Bitcoin Forum

Hello,

Can anyone explain what hard fork means for normal users?

1.) If i have bitcoins in Multibit wallet something will happen to them? Do i need to do something with them?
2.) I read I will get same amount of BCU as I have BTC. So my balance will be double or if i will sell 1btc then 1bcu will disapear also? It will be both way connected? If i will sell 1bcu my 1btc will disapear also?
3.) Will it be possible to buy BCU? If yes that mean great method to buy cheap BTC if it will be the same?
4.) Anyone will control price of BCU? It should be same price like BTC because other way people can buy many BCU very cheap right?
5.) What does it mean this message : https://twitter.com/bitfinex/status/843226656940679170 ? What is split tokens? How it works and what is it?
6.) Why bitcoin price is going down? Is it because many people believes will able to buy many cheap BCU and every BCU is BTC?

Please try to explain me everything easy words and give examples.

Thanks for your time.

This should be moved to Technical Discussion, probably.

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A hard fork would split the network into two block chains - in this case, one for BTC and BCU. (ref (https://bitcoin.org/en/developer-guide#consensus-rule-changes))

Think ETH vs. ETC as a current-day example.

The price would be going down (afaik) because your current bitcoins would be able to be spent within both the BCU chain and the BTC chain, independent of one another. This means trouble for the marketplace.

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If I'm just spouting nonsense, then please correct me and I'll edit my post accordingly.

Also, this is an invaluable read: https://bitcoin.org/en/developer-guide

Hard fork definition (https://bitcoin.org/en/glossary/hard-fork)

Your answer is not good for me. I dont understand anything. Waiting for someone who can explain it much better please.

1-Multibit wallet is good for waiting you will have 10 BTC + 10 BCU (how you get BCU is another question but if you control privatekey you can use it for claim BCU)
2-BTC and BCU will be seperated like any other altcoin after hardfork no relation for price.
3-after hardfork you can buy like BTC from whoever sells.
4-anybody control BTC price ? same answer is okay.
5-bitfinex did a special thing for theirselves, BCC and BCU is not same thing that you will get if you wait in personel wallet.They only will give one of them not both of them.(BCC+BCU=BTC think like this, if BCU comes they ll convert tokens to coins if not sum of both token will be converted to BTC )
6-Yes possible and also people buy from exchanges to move out wallets like multibit and for to buy altcoins so buy-sell is in a balance.

Mostly yes - but there is one tricky part - see www.reddit.com/r/Bitcoin/comments/4vbsgi/what_is_replay_attack/?st=j0i9ilgc&sh=fe729ee7
Apparently there is no transaction replay protection planned - so everybody will need to do it himself. If there is a fork and you have your old BTCs - you first need to send both BTC and BTU to addresses that you control, then use them as normal. If instead your first transaction will be sending BTU or BTC to some external address - then the receiver of the coins will be able to copy your transaction to the other chain and also get BTC or BTU respectively.

Hi. First of all, please read the answers from here: https://bitcointalk.org/index.php?topic=1830998 since they may enlighten you and I am too lazy to post same thing twice ;) Really, please read there.
Now, shortly:
1. If they are in Multibit you don't have to do anything now, they are fine.
2. You will have 2 apples and 2 oranges. If you sell apples, you will have no more apples, but the oranges will be there. See the link I posted, it should make it clearer.
3. It will be a cryptocurrency like any other, so I guess that it will be available on exchanges.

4. It's a "free market" so the price is between supply, demand and speculators. No real control.
5. I don't know, sorry.
6. See answer 4.

PS. I don't think that there will be BTC and BU. The idea is that one of the two will die off and the other one will inherit the current price, else it'll be bad business for both parties.

So you gonna tell me that one of it will die? BTC or BU?

1. If I understand it correclty BTC will be same without any changes and blocksize will be max 1 MB right? And this blocksize is a problem for now and that is why they want to make BU right? If I am right it means BTC will die and new bitcoin will be BU true?
2. What if i will want to send BTC to somewhere and I will not know wallet is in BTC or BU? Then I will lose it? Many companies will need to update their wallets to possible receiving new coins like BU right? So there can be many examples when someone will send BTC and receiver will not get it because will want to receive BU it is big risk dont u think so?
3. If BU will be new coin so worth of BU will be growing very fast, then BTC will losing... so everyone who will keep money in BTC or BU will lose because i dont think so new coin BU will have same price like BU now or am I wrong ?
4. When this hardfork will gonna to happen?
5. What if i have all my money in BTC in some exchanges like Poloniex? What is then?
6. If I have BTC in my wallet where and how will i get BU ?
7. What is the best choice to do now? Sell BTC and keep in cash? Sell BTC and keep in altcoins or what?

Ethereum has gone through 4 Hard Forks and only one - that unfortunate emergency fork after The DAO fail caused currency to split.
Forking can be done right, when the community and miners agree that fork is good option and accept it, there won't be any splits.
We can achieve that with Bitcoin, the problem is when Bitcoin Unlimited miners will try to take over the network without full consensus.

If there is a fault that has to be fixed, then a hard fork won't result in 2 viable currencies. I mean if SHA-256 was cracked and a hard fork was needed to move to a new encrpytion, there wouldn't be a cracked Bitcoin left behind, I mean there would be, but no one would trade it so it would be worthless.

