⚠️ Update Monday 19 November
As a result of the recent BCH hard fork, Revolut Crypto will now support the new Bitcoin Cash ABC chain in place of the previously supported BCH one, in line with our cryptocurrency exchange partner.
There has been a lot of debate and speculation over the planned hard fork on the Bitcoin Cash blockchain. To help clear the air, we wrote this post to explain what this fork means to you as a Revolut user and how it will impact your existing crypto balance.
Hold on, what is a 'hard fork'? 🤷♂️
A hard fork refers to the splitting of a single cryptocurrency in two. It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version. For instance, Bitcoin Cash was created by hard forking the original Bitcoin blockchain.
A hard fork occurs when the developers of a cryptocurrency such as Bitcoin Cash introduce a new version of the underlying software to the network, which is not backwards compatible - which basically means that the new version of the software won't work on the current network.
In this instance, there will be two ledgers (or blockchains) running in parallel - the current BCH one, plus the newly created ledger which will host its own unique cryptocurrency.
When is the Bitcoin Cash hard fork scheduled for? 📆
A Bitcoin Cash hard fork will take place on 15 November, at 16:40 UTC, as part of scheduled protocol upgrades. However, unlike previous BCH hard forks, there are two competing proposals for the new upgrades and this is where most of the debate and speculation is based around.
Will I be able to continue trading Bitcoin Cash? 🤔
Yes - BCH trading will be available at Revolut with no interruptions, both during and after the fork.
If I leave my funds on Revolut during the fork, will they be safe? 💰
Yes - your BCH exposure will remain perfectly safe at Revolut throughout the fork. Our primary goal during this fork is to protect customer funds.
What happens if the fork produces two new viable chains? ⛓
Due to the uncertainty of future events, Revolut will decide on a case-by-case basis how to approach and handle any potential future hard forks. There is always extreme uncertainty around such events, and therefore there are no guarantees that we will or will not support the introduction of new cryptocurrencies as a result of hard forks.
But rest assured - we will always let you know in advance if we plan to make any changes to our current cryptocurrency line-up.
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