The upcoming Bitcoin Cash (BCH) network upgrade is quickly approaching and is expected to take place on May 15, 2023. Listed below are key details on the upgrade and what support to expect from Paxos:
What is being Upgraded?
The Bitcoin Cash network is planning a major upgrade in 2023 that will introduce several new features, including support for smart contracts and a new transaction format. The upgrade will also increase the block size limit from 32MB to 64MB, improving network capacity and transaction throughput.
When will the upgrade occur?
The upgrade is currently expected to occur on May 15, 2023.
How long is the upgrade?
We anticipate the upgrade itself will take roughly 1.5 hours.
How will this impact you?
Please note that no action is required on your part for this upgrade. Your balances will not be impacted and all assets are safe with Paxos.
Should I expect interruptions?
We do not expect any interruption to trading during this period. You will continue to be able to trade all Paxos-supported crypto assets on the Paxos platform including Ethereum and ERC-20 assets, BTC, LTC and BCH. Only deposits & withdrawals will be paused during this window.
Will Paxos have a maintenance window during this time?
Paxos does not expect any interruption or pause to trading. Paxos will pause on-chain Bitcoin Cash network transfers approximately 30 mins prior to the anticipated time of the upgrade and will resume transfer activity once we’ve determined that the new network is stable. Ensuring network stability may require a longer maintenance window due to external issues related to the upgrade. On-chain transfers for Bitcoin, Ethereum, ERC-20 assets and Litecoin are not expected to experience interruptions.
[For Transfers Customers Only]
During the Bitcoin Cash upgrade, Paxos will pause on-chain transfer processing for Bitcoin Cash. Specifically:
- Create Crypto Withdrawal - Withdrawals can be created, but they will remain in PENDING status until we resume blockchain processing.
- Create Deposit Address - Customers can continue to generate deposit addresses.
- Detection/Crediting of Deposit - Until Paxos resumes processing, deposits will not be recognized. At that point, we will process all deposits that have been made during the Bitcoin Cash upgrade.
On-chain transfer processing for Ethereum, ERC-20, Bitcoin, and Litecoin is not expected to experience any interruption.
Where can I receive updates?
We will communicate all updates before, during and after the Bitcoin Cash upgrade through the Paxos status page found at https://status.paxos.com/. To receive real-time updates, select “Subscribe to Updates” in the upper right hand corner of the page.