In the Bitcoin/bitcoin unlimied case, it is a matter of opinion. The current bitcoin isn't perfect, but it works. The new one would work too. So both coins would be traded, and the market would decide which is the bigger brother.

Ironically, if Bitcoin unlimited wins, bitcoin core would be more viable as a 1mb block would handle the reduced number of transactions quite nicely!

ETH was worth $10 before the hardfork and is now worth 40$

So keep cool.  8)

Yup. I sold all my ETH at 11$. Still no regrets ::)

iam not understand about statement bitfinex about BCU and BCC
and where link announcment about BCU and BCC
and only bitfinex is open trade BCU and BCC

anybdoy explain for me about bitfinex statement BCU and BCC

It saddens me that you didn't read the link I provided...


Both teams try to get the whole network for themselves, thus preserving the Bitcoin price for their coin. Right now Bitcoin seem to have more chance to keep it. But that's my personal opinion.


If nobody wins, current Bitcoin has indeed 1MB block size, which in some cases in not enough.
If BU wins this size will be increased.
If SegWit is activated many transactions will go onto an "additional place", so the 1MB may be fine. (This is an oversimplified explanation.)


If your wallet will be on Bitcoin network / blockchain, it will send Bitcoin to a Bitcoin wallet.
If your wallet will be on BU network / blockchain, it will send BU to a BU wallet.
If your wallet will be an online service/wallet, you will have to research for yourself if it's BTC or BU.


BU may inherit BTC price, may start low and go very high or will be a complete fiasco.
If I'd have a crystall ball, believe me, I would be rich already and would have better things to do than help you understand BTC and BU :)


From what I know it's not a fixed date. It will happen when/if a huge % of the network supports the idea (there are some ways to tell that).
That's why I said that there's a high chance that only one of the two will matter after the hard fork, if that will ever happen.


If you have coins in online services, it's up to them. They can give you either BTC, either BU, either both, depending on their policy.
Poloniex has a statement here about what they plan to do if this happens: https://poloniex.com/press-releases/2017.03.17-Hard-Fork/


Export your private key(s), download BU wallet, import the private keys, sync.


The best choice is to never get trading advises from unknown people over the internet.

I would say: think that there's (and will be) only Bitcoin an no BU. Invest (or not), keep (or not) in the same way as BU idea would not exist.
Whether BU hardfork happens or not, there's a huge chance your Bitcoin (or BU) will be remain at the same price.

It basically means that Bitfinex is preparing for contingency where we have 2 versions of bitcoin running simultaneously:

In case when core lose majority their altcoin is BCC (Bitcoin Classic)
In case of non core lose majority their altcoin is BCU (Bitcoin Unlimited)

Very simple

1) Keep your BTC in your wallet
2) Wait for hard fork
3) Download BTU wallet
4) Move BTU coins in exchange
5) Dump BTU for BTC
6) Send BTC to wallet
7) Enjoy watching BTU crash as BTC recovers and now you have double BTC for free

But you cant download fully loaded wallets right? That would be amazing if thats possible lol

No, you can't do that. Coins won't appear magically in you wallet, and no one will give you fully loaded wallet to use.
But you will be able to use your coins twice though because Bitcoin unlimited doesn't offer any replay protection.
Bitcoin Unlimited supporters said that adding RP would break SPV wallets (including many mobile clients).

 :o. That sounds to good to be true. Those idiots! Well lets celebrate already!

1 So i download a BU wallet

2 Tranfer my btc coins there

3 sell them once they arrived in my BU wallet

4 still having my transfered btc coins in my other wallet

5 buy with fiat money more btc

6 win and retire

So which wallet is now safe for storing BTC, Jaxx?

where i can downlond bitcoin unlimited wallet
is realy if bitcoin unlimited can get free balance, this now only bitfinex if support BTU, and can't withdraw and can't deposit, balance only keep ini bitfinex account

As long as your coins are in your own wallet (not an exchange) and you don't touch them nothing bad can happen.

Ultimately, if both chains continue to exist (a big if), you will have the same amount of both new types of coin. When it comes to spending either of those coins you'll have to think about it, see which chain your wallet software works with.

If anyone tells you one coin will be worth more than other, they are guessing. We don't know for sure what will happen. The risk-averse thing to do is to hold fast and see what happens.

Maybe gamblers will sell one of their coins to gain more of the other, but they can easily get burned if things don't turn out how they expect.

I have the same question.Is Jaxx a good wallet for this hard fork?
I seems difficult to understand this matter(i am from Belgium and my motherlanguage is Vlaams and Nederlands.)
If there is a fork i hope that i get both coins on Jaxx without doing anything.Otherwise i think that a lot of not English speaking people will have problems if it get to complicated.I think also on unbanked people that have fate in BTC and now wil get confused if they don't get both coins without doing some things.If it gets to complicated i think it will harm BTC a lot .If there is a great possibility that if you get only one kind of bitcoin (and possibly the diying one)a lot of BTC holders will move to another coin.In that case ETH with second marketcap will be on the mind of many (especially unbanked , people with less education and people from small language groups).
Sorry for my English.

That is a good strategy. but if the price of both coins drop due to the fear, then you will lose a lot.

I would not trust Jaxx to handle a hard fork the way you wish. For someone not wanting to run both Bitcoin Core and BU nodes, the most convenient option seems to be a Trezor hardware wallet. The Trezor developers have stated that in event of a hard fork you will be able to use both BTC and BTU from their web wallet.