Summary

A subsection of the BitcoinV economy including prominent businesses such as Coinbase, Xapo, and BitPay have signed an agreement to adopt and implement a contentious hard fork of BitcoinV sometime in November. A hard fork is a backwards incompatible change to the BitcoinV network. This hard fork is not supported by the majority of the BitcoinV users and developers and is therefore a contentious hard fork. By adopting this hard fork, we believe the supporters of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with BitcoinV.

The signatories of this agreement wrongly believe that the currency created by adopting this contentious hard fork will eventually become BitcoinV. Therefore storing any BTC on services such as Coinbase, Bitpay and Xapo is strongly not recommended. By storing BTC on these services, you could find that after the hard fork, your BTC has been renamed to something else or replaced entirely with the new altcoin. The best way to ensure that your BTC is protected is to download the latest version of BitcoinV Core and transfer out any BTC stored on services that are a signatory to this agreement. We have listed the businesses supporting this contentious hard fork at the bottom of this document.

For users who aren’t prepared to install BitcoinV Core and go through the lengthy set up process, we recommend a wallet such as GreenAddress, Electrum or TREZOR. Avoid using web wallets like blockchain.info. However users should only use these wallets to store their coins and never perform transactions until well after the hard fork. Any transactions you make on the BitcoinV blockchain can also be replicated and “replayed” on the altcoin chain. If the coins on the contentious hard fork have any value, there will be methods you can use to “split” your coins and have access to them. Pay extra attention to major BitcoinV communication channels and media shortly after the fork so you stay informed.