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What is a ‘hard fork’ and how may we handle it?

A hard fork is when a single cryptocurrency splits in two. It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version.

A hard fork occurs when the developers of a cryptocurrency such as Litecoin introduce a new version of the underlying software to the network which is not backwards compatible. In this instance there will be two blockchains (ledgers) running in parallel, which will result in a new cryptocurrency being introduced. This occurred when Litecoin Cash was introduced.

Due to the uncertainty of future events, Revolut will decide on a case-by-case basis how to approach and handle any potential future hard forks. There is always extreme uncertainty around such events, and therefore there are no guarantees that we will or will not support the introduction of new cryptocurrencies as a result of hard forks.

We will communicate with you ahead of time as to whether we plan to accommodate the introduction of any new cryptocurrencies.

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