There have been a number of developments with Bitcoin Segwit2x since our last update.
Coinbase is actively monitoring this situation and will make every attempt to allow customers to benefit from this fork if it results in a safe and functioning network. No action is required and all funds stored on Coinbase remain safe.
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 Coinbase will do in each scenario.
To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.
Scenario 1: network is unusable
If support for the fork remains at current levels, or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. 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 Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them 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.
Bitcoin Segwit2x Update was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.