CoinCorner's resident ToughMann and ToughWoman will be taking part in the event to raise money for a local charity, Craig's Heartstrong Foundation. Craig's Heartstrong Foundation's goal is to raise the necessary funding to give men and women between the ages of 14 and 35 the opportunity to have their heart screened. This can help detect any symptoms of Hypertrophic and Dilated Cardiomyopathy and help prevent Sudden Disease Syndrome (SDS). By providing people with the screening, they are then able to monitor and provide support and treatment accordingly to help limit the impact of detectable heart defects on the Isle of Man.
We are hoping to raise a good sum of money for this great cause and any donations would be greatly appreciated. We are opening up the possibility of donation via bitcoin to our customers, and people can donate by scanning the QR code below. The bitcoins will then be transferred into the GBP equivalent and given to Craig's Heartstrong Foundation.
To donate, scan the QR code below...
Or follow the link below to head over to my PayMe page: