Improving our trading platform

Dear Customers,

In the past few months our customer base has increased dramatically showing unprecedented growth and community interest in blockchain technology. This rapid growth has presented operational challenges for all exchanges, including BTC Markets. We anticipate this trend will continue, so we are working hard to meet the demand and improve the customer experience on the BTC Markets platform. We remind our customers to take caution when trading in highly volatile markets and that unanticipated events can have major market effects. Please trade responsibly and understand the risks involved.

ADCA – Code of Conduct

ADCA developed the Australian Digital Currency Industry Code of Conduct as a tool to help Australian consumers identify digital currency businesses that have best-practice standards in place. Digital currency businesses that are certified by ADCA must prove to independent auditors that they meet the rigorous standards set by the Code. An external auditor confirms that each item in a checklist of code compliance obligations has been satisfied. We have completed an external audit and are currently in the process of finishing off the final recommendations of the audit. Our compliance team has been working very hard to meet the obligations of the code of conduct and we hope to be fully certified Jan/Feb 2018.

Support Team

Increased interest for trading blockchain assets with BTC Markets has led to heightened stress on our support team and infrastructure. Major activity and new users mean more support tickets and man-hours spent resolving them. To meet this demand, we have more than doubled the size of our support team and will continue to expand as required to meet our previous customer satisfaction levels. Finding and hiring talented trustworthy support staff is not an easy or quick process, especially in our line of business. All new staff are trained on the technical and regulatory nature of a rapidly evolving industry. We must also ensure the security of our system and operations at every level. This requires thorough and proper screening of new employees and creating secure working environments for our staff.

Regulation and Onboarding

In anticipation of falling under AML/CTF Act regulation, we verify the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform. If users want to increase their limit, they must provide more information. We use this information to calculate a risk score. That score determines how we manage and mitigate a users risk. This will soon be required by the AML/CTF act and we take our compliance obligations very seriously. We make efforts to build a culture of compliance for our organisation. Often the on boarding process may require manual intervention or a letter to be sent. We are aware of the negative impact these delays can have on verifying your BTC Markets account. We are doing our best to work with our verification partner to improve automation whilst keeping private information protected in line with our Privacy Policy.

Our compliance team also needs to review and approve limit increases and often the checks for the source of funds is a manual process. We are aware of delays associated with limit increases and may we kindly ask that you do not submit limit increases via support as they are unable to resolve these tickets. Currently limit increases can only be submitted via the website and are subject to a compliance check.

Deposits and Withdrawals (Approved processing)

All of our transactions are monitored and if required we red flag certain transactions for specific activity to ensure the safety of your funds. While we are not able to provide the reasoning for red flags without compromising the integrity of the system, we want to advise how our efforts to keep our platform safe and secure may result in delays on deposits and withdrawals. For example, when our system detects suspicious activity, the resolution requires a human to follow up. As we increase our customer base,  more red flags are triggered resulting in more follow ups. Some of these flags have already benefited compromised accounts, protecting customer funds for users that did not have two-factor authentication enabled on their account. As tempting as it is to rush these systems, we should be made aware that large financial institutions have spent years fine-tuning their suspicious activity detection and transaction monitoring. Our rapid growth may not allow us time to fine-tune our systems, but we can learn from their experience in this area.

As we make improvements to our platform, we kindly ask that our users do not submit repeat support tickets. Most of our open tickets consist of duplicates. Repeat tickets increase our backlog and response time. It also creates more work as support have to manually consolidate the duplicates. Duplicate tickets needlessly slows resolution not only of your ticket, but of all other outstanding tickets.

We have experienced a very challenging and extremely exciting 2017.  We would like to wish all of our community a happy new year. Without your support we would not be here today. We have some exciting announcements to make in the near future, for what promises to be an extremely exciting 2018 for blockchain and the community.

Sincerely,

BTC Markets Support Team

Plans for Segwit2X

Will you be supporting Segwit2x?

