Bitcoin Forum

This may be a dumb question but I do need someone to explain it for me..what will happen to my BTC when this new fork comes to be? I've been readin that there is a possibility that this may create another coin like the bitcoin cash did. If another coin is created and I have 1 BTC, will I have that 1 BTC plus 1 of whatever coin is created? and I can withdraw both to do with as I please?

Also, I need advice on what would be a good wallet to store my BTC on before the fork so that I can take advantage of whatever i need to take advantage of. I would like to be prepared and i love learning about this industry so please no hate. 

Yes, your understanding is correct. If the fork happens (I'm fairly confident that it will) you will receive the equivalent amount of the forked coin B2X.

I would advise you to place your coins in a paper wallet or some other type of wallet that is well trusted. If you are planning on dumping BTC or B2X quickly after the fork, I would place it on an exchange which supports B2X.

some believe that the new bitcoin will be better and can kill the old btc. Previously, new coins were given proportionally to the old

The problem this time is that both new coins want to be called bitcoin. The normal thing would be that the new fork gets another name but in this case Segwit2x fork wants to be called bitcoin, so, if they succeed, Bitcoin (Core) would need to have another name. In the beginning Coinbase said that they would maintain “bitcoin” for the original one and would call “B2X” the new one but after they changed the statement:

“What will Coinbase call these two blockchains?

Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’.  We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X’.

If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.

Edit: At the time of the fork, the existing chain will be called Bitcoin and the Segwit2x for will be called Bitcoin2x. Ultimately, we will call the fork with the most accumulated difficulty Bitcoin. We will wait for a period of time after the fork, before finalizing the naming.”

https://support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq

A desktop wallet like Mycelium and Electrum are fine, and they each have their separate instructions to getting the B2X after the fork. keeping your coins on an exchange may be easier, but less safe as problems may occur, or the exchange may shut down/get attacked.

When the fork comes, do listen to others for advice and keep an eye out for whatever steps that may still your coins, and follow the instructions carefully for your coins to be safe. :)

I will probably either dump them or convert them to a stable alt coin. Do you suggest any specific paper wallet that will be compatible for this? I don't even know what a paper wallet is lol. I have Exodus on my computer. As for the exchange, I have Coinbase (GDAX), Kraken, Bitstamp, and Poloniex. Of those which would you suggest?

So if I store it in an exchange what will my process be? Wait until right after fork and then withdraw the new B2x to something like another wallet then send it back to exchange? Or will it just be there for me to sell?

Well the fork on November 16.. the segwit2x is a hard fork thus for sure will ypu be able to collect the equal amount of the new launched coins.
The core team of bitcoins have choosed not to support this fork but.. there are some other people that are launching segwit2x and they do belong to the .. bitcoin team only...some people think that this will be the end of bitcoins because now that the community will be divided and less crowd will support the bitcoins thus the bubble will brust and the price will go down tremendously.
In the new coin B2X they have added.. new support system... More space for doing transactions and stuff.. Due to it Being faster a lot of bitcoin community will be attracted towards it..
But B2X is not safe..
Some are saying its..really a conspiracy theory that intends to.. kill the bitcoin market..but who knows whats correct.
Most of the aites don't support this... Offline Wallets.. Still are fighting over for it being safe or not thus its hard for someone to find a wallet that is...both safe and supporting it.

I've read in an article that this hard fork coming on november 16th is different from all the hard forks that already came, bitcoin cash and bitcoin gold. During those forks we received the same amount to what we already have in our bitcoin wallets. Like for your example you had 1BTC you automatically have 1 BTC or 1 BTG. But this one seems to be different, it might not give you the same amount. It was said to be a different application that divides people who accepts it or decline it, therefore, making it old bitcoin and new bitcoin.

keeping them on an exchange comes with its own risk as its just ;like having it in an online wallet rather than on the blockchain and so the exchange controls it and should anything happen then you stand a great risk of loosing out your coins.

This fork has no replay protection so you could accidentally sell BTC when you mean to sell B2X - to avoid this move your BTC first into another address you own before spending either.

It is not a dumb question though, if you have your own private keys with your Bitcoin wallet then you are eligible in getting the exact equivalent value of your Bitcoin holding because the Segwit2x Hard Fork will occur on Bitcoin Block 494,784 and that is estimated to happen on November 16, 2017 with no exact time that day. You must have a local wallet for your safety and most of that kind of wallet is giving you your own private keys instead of using an online wallets that is not, Electrum wallet is the one that I am using now and I am also suggesting it to you to use it.

I think this is going to be a bitcoin revolution. This time, many people in the Bitcoin Fork are divided and may have a big influence on the price of bitcoin.
 :o

it seems to me like these forks nowadays never implement replay protection until the last minute.
so far SegWit2x fork has an special opt in replay protection implemented, it is not strong and it only works one way but nothing is stopping them from implementing a replay protection in last minute like the bitcoin gold crap did a week after they took the snapshot and everyone dumped their IOUs on exchanges!

Nothing will happen to your Bitcoin, it's nothing to worry about. On the other hand, one worrysome thing would be if you actually wanted to grab the forked token, if it ever comes to life. Usually exchanges are the first to provide users with it as proven from other forks but this is still a trust based method. If developers are prompts to provide users with a client then you could simply keep BTC to a wallet where you hold the private key.

But 2x doesn't seem to have much (if any) Dev support.

When hard fork takes place, you get your fork. You should only store bitcoin in web wallet that supports hard fork if you want to get it.

What are you guys going to do with your BTC? Should I keep mine on Coinbase or on Coinomi since it seems like I can redeem the new fork coin if I put it on Coinomi right? But if I put it on there on my cell phone I run the risk of not being able to send it to an exchange to sell right?

