Bitcoin Cash is Coming to Rocketr

Bitcoin Cash is Coming to Rocketr

On August 1, 2017 at exactly 12:20 UTC, Bitcoin is scheduled to fork off into two coins. These two coins will be Bitcoin (BTC) and Bitcoin Cash (BCC or BCH — the abbreviation isn’t finalized).

Bitcoin Cash?

Bitcoin will be forking off into two different coins. One will still be called Bitcoin, but the other will be called Bitcoin Cash. Bitcoin will go on to implement Segwit2X, whereas Bitcoin Cash will exclude Segwit but increase the blocksize to 8mb. At the time of the fork, any addresses holding Bitcoin will also be holding the same amount in Bitcoin Cash.

Many exchanges such as Kraken, Bittrex, and many more, will support both BTC and BCC. However, some exchanges, such as Coinbase, will not support BCC.

What is Rocketr going to do?

Because most exchanges will support both bitcoins, the current BTC as well as BCC, Rocketr will also support both. However, to prepare for the fork, Rocketr will be disabling Bitcoin payments on August 1 at 11:00 AM UTC. We will re-enable Bitcoin payments after we’ve made sure the Bitcoin network is reasonably safe. We will enable Bitcoin Cash payments shortly after, when its network is also reasonably safe.

By default, the current BTC payment method will still support the Bitcoin and not Bitcoin Cash. If you also want to enable BCC and accept BCC payment methods, you have to go to Rocketr Payment Settings and enable the BCC payment method. From here on out we, as well as the bitcoin community, will treat BCC and BTC as separate coins. Because of this, before you can enable BCC, you have to download a BCC supported wallet and use the address generated from that wallet. You can view a list of BCC supported wallets here.

When a buyer purchases an item from you, he will be able to select either the BTC or the BCC payment option and pay accordingly. Keep in mind that BCC and BTC prices are NOT the same and no one knows where the prices will settle (if they do at all). We’re using the Coinmarketcap ticker to calculate BCC to USD for the time being. Please note that because the fork puts the blockchain in a vulnerable position, we will force all transactions to get at least 3 confirmations before an order is marked complete.

How will this affect my sales?

At Rocketr, we feel that while bitcoin is sailing these uncharted waters, we want to make sure our sellers are able to continue their sales as seamlessly as possible. By accepting both BTC and BCC, you will ensure that all your buyers are covered and you don’t lose sales. We will temporarily suspend all BTC and BCC transactions on August 1st while we implement the new changes. We will then slowly start enabling BTC and BCC.