Bitcoin Segwit2x Update
There have been a number of developments with Bitcoin Segwit2x since our last update.
Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.
We wanted to provide clarity about the potential outcomes of the fork and what GDAX will do in each scenario. In both scenarios, GDAX will disable bitcoin deposits and withdrawals 6 hours before the fork, at approximately 2am Pacific Time on November 17. Bitcoin (BTC) trading will not be impacted. Deposits and withdrawals will be re-enabled shortly afterwards.
Scenario 1: network is unusable
If support for the fork remains at current levels, or decreases, there will not be a functioning Bitcoin2x network. GDAX will not support withdrawals or trading as it will not be possible to send funds to GDAX, or withdraw funds from GDAX. Currently we believe this is the most likely scenario.
If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.
Scenario 2: network is usable
If transactions are being confirmed at a reasonable speed, and miner support is strong, we will allow GDAX customers to withdraw Bitcoin2x. We will not enable trading as previously stated, but we may enable trading at a later date.
We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. We have invested significant resources to make sure we can prepare for each scenario, and if there is a stable and functioning network we will give customers access to Bitcoin2x funds.
We continue to work on Bitcoin Cash and are on track for January 1, 2018.