As you probably know by now, there are two different hard fork options available for KCB.
You need to decide what option(s) you want to go with before January 4, 2020.
Note: It doesn’t have to be 100% option 1 or 100% option 2.
In other words, you can do partly option 1, partly option 2. (For example, you can exchange 60% of your coins to KBC and book other 40% for GSB IPO).
Remember that eventually there will be no KCB in the future, only KBC.
The official document describing the hard fork options can be found in your Karatbars backoffice under:
- ‘Terms and Conditions’,
- and ‘Terms and Conditions for Hardfork options on KCB’.
KCB Hard fork Option 1
The first option is to exchange your KCB to KBC at 1 KCB = 2.54 KBC rate. Note: The exchange will be processed on January 4, 2020.
KCB Hard fork Option 2
The second option is to book your KCB at its original value (0,14 €) for the future option of the GSB IPO.
Note, GSB stands for Gold Standard Bank. While IPO stands for Initial Public Offering.
So, if you want to buy a Gold Standard Bank share when Karatbars offers that to public, in your Karatbit account you need to get a ‘voucher’ in Karatbit.
Want to know more about Gold Standard Bank?
If you want to know more about Gold Standard Bank, the crypto bank with offices in Miami and Hong Kong, read this official Gold Standard Bank brochure (available in your Karatbars Dashboard).
To learn even more, read this official brochure on the opening of the Gold Standard Bank.
What is a share?
A share is an ownership of a company to a certain degree. In this case, the company is Gold Standard Bank.
In other words, when you buy a GSB share, you buy a part of Gold Standard Bank!
The same two options apply if you have a KCB Fullnode or Masternode (See Screenshot #1 below).
Similarly, all exchanges will also be processed on January 4, 2020.
What will happen with any remaining KCB in your Karatbit dashboard?
If you don’t do anything with your KCB before January 4, 2020 11:59 pm (or leave any amount in your Karatbit account) the coins will automatically go towards options 2, which is a Gold Standard Bank share.
Hard Fork options FAQ
If you have any questions regarding the hard fork options, look for the answer at FAQ below (I took them straight from the hard fork options document).
1. What happens if I let the two weeks pass and have done nothing?
You have two options to choose in the 2 weeks period. Either KCB to KaratNet KBC or you keep the nominal value for the regulated market.
If you do not choose any option, you automatically will be driven in option 2.
2. What happens to my coins in the time until exchanged in shares?
Nothing. You will hold a certain nominal value to be used in the IPO not later than 18 months.
3. What do I get for the coins so long?
You get the advantage of participating in a regulated non-volatile market with the full nominal value of the KCB.
4. What value do I get for the coins on option 2 for future use?
Exactly the nominal value, 1 KCB = 0.14 €.
5. How will the transaction of KCB against IPO option be?
You can choose either option 1 — exchange to KaratNet or option 2 — nominal value for IPO option. You will be awarded a certificate for the nominal value, to be used in the future IPO.
6. What an advantage do I have when I exchange the coins into shares?
The comfort of a regulated market. Bonus was already awarded when the bonus KCB has been allocated.
7. Can I put my KCB on the Exchange after that (14 days)?
You can still deposit KCB for exchange on Karatbit after the 4th of January, but it will only be exchangeable for option 2, the nominal value for future IPO.
If you have something to ask or say, please comment below 🙂