With the Genesis hard fork on the Bitcoin Satoshi’s Vision (BSV) network scheduled to take place on February 4, 2020, California-based cryptocurrency management company, BitGo has announced that its BSV wallets will not be able to receive BSV transactions after the update due to compatibility issues.
What Changes Will Bitcoin SV’s Genesis Bring?
The Genesis hard fork will reportedly resolve several problems on the BSV protocol such as addressing scalability issues, sunsetting of Pay-to-Script-Hash (P2SH), removing irrelevant limits on script and transaction sizes, and so forth.
According to BitGo, the major reason why its wallets will not be able to receive BSV funds is the sunsetting of P2SH, which will render P2SH outputs invalid.
“Since BitGo’s BSV wallets use P2SH-based multi-signature addresses, the protocol change will render BitGo BSV wallets unable to receive funds,” the company said.
While Bitgo users will be unable to receive incoming BSV transactions after the update, they will be able to send unspent funds out of their wallets. However, any transaction sent to BitGo BSV wallets will be marked invalid.
What Users Should Do
BitGo instructs its BSV clients to take specific actions before the February 4th Genesis hard fork. They can either convert their BSV coins to Bitcoin (BTC) or transfer their funds to external wallets.
Those who wish to convert their BSV to BTC are required to contact BitGo via firstname.lastname@example.org with their request.
BitGo will disable most of the functionality on its BSV wallets and users who fail to convert or move their BSV “will only be able to sweep the wallet.”
BitGo and Ethereum’s Upcoming Hard Forks
With the Ethereum’s Muir Glacier hard fork expected to take place on December 31, 2019, BitGo announced today that “all its services will remain operational” during the upgrade.
Muir Glacier is an emergency hard fork that will help to push the delay mechanism on the Ethereum protocol known as “Ice Age” to make the blocks fast again.