Bitcoin,,Just a heads up from Investodedia: 13 Ja
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Posted On: 07/22/2017 8:38:03 AM
Bitcoin,,Just a heads up from Investodedia:
13 Japanese Bitcoin Exchanges Prepare for Fallout of August 1 Split By Nathan Reiff | July 20, 2017 — 10:05 AM EDT
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The Bitcoin world is abuzz increasingly tense debate over a protocol which may prompt a split in the way that asset is handled. Proposal 148 could lead to what is known as a “forking” of the cryptocurrency, in which two different Bitcoins exist simultaneously because of a split in the underlying system which supports the currency. The split has been the subject of much conversation and increased reluctance among investors, many of whom are liquidating their Bitcoin assets in anticipation of a potential switchover on August 1. Since no one knows exactly what to expect if the protocol split does take place, some users and even many exchanges are exercising extreme caution to avoid confusion and the potential loss of assets. Now, 13 of the most prominent Bitcoin exchanges in Japan have announced plans to suspend all deposits and withdrawals of the currency on August 1 in anticipation of a split.
(Check out the new Investopedia Bitcoin Page for real-time price quotes and current news)
Suspension at 00:00 on August 1
13 members of the Japan Cryptocurrency Business Association (JCBA) announced earlier this week that they would suspend all transactions involving Bitcoin as of August 1 at 00:00 Japan time. The protocol split is expected to occur at 09:00 Japan time, according to Bitcoin.com. The report from the JCBA indicates that “the occurrence of forking affects the transmission and receipt of Bitcoins by all Bitcoin users, and it is expected that all related virtual currency exchange operators and service providers will be seriously affected.”
The statement continues by indicating that these exchanges have “decided to temporarily stop accepting Bitcoin deposits and withdrawals at each exchange…we will stop only the services related to depositing and withdrawing Bitcoins, but we will provide our regular services for other virtual currencies and legal currencies.”
Participating Exchanges
The exchanges participating in the temporary suspension will include Bitbank, Bitpoint Japan, Quoine, Fisco Cryptocurrency Exchange, Coincheck, Btc Box, Tech Bureau, GMO-Z.com, Campfire Corporation, Bit Trade, Bitcrements, Tokyo Bitcoin, and Minnano Bitcoin. Bitflyer, the largest Japanese Bitcoin exchange by volume, is notable for its absence from the list. Reports suggest, however, that Bitflyer will also plan for a temporary suspension of these activities for the same reasons. The JCBA suspensions have no definite end time at this point, although the statement suggested that the organization will “plan to update the acceptance of Bitcoins and the resumption of withdrawals by 16:00 August 4, 2017.” In the meantime, users of these exchanges and Bitcoin owners generally are attempting to navigate the uncertain future of the cryptocurrency, even as the date of the possible split draws closer. Should the split occur, it may help to resolve the conflict over Bitcoin’s scaling concerns once and for all.
Read more: 13 Japanese Bitcoin Exchanges Prepare for Fallout of August 1 Split | Investopedia http://www.investopedia.com/news/13-japanese-...z4nYyxFg1C
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13 Japanese Bitcoin Exchanges Prepare for Fallout of August 1 Split By Nathan Reiff | July 20, 2017 — 10:05 AM EDT
SHARE
MORE ON BLOCKCHAIN AND BITCOIN
6 Innovative Apps Utilizing the Ethereum Network
Ethereum Continues to Pressure Bitcoin Out of Top Crypto Spot
Bitcoin Gets a Boost from a Swiss Regulator
Billionaires Making the Shift to Cryptocurrency Investments
The Bitcoin world is abuzz increasingly tense debate over a protocol which may prompt a split in the way that asset is handled. Proposal 148 could lead to what is known as a “forking” of the cryptocurrency, in which two different Bitcoins exist simultaneously because of a split in the underlying system which supports the currency. The split has been the subject of much conversation and increased reluctance among investors, many of whom are liquidating their Bitcoin assets in anticipation of a potential switchover on August 1. Since no one knows exactly what to expect if the protocol split does take place, some users and even many exchanges are exercising extreme caution to avoid confusion and the potential loss of assets. Now, 13 of the most prominent Bitcoin exchanges in Japan have announced plans to suspend all deposits and withdrawals of the currency on August 1 in anticipation of a split.
(Check out the new Investopedia Bitcoin Page for real-time price quotes and current news)
Suspension at 00:00 on August 1
13 members of the Japan Cryptocurrency Business Association (JCBA) announced earlier this week that they would suspend all transactions involving Bitcoin as of August 1 at 00:00 Japan time. The protocol split is expected to occur at 09:00 Japan time, according to Bitcoin.com. The report from the JCBA indicates that “the occurrence of forking affects the transmission and receipt of Bitcoins by all Bitcoin users, and it is expected that all related virtual currency exchange operators and service providers will be seriously affected.”
The statement continues by indicating that these exchanges have “decided to temporarily stop accepting Bitcoin deposits and withdrawals at each exchange…we will stop only the services related to depositing and withdrawing Bitcoins, but we will provide our regular services for other virtual currencies and legal currencies.”
Participating Exchanges
The exchanges participating in the temporary suspension will include Bitbank, Bitpoint Japan, Quoine, Fisco Cryptocurrency Exchange, Coincheck, Btc Box, Tech Bureau, GMO-Z.com, Campfire Corporation, Bit Trade, Bitcrements, Tokyo Bitcoin, and Minnano Bitcoin. Bitflyer, the largest Japanese Bitcoin exchange by volume, is notable for its absence from the list. Reports suggest, however, that Bitflyer will also plan for a temporary suspension of these activities for the same reasons. The JCBA suspensions have no definite end time at this point, although the statement suggested that the organization will “plan to update the acceptance of Bitcoins and the resumption of withdrawals by 16:00 August 4, 2017.” In the meantime, users of these exchanges and Bitcoin owners generally are attempting to navigate the uncertain future of the cryptocurrency, even as the date of the possible split draws closer. Should the split occur, it may help to resolve the conflict over Bitcoin’s scaling concerns once and for all.
Read more: 13 Japanese Bitcoin Exchanges Prepare for Fallout of August 1 Split | Investopedia http://www.investopedia.com/news/13-japanese-...z4nYyxFg1C
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