|Dear LiteBit customer
On the 20th of July more than 90% of the Bitcoin community reached a consensus to increase the transaction capacity. The Bitcoin network was reaching a capacity wall.
This milestone increased the trust in the future of Bitcoin and resulted a positive surge in the Bitcoin price. This news does not mean there will not be a split.
On August 1st, a hardfork will be stated by a group calling themselves Bitcoin Cash. It is predicted that Bitcoin Cash will have a mining power of 5 to 10% of the current Bitcoin. This would result in a new cryptocurrency.
It is important that you pay attention with sending and receiving Bitcoins on August 1st.
On this day it could happen that your Bitcoins will be sent to the “wrong” blockchain.
What do you have to do on August 1st (and 12 hours before this):
- Stop accepting Bitcoin payments.
- Expect long delays if you decide to send Bitcoin.
- Wait patiently until there's more information about the situation.
What will LiteBit do on August 1st
- Sending Bitcoin from your LiteBit wallet will be disabled July 31st 12:00 CET.
- We will disable the sell option of Bitcoin July 31st 12:00 CET.
- Every possible version of Bitcoin will be supported on our platform. However, it might take a while before we have fully adapted our infrastructure to the new situation.
This means your Bitcoins are safe if they are stored in your LiteBit wallet.
Please do not hesitate to contact us using our helpdesk, by calling us or sending us an email.