Bitify Trading Disruption and Position on Bitcoin Cash
On 1st August 2017 the Bitcoin network may experience some disruption due to a User Activated Hard Fork (UAHF). This UAHF will split the current bitcoin blockchain and create a new coin called Bitcoin Cash (BCC).
At this point in time, Bitify has chosen not to support the Bitcoin Cash altcoin. Users who have Bitcoin in escrow with us at the time of the split will maintain their balances on the Bitcoin core (BTC) network. We will not be distributing any Bitcoin Cash to users who have escrow balances with us, nor will we be accepting payments on the Bitcoin Cash network.
As a precaution Bitify will be placing a temporary hold on all payments in to and out of the site for at least 24 hours from 31st of July 2017 at 12:00 UTC until the 1st of August 2017 at 12:00 UTC. This hold period may be extended if we feel there is any threat to customers funds.
What Does this mean to Buyers and Seller?
Seller will not be able to receive funds from sales during the hold period. All escrow releases that occur during this time will be placed in a queue and will be sent to sellers as soon as the hold period is lifted.
Buyers will not be able to make payments for new items or receive refunds on previous purchases. All refunds processed during the hold time will be placed in a queue and sent to buyers as soon as transactions are resumed.
We will be monitoring the situation closely to make ensure there is minimal disruption to our users and will endevour to bring payments back online as soon as we feel the network is stable enough.