Provided Segwit2x has sufficient support of the mining community, BTC Markets will support it. For contentious forks like this we must remain neutral and let the market decide.

What is Bitcoin Segwit2x?

Segwit2x is a proposed upgrade to Bitcoin that increases the Bitcoin block size from 1 MB to 2 MB. The upgrade will take place around November 16th (Block #494,784). As the date draws nearer we will be able to provide a more accurate time.

Do I need to do anything?

Users do not need to do anything. You can safely leave your funds with us. At the time of the fork a snapshot of all Bitcoin balances will be taken.  This will provide us with the option to restore balances from both chains should the fork prove contentious.

Can I send my Bitcoin to BTC Markets?

Yes. If you plan on moving BTC into your BTC Markets account, we highly recommend that you do so at least 24 hours before the fork to ensure your transfers are confirmed.

When will you stop Bitcoin trading, deposits and withdrawals?

Roughly 12 hours before the fork (block 494,784) we will disable BTC (Bitcoin) deposits and withdrawals and halt all Bitcoin trading pairs.  (we will notify this on twitter and facebook).

If the fork is contentious what are your plans?

If it is unclear which chain is the preferred and dominant chain way may open up markets for B2X.  We may also need to suspend Bitcoin trading longer until the dominant chain is clear.

When will you resume Bitcoin trading?

When it is safe to do so approximately 24 hours after fork we will resume trading. If the fork is contentious we may need more time to observe and decide. We will provide a summary of the fork before we resume to avoid confusion.

When will you resume deposits and withdrawals?

Deposits and withdrawals will resume when it is safe to do so. We need to conduct testing and implement replay protection. Be careful when sending funds after the fork as certain wallets and bitcoin services may refer to the two blockchains differently.

Sincerely,

BTC Markets Team

 

Technologies of interest

Thank you for voting. We received more votes than anticipated.

Capture

 

26613 duplicate votes were found leaving 11437 unique (real) votes.

The totals are shown below:

6709 NEM
4022 NEO
581 IOTA
108 OmiseGo
14 ZCASH
6 USDt

We find all of the technologies extremely promising and this poll was not intended to cause competition between camps. Once again, thank you for taking part in the poll.

 

Sincerely,

BTC Markets Support Team

 

What is User Activated Hard Fork (UAHF), User Activated Soft Fork (UASF) and Segregated Witness?

This has been adapted from Coinbase

What is User Activated Hard Fork (UAHF), User Activated Soft Fork (UASF) and Segregated Witness?

There are two major proposals will affect the Bitcoin protocol and network known as UAHF and UASF. User Activated Hard Fork (UAHF), including Bitcoin ABC, is a proposal to alter the Bitcoin protocol by creating a new fork of the Bitcoin software, which will operate on its own, separate blockchain. In contrast, the User Activated Soft Fork (UASF), also known as BIP148, is a proposal to alter the Bitcoin protocol by merging new features into the Bitcoin software, but continue using the same existing blockchain. The proposed features for the upcoming UASF include Segregated Witness, a technology designed to increase the amount of transactions that can be made over the Bitcoin network, and increase the security of the network.

When will the Hard Fork or Soft Fork happen?

The UAHF is scheduled to activate on approximately August 1, 2017. The UASF is scheduled to activate at approximately the same time as the UAHF.

What happens to my BTC on BTC Markets?

The UAHF is incompatible with the current Bitcoin protocol and will create a separate blockchain. Should the UAHF activate on August 1, BTC Markets will not support the new blockchain or its associated coin. Any BTC within customers’ accounts will remain accessible over the main blockchain only, and will not be converted into BTC on the UAHF chain. The UASF will not alter any customer funds which are stored in BTC Markets

Do I need to withdraw my BTC from BTC Markets?

