At 1Broker, our top priority is to offer a stable and secure environment for all customers. With the recent announcement of the attempted hard fork by the Bitcoin ABC community, also known as Bitcoin Cash, many users asked if we would support this new currency.
1Broker will neither support the split and distribution of Bitcoin Cash, nor return Bitcoin Cash which is sent to one of our Bitcoin deposit addresses by accident. If you want to access your Bitcoin Cash tokens, please withdraw your funds before August 1st to a wallet that supports Bitcoin Cash. As a security precaution, we will disable Bitcoin deposits and withdrawals on July 31st, 2017 at 23:00 UTC until August 2nd, 2017.
Reasons for this decision
In general, we welcome any changes and improvements to the Bitcoin protocol, including changes that require a hard fork. However, in the case of Bitcoin Cash there are several reasons why we cannot support it:
- The hard fork was announced only a few days before the actual fork date. It is impossible to set up, test and build the necessary software around this client in such a short time frame.
- Although we respect the community behind Bitcoin Cash, we do not think that a significant majority of Bitcoin users and businesses support an overly hasty hard fork.
- Due to the limited time to prepare, supporting Bitcoin cash would lead to error-prone internal systems, which wouldn’t meet our high standards of security and stability. We believe that the potential issues outweigh the benefits.
Changes to our Terms of Service
In order to handle hard forks in a predictable way in the future, we changed the “Blockchain Hard Forks” section of our Terms of Service to the following:
“A blockchain hard fork is defined as a permanent divergence in the blockchain that occurs when nodes follow different consensus rules. This means that a crypto currency will be effectively split into two separate independent currencies. Due to the administrative complexity of distributing and splitting a hard forked currency in our system, support of any forked currency is solely at the discretion of 1Broker. If we make no public announcement regarding an attempted fork, we will not support and distribute the new currency. In the event that a hard fork has a significant consensus among the community and businesses, it is also possible that we only support the hard forked currency and do not support the legacy currency anymore.
If our customers wish to split their tokens after such a hard fork, it is necessary that they withdraw their funds prior to the fork date. We are neither liable for any damages resulting from a hard fork, nor will we return any funds accidentally deposited from a currency that our system does not support.”