Forks, Our Policies, and a bit about them

First off, What is a Bitcoin Fork? Or any cryptocurrency fork for that matter?

A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.

By definition a fork or more commonly referred to as a “hard fork” is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software.

ezBtc advises our users to thoroughly research any fork, Bitcoin or otherwise that they intend on personally claiming as often this requires giving up your private keys to receive the forked tokens. Lately as forks have become more and more popular these have given way to numerous scams in the cryptocurrency space.

We strongly recommend that you take all the necessary precautions and do proper due dilligence before manually claiming any of these “airdrops” as claiming tokens has from time to time led to people losing all of their Bitcoin or Altcoin in the specific wallet. A couple examples are Bitcoin Platinum and the Bitcoin Gold wallet scam.

Now that we understand a bit about forks, below you’ll find our policy as to what forks we would considering honouring tokens for on ezBtc.


ezBtc Hard Fork Policy

We at ezBtc prioritize the safety of our customer's digital assets above all else.

To properly adhere to that, by default we will not support future hard fork chains. There is, usually, adequate notice on the announcement of a fork, therefore, we advise any users who would like to claim the forked assets to withdraw their funds from the platform and handle the split on their own.
To be clear, we do not intend to access or keep those coins for ourselves. The security risk and the administrative overhead to claim these coins makes it prohibitive for us.

That being said, we don’t want to interfere or put members at risk attempting to split major forks themselves, therefore we may make exceptions on forks that are largely adopted industry wide. Should we decide to proceed honouring a fork we will notify users, if we have not made clear notification to users then it should be assumed that we will not be taking part in the fork.

Should we at our direction choose to honour a fork we have strict requirements that must include and are not limited to the following:

In a case of supported fork, a snapshot of all user balances will be made at the block height.

We may choose to open a trading pair at our discretion.

Deposits and withdrawals will be enabled only when there is strong support from well-known wallets, such as Ledger, TREZOR or a concensus among the majority of major worldwide exchanges.

In the event of a major fork, which affects the entirety of the cryptospace and is adopted by the majority of the exchanges, we will clearly participate and we will make our best effort to handle things in a way that benefits our members in safe and responsible manner. We will never claim forked coins solely for our own benefit.

Thank you for your understanding. If you have any questions regarding this policy please don’t hesitate to contact our support team. We are all in this together.

Sincerely,
Your team at ezBtc