The UAHF will functionally create two different versions of Bitcoin. In contrast, the UASF will likely not create another version of Bitcoin. However, the UASF may initially cause instability on the Bitcoin network. To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits and withdrawals starting July 31st at 12:00PM (GMT+10). Users that wish to access their coins on the UAHF chain or wish to access their funds immediately while the forks are happening should withdraw their BTC from BTC Markets to an external wallet address under their control before July 31st at 12:00PM (GMT+10). Deposits and Withdrawals will be resumed when it is deemed safe to do so.

Does this affect ETH, ETC, LTC or XRP?

No, ETH, ETC, LTC and XRP will continue as normal with deposits, withdrawals and trading unaffected.

Is there any risk to simply leaving my BTC in BTC Markets during this event?

No, there is no risk to your existing funds. Leaving BTC in your BTC Markets wallet will not change anything about your BTC. However, you should move your BTC off BTC Markets if you would like access to coins on the new UAHF chain.

Will BTC Markets allow trading during this time?

Yes. Trading will still be enabled during this time. It is only deposits and withdrawals that will be suspended.

Will BTC Markets eventually support withdrawals for the UAHF version of Bitcoin?

We will continue to monitor UAHF developments and advise accordingly.

Can you recommend which wallet software I should use if I want to withdraw my Bitcoin?

While we cannot recommend any particular third-party wallet, a helpful list of wallet options is available here: https://bitcoin.org/en/choose-your-wallet

Does BTC Markets support the UAHF? What about the UASF?

We support the growth and scaling of the Bitcoin network. Although we have no plans to support additional blockchains at this time, we will continue to monitor UAHF/UASF developments.

 

 

Countdown to SegWit: These Are the Dates to Keep an Eye On

Bitcoin’s very public scaling debate is entering a crucial phase. Two of the most popular scaling proposals available today — BIP148 and SegWit2x — both intend to trigger Segregated Witness (“SegWit”) activation within a month, which means that the protocol upgrade could be live within two.At the same time, there is a very real risk that Bitcoin “splits.” Both BIP148 and SegWit2x could diverge from the current Bitcoin protocol, which could in turn lead to even more splits. Here is a list of dates for July, August and beyond to keep an eye on.

SegWit Timeline

 July 14: BTC1 Deployment

The software client that resulted from the New York Agreement is a fork of the Bitcoin Core codebase, called “BTC1.” BTC1’s beta software was released on June 30th. But according to the SegWit2x roadmap, July 14th is the day that signatories to the New York Agreement should test.

 July 21: BIP91 Signaling to Start

Miner signaling should commence.This shouldn’t really affect regular users either.

 July 23 (at the earliest): BIP91 Lock In

The precise threshold for BIP91 activation requires that within a pre-defined series of 336 blocks, 269 blocks must signal readiness. That’s some 80 percent of hash power, over about 2 1/3 days. So assuming the SegWit2x roadmap is followed, BIP91 could, at the very soonest, lock in on July 23rd. Again, this shouldn’t really affect regular users.

 July 25 (at the earliest): BIP91 Activation

On July 25th, another 336 blocks after BIP91 “lock in”, BIP91 could actually go into effect, at the soonest. Any blocks that do not signal readiness for Segregated Witness (per BIP141) will now be rejected.This still shouldn’t really affect regular users. But if you are miner, you should now only mine blocks, and only mine on top of blocks, that signal readiness for SegWit (BIP141). Else you risk having your blocks rejected by a hash power majority.

 July 29: BIP91 Deadline

If Bitcoin miners want to avoid a “split” in Bitcoin’s blockchain and currency, July 29th is a first deadline day for them. To ensure that BTC1’s BIP91 is activated in time to be compatible with BIP148, it should be locked in on this day at the very latest, say, before 08:00 UTC. (That’s 4 am on the U.S. east coast.) But sooner is better: The closer to the deadline BIP91 locks in, the bigger the risk it doesn’t activate in time. If BIP91 has not activated by this deadline, Bitcoin may well be heading for a chain-split. If this happens, and if you are a regular user, and you haven’t prepared for a potential BIP148 UASF chain-split yet, you now have two days left to do so. And you really should. This article explains how.

