Stick a Fork in It…
We made it, it’s over. The bitcoin network has successfully hard forked, and with that came the creation of Bitcoin Cash (BCH). Bitcoin Cash was created from the network diverging into two paths; both possessing the same identical transactional history and record, with one (the BCH fork) opting to go a different route entirely with their portion of the network.
To many that can appear very confusing. Essentially, bitcoin’s ledger (the hashed history of all transactions that have occurred on the network, often referred in the media as simply “blockchain”) has been “copy and pasted”, creating a replica of bitcoin’s system, maintained by its own miners, with a slightly altered ruleset to coincide with their plans for scaling. Since many of our users had bitcoin on Purse prior to the hard fork, they now have an equivalent balance of Bitcoin Cash as well due the chain being replicated.
Purse stores and secures your private keys for all funds stored in your wallet, that means we subsequently are storing your newfound Bitcoin Cash as well. We took a snapshot of users’ bitcoin balances prior to the fork (as we announced), and have your funds safely accounted for.
Over the next 30 days, we will be working to create a seamless and simple process for our users to withdraw their balance of Bitcoin Cash to an outside wallet, or automatically converting that value to additional Bitcoin for their Purse Wallet since we will not be supporting Bitcoin Cash directly on Purse.
We will notify users as soon as this process is complete and ready for deployment.
While You Wait
The hard fork was an interesting experiment for the ecosystem, and proves the anti-fragile nature of the bitcoin network. The impact of this event increases the sovereignty of our decentralized, borderless payment system we’ve worked so hard to see grow and evolve, together. We’re proud that the community was able to rally so quickly to help ensure this event remained as pain-less and safe as possible for bitcoin users all over the globe.
At Purse we put a significant amount of time in building, testing, and securing our system (thanks bcoin) to not only keep your precious bitcoin safe, but to also allow us flexibility to be actionable if/when events like these occur on the network. Our thoughtful, careful planning, has shown to be beneficial, and we look forward to crediting our users their balances, and allowing customers to support the growing Bitcoin Cash community.
So, sit tight. We’ll update everyone on next steps soon. Until then, think about what you’ll spend your funds on, back-to-school season is right around the corner…Would be an excellent time for new laptops, electronics, and textbooks…just throwing it out there.
Remember, once user balances of Bitcoin Cash are credited, we will not be natively supporting BCH on our platform. Users will be able to spend their funds via Shapeshift on our platform, however. In the meantime, customer bitcoin cash will remain safely stored here on Purse until it is disbursed accordingly.