What is Bitcoin Segwit2x?
Bitcoin Segwit2x is a proposed change which is intended to improve the speed and cost of Bitcoin transactions. If the upgrade is not universally accepted, it may temporarily create two Bitcoin blockchains via a fork of the Bitcoin network.
To learn more about forks, check out our blog post.
Are my funds currently on Coinbase safe?
Yes. Any funds on Coinbase before, during, and after the fork will be continue to be stored securely.
When exactly will the fork happen?
The Bitcoin Segwit2x fork will take place when block #494,784 is mined. This is projected to happen on November 16.
Will I be able to use Coinbase Merchant Tools during the hard fork?
We plan to disable bitcoin acceptance approximately 24 hours before the hard fork. Bitcoin acceptance will remain disabled until network conditions stabilize.
How long will Coinbase Merchant Tools be offline?
The exact timing will largely depend on the stability of the Bitcoin network after the hard fork.
Will Merchant Tools support both Bitcoin and Bitcoin Segwit2x?
No, we will only support the chain with the most accumulated difficulty.
How might this affect my customers during and after the hard fork?
Customers will not be able to send bitcoin to Coinbase merchants during the hard fork as we will be proactively disabling bitcoin acceptance. After the fork, and in the event that both chains are viable, we will warn customers to only pay using the dominant chain.