 July 31: BIP141 Deadline

Technically, July 31st is the miners’ second deadline day to avoid a split. On this day (UTC), at the very latest, either BIP91 must activate, or BIP141 must lock in. In other words, if BIP91 did not lock in in time, there must now have been a two-week difficulty period in which 95 percent of hash power signals support for SegWit. In reality, the chance is small that July 31st actually coincides with the closing day for a difficulty period. As such, both users and miners should have probably already prepared for a potential split, as explained for July 29th. But July 31st really is your last chance to get ready.

 August 1: BIP148 Activation

This is the day BIP148 activates, which makes it the third and final deadline day for miners to avoid a split.On August 1st, at 00:00 UTC (note that this is still July 31st in the U.S.), all BIP148 nodes will start rejecting any blocks that do not signal readiness for Segregated Witness (per BIP141). If BIP141, BIP91 nor BIP148 have attracted sufficient hash power by August 1st, but BIP148 does gain some traction, the chain could split on this day.

 August 4: Potential Bitcoin ABC Launch

Although the exact date is not set in stone, August 4th may see the introduction of a new “Bitcoin”: Bitcoin ABC.Major Bitcoin mining hardware producer Bitmain recently announced that if BIP91 does not activate before August 1st and BIP148 is showing signs of life after August 1st, it will launch a “contingency plan.” More recently, the implementation to embody this contingency plan — named “Bitcoin ABC” — was announced at the Future of Bitcoin conference.

 August 15: Potential BIP148 Proof-of-Work Change

While this date is not set in stone either, August 15th could see the introduction of yet another type of “Bitcoin,” which we’ll refer to as “NewPoW Bitcoin” or “NewPoWBTC.”As a UASF, August 1st’s BIP148 fork is initially effectuated by users — not miners. Users will start to reject any blocks that do not signal readiness for Segregated Witness (per BIP141). This should incentivize miners to follow the BIP148 chain (ideally to the point where it’s the only chain left). But whether this will actually happen remains to be seen.

 Mid- to late- August: SegWit Lock In

If miners avoided a chain-split through BIP141, BIP91 or BIP148, Segregated Witness should at the latest lock in between mid-August or late August.  Should a chain-split happen, it’s always best to hold onto your private keys, and it’s probably best not to transact at all until the situation resolves in some way or another. (For more information, see this article.) For a miner, it’s probably best to just mine the most profitable chain.

 Late August to Mid-September: SegWit Activation

If a chain-split is avoided, SegWit should activate around this time. If you’re running a compatible client by now, you can begin to enjoy the new features while maintaining top-notch security.If a chain-split was not avoided, the situation will probably still be too complex to predict.

Late October to Mid-November: SegWit2x Hard Fork

Toward the end of this year (though potentially even up to early 2018), the hard fork part of SegWit2x should take place. To be exact, this hard fork activates on BTC1 clients three months after SegWit locks in. This activation means that a “base block” bigger than 1 megabyte should be mined, which makes BTC1 clients incompatible with all Bitcoin clients that do not have the hard fork code implemented.At this point in time, it seems almost certain that not everyone will change their software to support this hard fork. Bitcoin’s development community in particular has almost unanumously rejectedthe proposal.

Thanks to the source Aaron van Wirdum

BTC Markets Team

 

Contigency plan for a potential bitcoin hard fork

A number of exchanges have agreed upon a contingency plan should a Bitcoin hard fork take place. You can read the full story here.

Are you going to support Bitcoin Unlimited or Bitcoin Core?

We will continue to support Bitcoin Core as BTC.

Should a fork happen, BTC Markets will make a Bitcoin Unlimited balance available, proportional the the amount of BTC (Bitcoin Core) held at the time of fork. This is subject to appropriate levels of reply protection being met. Without replay protection, we won’t be able to preserve user balances on both chains.

At this time we have not decided if we will be listing Bitcoin Unlimited for trading, but a withdrawal service will be available in the event of a hard fork.

– BTC Markets Support