CoolWallet Update: UASF,SegWit2x and BCC

What would happen on August 1st?

BIP 148  will be activated on August 1st and hope to improve the Bitcoin system. On that date Bitcoin might split into two chains, one chain is likely to become the dominant chain and it’s coin will be more valuable.

There is also another development in the Bitcoin world. On August 1st we will see the launch of a new cryptocurrency “Bitcoin Cash (BCC)”  that gives all current Bitcoin users the same holdings in this new cryptocurrency.

What would happen to CoolWallet user?

We can’t predict the future of Bitcoin, but one thing we can be sure of is that: Your Bitcoins are safe with CoolWallet. After the fork, the CoolWallet app will allow you to receive and send the coins on the biggest chain, directed by

Would CoolWallet accept Bitcoin Cash(BCC)?

The first thing you need to understand is that only the users of CoolWallet own the private keys. So you can always export your keys and get access to your Bitcoins or Bitcoin Cash on any chains.

When the hard fork of Bitcoin happens, it’ll cause the Bitcoin to split into two different cryptocurrencies . All users shall have possession of coins on each branch.

For example, if you had 1 BTC then you’ll also have 1 BCC from Aug 1st, spending your BTC will not affect your BCC and both coins and chains will exist in parallel .

We are still observing the development of BCC and will wait till more information available before we decide whether to include BCC in CoolWallet or not.

In the meantime, your Bitcoins are safe with your CoolWallet and nothing needs to be worried. We’ll keep everyone updated when we have further decisions.

Important Notices

Finally, we suggest that you don’t transact Bitcoins from 7/31 and the following days until the outcome becomes clearer. We’ll be watching how this situation unfolds and hope to release updates as soon as possible.

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