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Bitex General Approach to fork events and new Bitcoin networks.

Bitcoin is growing every day, catering to an ever increasing number of people and needs.

This healthy growth gives place to differences in opinion among its users.

Each person or business using Bitcoin may have their own plans for the future, and may desire to improve the Bitcoin network rules.

A fork occurs when a group of users decide to start abiding by a new set of rules, and starts transacting under those.

This gives birth to a new network, copying over all balances and wallets from the previous network.

The new network may seek to coexist with the previous one. Alternatively, it may want to replace it, trying to force a choice between the two.

Anyone can announce a fork, some may go unnoticed by Bitex. Granted, a new network that nobody notices will probably fail.

Also, each fork and subsequent new network is unique in how much it disrupts users and service providers like Bitex.

Given that Bitex may be holding your Bitcoins at the time of a fork, we want to give you some certainty about our policy.

Is Bitex supporting new networks?

Our main responsibility is to make sure any "old network" Bitcoins we may be holding are safe.

If a new network has users and coexists with the old one, we may eventually make the new network bitcoins available to you too.

We will announce intent to support specific new networks in our twitter timeline, mailing list, and facebook fan page.

If you're not sure we'll support a specific new network, you should withdraw your bitcoins to your own wallet before the fork event.

Keep in mind supporting a new network is quite an effort for us.

Can I use Bitex normally during a fork event?

A fork event may disrupt the Bitcoin network. We may need to halt deposits and withdrawals for a few days in response.

We will notify you about any scheduled disruptions to our services through the usual communication channels.

Preparing for -and responding to- a fork event does not imply Bitex is planning to support the new network.

What about the BTC currency symbol, and the Bitcoin brand?

Our main goal is to avoid bringing you any unneeded confusion. Naturally a new network may have new branding.

Nevertheless, Bitex is not isolated from other Bitcoin services.
We will adapt to the rest of the ecosystem in hopes you get consistent network naming across all services.

Thanks for your time and trust on Bitex.

Once again. If you're not sure we'll support a specific new network, you should withdraw your bitcoins to your own wallet before the fork event.

We are happy to receive your questions at hola@bitex.la

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About Bitex

Bitex provee servicios financieros sobre la red Bitcoin. Realiza pagos y cobros globales usando Concierge, opera Bitcoin en nuestro exchange, haz compras OTC o acepta pagos en Bitcoin en tu negocio.
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