Yes, you will the same amount of this new SegWit2x BTC compared to the number of your own BTC legacy coins. However, what will the price of that SegWit2x or which exchanges will support it, that s still unknown. I personally hope BTC Legacy will prevail since SegWit2x seems way to centralised for my taste. So I hope just for another alt coin.

However, it might be the other way around.

generally speaking you should NEVER hold your coins with a third party. this includes wallet accounts such as coinbase or exchanges. they are notoriously bad and risky things to use.. this means you should only keep what you are comfortable with losing there. always imagine they are either going to run away or block your account in the next 10 minutes!

what i will do is that i hold some small amounts on exchanges which i am already trading with and use that to claim any possible new coins and the rest i will keep in my cold storage until future time to decide what to do with.

which exchange i am going to use? not sure yet.

Its because many miners do support the fork coin (B2x) so they do believe that it will kill then replace the core bitcoin. This is a long discussion and many are still waiting to bitcoin to pump with higher price so we can't tell what will happen. And for the wallet, OP you can just simply use a desktop wallet that will give you the private key like electrum.

The fork that will happen would result to make two blockchains and will be making a coin which is B2BX. There were exchanges who already announced their support with segwit2x. On the other hand, there's more percentage of those who disagree with this fork.

I agree, it's like the fork was made to ruin and make the reputation of bitcoin to breakdown. Bitcoin will surpass this.

I will go against everyone advice , I would say if your BTC is not big amount then keep them on an trusted exchange that known to honor the BTC forks and already did so in the last 2 forks . And my reason is this forks is profitable only if you dump fast . While I know that this x2 is not same as other forks and might be big , I still believe it might get dumped same as all others forks , I might be wrong tho , But I am going ALL IN on the original classic BTC and will dump my X2 as fast as possible .

If you are more of a speculator you could put your coins in an exchange that has stated to support the new crypto currency spawned after the potential fork. This is a.more direct way to cash out in case that tomens can be reedemed and exchanged after the fork. Using an independent wallet would require network infrastructure to be in place for transactions to be facilitated.

Should I put my BTC in an exchange before or after the hardfork in order to receive the equivalent amount in B2X? or should I just hold it in my wallet. Would I still receive it even if it is just in my wallet? I'm currently using electrum btw. This is my first time with bitcoin hardforks and I don't know what am I supposed to do.

I would really advise you to not be greedy with this one. There was a lot of fear with the bcash fork, and everything went well, but this fork looks much more worse than that oen. It has no replay protection, so you should really wait for a while before you try to transact bitcoin or dump the B2x coin. That might cost a lot of profit, but it's the safest way to do it. Also since there is no replay protection and both exchanges and wallets will implement their own protection, you should look for news or announcements regarding that. I heard Bitfinex and coinbase will implement their own replay protection, and wallets will probably do it as well, so you should really pay attention to that.

I would not recomend you to leave your coins on a exchange, but if you want to do that, then I would also recommend you to try to see what is their position on what chain they will call BTC. I think most of them is still calling BTC to the original chain, but some will make their decision based on the hash power that each chain gets (of course BTC will get more hash power, but you should still pay attention to it).

you receive a fork coin after the fork happens so you have to deposit your bitcoin there before the fork so that the exchange has control of the bitcoins and receives the forked coins in your stead and then credits your account with the new tokens.

you can hold them in your wallet but then you will have to download a new wallet for the forked coin in order to be able to spend it and also you may have to wait a little while before the exchanges open deposits (they usually disable it for a day or two).

If the exchange proposes that they would give you the split coins after the fork ,then you should invest your coins before the fork,there will be a time frame when they will capture the blockchain to distribute the tokens,some exchanges allow you to start trading as soon as the forks takes place,as we have seen in the past with bitcoin cash but the best practice is to hold in your private wallet where you hold your private key,but you wont be able to move your coins until everything settles down,so understand what exchange you are planning to trade and make sure you understand what is their take on the split before proceeding .

Any idea about the future hashrate split between btc/b2x?

Yes you're correct. Bitcoin Segwit2x is a proposed change which is intended to improve the speed and cost of Bitcoin transactions. If the upgrade is not universally accepted, it may temporarily create two Bitcoin blockchains via a fork of the Bitcoin network. You can check more here: https://support.gdax.com/customer/portal/articles/2893011-bitcoin-segwit2x-fork-faq

And about what wallet to store your BTC i may suggest you use coinbase. You can check more information about the incoming fork, such as needs to do, steps in order to achieve the new coin etc. https://support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq

Thank you for that coinbase link! So it looks like they will credit us the B2X if it is stored with Coinbase. Is anyone else going to keep theirs stored on Coinbase?

Still hesitating about it, greed vs. safety... I would be happy to store the BTC on a 2X friendly exchange, but what happens if the exchange will go offline for a little while and we cannot sell immediately the forked coins, and the price of the 2X will go down quickly (there's no evidence that it will happen like this anyway). And also the future, what if 2X will last a bit longer as the previous forks and we can sell it better in the near future if we hold it a while... in this case an offline or hardware wallet will be better, but nobody knows it. Maybe, I will flip a coin to decide :)

Flipping a coin always leads to take good decisions

I think we should all flip a coin and see where that gets us! lol. So my choice is either placing it on a friendly 2x exchange and hope to get a coin out of it, however I run the risk of not being able to sell my BTC in time since they will more than likely restrict trading. Or I can just sell my BTC and play it smart because we all know BTC is about to correct for the fork and go down.

Does anyone know how long Coinbase suspended trading for on the last 2 forks? And did they suspend them right before that block came up or just for the whole day? Just trying to figure out my options.

yes i also missed the bitcoin cash time and now iam waiting for Bitcoin Gold exchange.
And now also the next segwit fork is comming lets see witch coin will dominate ;)
i tust in Bitcoin.




regards