The next fork of Bitcoin VS (Satoshi Vision), could affect users of BitGo. The reason for this is that it is believed that some features of the wallets of the platform will be useless. BitGo is a company dedicated to the security and custodian of the cryptocurrencies. Until now, it has cultivated a very good reputation in their work. However, this could change with the arrival of Genesis, the fork of Bitcoin VS scheduled for February 2020. This Hard Fork, in theory, will introduce a new mechanism of consensus that will make the wallets of BitGo are not able to receive payments in Bitcoin SV (BSV). The news was announced via an update on the blog Murch, by a software engineer of the company. The publication explained that: “This change of rule of consensus will be that the outputs Pay-to-Script-Hash (P2SH) are not valid. Given that the wallets BSV of BitGo use address signature based multiple P2SH, the protocol change will make the wallets BSV of BitGo are not able to receive funds.” This means that, after bifurcation, send BSV to a wallet, BitGo will produce an invalid transaction.
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Consequences of the bifurcation to BitGo
BitGo stores thousands of millions of dollars in cryptocurrencies to customers and investors, and exchanges. The firm recently said that it was processing more than 20% of all transactions of Bitcoin. The above demonstrates the level of importance of this platform within the industry cryptographic. But Genesis could change things. In fact, in the publication there are some caveats to the users of BitGo. For those who possess the criptomoneda are advised to change their BSV for Bitcoins or just withdraw the funds from this wallet before the fork. Otherwise, users run the risk of not being able to move their funds out of the wallet. In addition, they could lose most or all of the functions and tools offered by the portfolio cryptographic. “If it continues to maintain BSV in your wallet BitGo after February 4, you can only sweep the wallet and most of the functionality will be disabled”. Not only is this bad for BitGo, but that could be considered as a point against Bitcoin SV. Since the fork, which in theory should help to obtain more features that attract more users, are creating incentives for their holders change of criptomoneda. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.