Aug 22- BTC delays FAQ

What happened?

On August 22, between the hours of 08:00am PST and 11:00am PST, Coinbase initiated a number of transactions with fees less than the typical amount for timely confirmation. Our system applied insufficient fees to these transactions.

Are my funds safe?

Yes, your funds are still safe and your transfer will arrive at its intended destination shortly.

Do I need to do anything?

No, we are ensuring that we do everything that we need to do on our end to make sure your funds arrive to their intended destination. While these bitcoin sends are delayed we are working to speed up the delivery of these funds.

Can I cancel my transaction?

No. Unfortunately, Coinbase is unable to cancel transactions that have been submitted to the Bitcoin network.

What action is Coinbase taking?

To force the delayed transactions to go through we will use a bitcoin mechanism called child pays for parent to ensure they complete. This mechanism works by using fees from a secondary transaction to pay for the original transaction. Our engineering team has taken immediate action to complete the transaction payment process as soon as possible.

Why is it taking so long? When will it be done?

We are working to ensure this fix is done correctly and securely. Funds should reach their intended destination by September 2, 2017.

Will this happen in the future?

Coinbase attempts to provide a first class service to customers. We are implementing changes to prevent situations like this happening in the future.

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