A major code update for the cryptocurrency bitcoin SV (for Satoshi's vision) will render some features of BitGo's wallets useless, the crypto custodian says.<\/p>\n
In a blog update on Wednesday, \"Murch,\" a software engineer at the firm, said the Genesis hard fork scheduled for Feb. 4, 2020, would usher in a new consensus mechanism making BitGo's BSV wallets unable to receive payments.<\/p>\n
Specifically, the post stated:<\/p>\n
\"This consensus rule change will make Pay-to-Script-Hash (P2SH) outputs invalid. Since BitGos BSV wallets use P2SH-based multi-signature addresses, the protocol change will render BitGo BSV wallets unable to receive funds.\"<\/p>\n
This means that, following the hard fork, funds in these wallets will still be spendable and BSV can be sent from the wallets. However, sending BSV to a wallet will produce an invalid transaction even if it's a BitGo wallet sending \"change\" back to itself, said Murch. <\/p>\n
Customers holding the cryptocurrency itself a fork of the bitcoin blockchain are advised to either exchange their BSV into bitcoin, or withdraw their coins to an external wallet before the fork. <\/p>\n
\"If you continue holding BSV in your BitGo wallet after February 4th, you will only be able to sweep the wallet and most functionality will be disabled,\" Murch wrote.<\/p>\n
BitGo stores billions of dollars in cryptocurrency for clients such as institutional investors and exchanges. The firm recently claimed it's processing over 20 percent of all bitcoin transactions.<\/p>\n
In 2018, BitGo was approved in the U.S. to act as a qualified custodian for digital assets.<\/p>\n
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