What is a cryptocurrency “fork” and how does Wirex address this?

Region: Europe

A fork is when a single cryptocurrency splits due to changes made to the existing cryptocurrency’s code, consequently creating an additional new cryptocurrency. A fork occurs when developers of the cryptocurrency develop new software that 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 in advance when we plan to accommodate new cryptocurrencies.

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