For non technical users:
If UASF succeeds or fails, in both cases, there will be only 1 bitcoin version in the end. In this case, the only thing you have to worry about is the volatility that might (or might not) happen to bitcoin price.
The other thing that users are concerned about is the possibility of a chain split (in past we wrongly used the word ‘hard fork’ instead of chain split to describe this). That is, 2 versions of bitcoin get created. This has happened in the past with Ethereum in a different situation. This is not impossible. However, according to us, it is highly unlikely.
As in our previous post in March 2017 about a chain split (hard fork), we reproduce (with some changes) the text again as it is valid to how we will deal with UASF as well.
In the event of a chain split, Zebpay is technically equipped to handle it as well as any other exchange. We will act the way other bitcoin exchanges act, in the best interest of our users.
What do we suggest you do?
If you are technically savvy, you can transfer the bitcoins you have in your Zebpay wallet to a wallet in which you control the private keys of your bitcoins. You can use Mycelium, Copay, Bitgo or Trezor hardware wallet. This is just a suggestion. Zebpay is not associated with any of these wallets.
Do not do transactions from 1st August if this matter is not resolved before that and if we don’t have a clear winner. You can resume transactions once a clear scenario emerges.
Do not accept or send transactions from 31st July. Do not consider a transaction final (send or receive) from 1st August till the situation settles.
If you are not tech savvy enough to handle the above, you can continue to store your bitcoins in your Zebpay wallet. However, we reserve the right to handle these bitcoins as we deem fit and as explained below.
So what about the price?
Wish we knew :). Our guess is as good as yours, yesterday, today and tomorrow.
For regular users, you can stop reading. However, if you want some technical jargon, continue.
Support for both versions of bitcoin
We have started working on supporting alt coins (that is, other crypto currencies besides bitcoin or different versions of bitcoin). So if required and if technically feasible, we will be able to support both versions of bitcoin in future.
Suspending operations
If a chain split happens, we shall suspend buy / sell operations on Zebpay. We will also not allow you to deposit or withdraw your bitcoins. This could be for a period of 1 week or more. All global exchanges will do this. This is to protect your bitcoins.
We will keep monitoring the situation for technical risks. Since the chain split will happen in an unplanned way, we reserve the right to do the above without any prior notice.
Once the situation has settled, we shall resume normal operations.
Which bitcoin will we support
We may provide support for:
both the versions,
the bitcoin which is more safe and stable, or
the bitcoin that becomes more popular globally.
We reserve the right to decide this. All this depends on market conditions. We will keep our users updated as we have more information on this. If you wish to control this decision, you should withdraw bitcoins from your Zebpay app to a wallet as suggested above.