Monday, 17 July 2017

Japan is Ready to Face Hardfork

     In Japan, the companies in charge of cryptocurrencies are already preparing to face the hardfork Bitcoin will next July 31. They plan to serve as a guide to protect clients' investments, in view of the freezing of Bitcoin transactions by Bitcoin Exchanges.

     Bitcoin is going through one of the strongest tests right now with what can happen at the end of the month. Apparently scalability and capacity has been causing disagreements due to different proposals. This has been bringing many to Sell Bitcoin and looking for other ways to invest their money.

     Among the associations dispensed by the director of Bitcoin, there are several Bitcoin Exchange and among them some are Top Bitcoin in Japan and Best Bitcoin Exchange. Bitbank, BITPoint, BTCBOX, Crowd Bank, PwC, EY, KPMG and Deloitte are some of the affiliated, regular and associate members of which bank leaders stand out.

     The reason for the prevention measure of the companies in charge of the case is the protection, to provide security to the users of the goods they handle with Bitcoins. This situation is summarized in the problems of the processing capacity of transactions in the Bitcoin blockchain, being one of the causes for the rates to fire as the Bitcoin trade has increased.

     However the resistance of the miners, many of them Chinese, continues in resistance because they are dismayed by the perspective of lower tariffs. Referring to the director of Bitcoin in Japan, he warned that there is a possibility that many blockchain records will disappear with the implementation of hardfork.

     Some exchange houses like Bitbank and Tech Bureau, will allow the commerce to continue, suspending only the deposits and withdrawal of Bitcoins until the situation of the possible hardfork stabilizes like some of the Best Bitcoin Exchanged of the Japanese country.

     However, not only the associations agreed by the Japanese director of Bitcoin, but some Japanese exchange houses and several Bitcoin Exchanges have already spoken about what should be done if the hardfork happens. Like, it recently issued an alert with its recommendations on what should be done before, during and after the possible bifurcation event.

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