What is a cryptocurrency “fork” and how does Wirex address this?
A fork is when a single cryptocurrency splits, creating an additional new cryptocurrency, as a result of changes made to the existing cryptocurrency’s code. A fork occurs when developers of the cryptocurrency develop new software which is not compatible with the existing cryptocurrency’s protocol, creating two concurrent blockchain ledgers. The best known example to date is the Bitcoin fork, which created Bitcoin Cash as a secondary “forked” cryptocurrency in addition to Bitcoin.
Given the uncertainty created when a fork occurs, Wirex will decide on a case-by-case basis how to approach any fork. Wirex gives no guarantee that Wirex can or will support the introduction of new cryptocurrencies as a result of forks. However, we will notify you ahead of time when we plan to accommodate new cryptocurrencies.
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