What is a ‘hard fork’ and how does Revolut handle them?

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.

We will decide on a case-by-case basis how to handle any potential future hard forks – we can't guarantee 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.