Bitcoin Fork Updates
Coinbase wanted to give you an update on two upcoming Bitcoin forks—Bitcoin Segwit2x and Bitcoin Gold. You can read more about what a digital currency fork is here. Coinbase operate by the principle that their customers should benefit to the greatest extent possible from hard forks or other unexpected events.
This is essential in the mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.
The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin and the forked blockchain as Bitcoin2x.
Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. No action is required—Coinbase will automatically credit your account.
So, if you have 5 Bitcoin stored on Coinbase before the fork; you will have 5 Bitcoin and 5 Bitcoin2x following the event.
The Bitcoin Gold fork occurred on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it.