Digital currency exchange, Bitfinex will support the upcoming hard fork of Bitcoin SV (BSV), the fourth-largest cryptocurrency by market cap, which came into existence following the Bitcoin Cash (BCH) chain split in 2018, according to a recent blog post.
The Bitcoin SV hard fork, known as “Genesis,” is estimated to occur on February 4, 2020, as per the information on the BSV website. The hard fork is said to take place when the block height reaches #620,538.
The crypto exchange noted that it would handle all the technical requirements concerning the upcoming hard fork; hence, users should deposit their BSV in advance, in order to ensure the safety of their digital assets.
Meanwhile, Bitfinex will suspend deposits and withdrawals today, February 3, by 11:00 pm (UTC). However, BSV held in the Bitfinex account will not be affected. The activities will be restored once the BSV mainnet is stable, as per the report.
Bitcoin SV “Genesis” Hard Fork
Bitcoin SV said that the “Genesis” hard forking upgrade represents a very important milestone in BSV’s journey to re-establish the original protocol of the world’s largest cryptocurrency, Bitcoin (BTC).
As reported, two public testnets, “Genesis Testnet” or “GT,” and “Genesis Reset” or “GR” were created in preparation for the hard fork. In the first testnet, GT is set to post-Genesis activation. This implies that the changes expected to activate on mainnet through the hard fork will already be debuted on the testnet.
The second testnet, GR, will reportedly follow a 2-day reset cycle. According to the Bitcoin SV report, GR will begin 24 hours before Genesis activation, then continue for another 24 hours until it is been reset again.
The founding president of Bitcoin SV, Jimmy Nguyen said in a publicity video that the move would enable, “A world where data, transactions and digital activity of all types can be “on-chain” on a single public blockchain, just like the world operates online on a single public Internet.”