Bitcoin Software Update: What You Need to Know Before August 1
29th July, 2017
On August 1, changes to Bitcoin software will go into effect. This is due to a long debate within the bitcoin community about bitcoin scaling – how to support more transactions without further slowing down the network. For more details, please see our related blog posts from earlier this month (July 19 and July 26).
As a result of the proposed Bitcoin software changes, a split or “fork” in the Bitcoin blockchain may occur. Such a split will create two different versions of the currency: Bitcoin (BTC) and Bitcoin Cash (BCC).
Here’s what you need to know:
Your bitcoin stored on SpicePay is safe. The safety of your funds is our first priority.
SpicePay will support only Bitcoin (BTC). We do not intend to support Bitcoin Cash (BCC), so you will not be able to access BCC on SpicePay. To do so, you will need to withdraw your BTC before 11:59 pm PST (GMT -7) on July 31, 2017. If you do not wish to access BCC, you don’t need to do anything.
In addition, please note that all SpicePay transactions will be suspended on August 1. The fork may cause disruption to the bitcoin network, and we want to ensure that your funds are kept safe. This means you will be unable to access your BTC for a short period of time.
We will keep you updated here, as well as Twitter, Facebook and Google Plus. Of course, if you have any concerns, you may contact us at SpicePay.firstname.lastname@example.org.