BitPay to follow the chain with the greatest difficulty

BitPay makes a statement on SegWit2x claiming it is to follow the chain with the most accumulated difficulty
01 November 2017   234

The largest Bitcoin payment processor in the world, BitPay, issues a statement confirming that in case of the SegWit2x hardfork the "services will follow the chain with the most accumulated difficulty".

The company argues that it does its best to continue to provide service on the Bitcoin blockchain. However, absent any further developments, BitPay recommends users' stopping using Bitcoin prior to block 494,784 and until the uncertainty is resolved.

As detailed, the services will suspend payment acceptance, payment disbursement and debit card reloads approximately 24 hours prior to activation of Segwit2x. 

In the event of a prolonged or permanent chain split, if the minority chain has significant market value, we will provide instructions to Copay and BitPay wallet users on how to safely access those coins. We will refer to the minority chain as BC1 (if Segwit2x is the majority) or BC2 (if Segwit2x is the minority). Beyond that, we have no plans to offer our services on the minority chain.

BitPay team

The company claims it will resume full support for the Bitcoin blockchain as soon as possible after the event.

Bitpay announces payments through Bitcoin Cash

Bitpay will add support for multiple chains, starting with Bitcoin Cash
18 December 2017   364

Bitpay is a service provider for processing payments and invoices through blockchain. Currently, the only available cryptocurrency to do that is Bitcoin, but the company announced the addition of Bitcoin Cash blockchain. Customers will have the option to use not only Bitcoin for their purchases but also Bitcoin Cash and, coming soon, other types of cryptocurrency.

On their website, the Bitpay says that from now on they will be notifying users way in advance about the addition of new blockchains to the payment system, so the businesses will be able to opt out of enforcing some fixed payment method and customers will be able to use less-congested chains to transfer funds faster. If, however, the users want to rely on single chain to stay safe from possible price swings, than they will be able arrange to fix their transactions to a single cryptocurrency.

Also, the Bitpay team announced that the adoption of new blockchains will depend on key usability factors, such as the network hashing power, security, usefulness in payments and market value.