Bitcoin Forum

What is effect of upcoming Bitcoin Forks on existing bitcoin holders? Just like last time there were alot discussion to take bitcoins offline etc...

just like last time, not much.

they fork, and create a new coin. then some bitcoin holders claim their new coin and dump it for more bitcoin or even cash. some others keep holding it, and some don't even bother/risk claiming the tokens.
but all this time a bitcoin holder is a bitcoin holder and will remain that. they just increase the amount of bitcoin they are holding.

the same discussions about security, and where to hold bitcoin and how to safely claim the new fork still are valid. bitcoin gold fork seems to have replay protection now. so it is like bitcoin cash.

Thanks for your response , so is the bitcoin electrum wallet safe enough?

electrum is as safe as it ever was. the fork doesn't change that. recently they also added some additional code to detect splits in blockchain and choose the correct one. so you will always be on bitcoin chain.

just remember to keep your computer clean and preferably move to cold storage to be more safe in general.

I might not understand your statement about "risk claiming tokens", what does that mean?
Pretty much another altcoin which will work as usual, a lot of people will dump as soon as possible to cash in, some more will sell to get some more BTC and some others (which i think it might be the best idea) will be at the window waiting for the price to raise

Alright, thank you

I think loads of people are going to be disappointed this time. I don't think bitcoingold is going to get listed on any exchange as it looks scammy.

The segwit2x thing looks more serious, but it too can be resolved with consensus, which will mean a smooth fork, with one dominant chain and the other discarded.

Ether just did a smooth hardfork today with consensus and it all happened without a hitch, no second chain or anything.

Why only electrum? I keep my bitcoins on different e-wallets and also have not experienced any problems during the fork in August. I am sure that a fork in the autumn will be no exception. It seems to me that storing bitcoins in electronic wallets are much safer and had no problems with the forks.

If you have a wallet on a exchange then that exchange might not support the fork you were hoping for and then you lose all your coins. where as if you had it yourself you can choose which fork to support yourself and have both copies

you will have to download a new wallet. a binary file (since people rarely compile from source code). so you have to trust that binary that you download not to have any malware in it. even if you scan it with antiviruses!
then you will have to use the same private keys you already have in bitcoin to claim those new coins. who is to say the wallet you downloaded is not broadcasting your private keys to the owner?

it is easy to avoid though! you just empty those addresses first and then install the new wallet on another computer or a virtual computer. and import the empty keys in it (empty of bitcoin not yet empty of new tokens).

As long those e-wallets do support the fork then it should be fine but i would rather to choose up on electrum since i do have the possession of my private keys unlike on other wallet like exchange wallets which you dont have the keys which i dont really like at all and besides using electrum isnt really complicated at all.

Free money! Free altcoin. IMO that's the best way to look at this useless forks, Bitcoin gold comes into his category. I'm still holding BCH, I honestly don't expect much from it, might sell that soon. Segwit2x is a little promising, but can't say how that will turn out eventually.

To be honest, if we are talking about real bitcoin hodlers, nothing will change with them and it won't have much effect. They'll just get free coin or BTC/money (if they'll dump it once it hits the exchanges). Just make sure that you'll store your BTC to wallets that provide you your own private key. Take them off from wallets in online exchanges just to be sure. Some exchanges will provide you your BTC gold if you leave your BTC with them so just check their announcements about it.

Yeah you can get the rewards for the bitcoin you saved in your desktop wallet like electrum or bitcoin core. If the coin splits normally value should dump down and that is what expected in the last august dump.
But fortunately value bumps up, we cannot expect the same in this time as well. For little coins no need to go to the cold storage and all.

I also think that the upcoming fork will not have a major effect with btc holders but to just gain another altcoins. As for me, just like what happened last fork, I just dumped bch and exchange it for btc. And like what I did I just slept it over. Whatever the effect is/are of the hardfork we can't do anything about it.

Nahh, bitcoin holder will stay the same. Real holders will just sell the Bitcoin gold to get more bitcoins and then continue to hold even wgen the price of bitcoins fall a bit. While others will sell parts of their free bitcoin gold to play safe and never regret. Either ways, nothing will change a true holder of bitcoins. Even when the price goes down, people who have been here long will only see it as another day at the office. Same goes for all the forks that may come.

But hey, if something bad haopens to bitcoins because of these forks, then at least we all suffer. If that makes you feel better. Lol

I think some of the Bitcoin holders are getting hyped with the November fork. Some are saying that they switched their Alts to Bitcoin in order to get enough Bitcoins. As Bitcoin gold will be an upgrade of the former. Others are expecting an airdrop like the ones on BCC. But until now. there is still no details yet release for this fork.

It will be same as the last fork of bitcoin cash, those whose wallet will support bitcoin gold during or after the fork will receive the coin, but if your wallet doesn't support it, you won't receive the coin.

happiness :D

what else could it be. you hold something very valuable (ie. bitcoin) and it is gaining value every month that passes. then because you are holding it, you are rewarded with some additional money which you can either turn to fiat and enjoy it or turn into more of what you were holding (ie. bitcoin) and enjoy the long term rise even more.

it is all pure profit.
and i am actually happy that i can see things like this happen. not just because of the profit but also because they are exploring other possibilities and it can practically show their flaws of what has been only theory so far. things like changing block size, changing PoW, changing block time, and lots of other things.

Well, you get free coins. It's free money basically. It could be bad long term though, as they have potential to split the userbase.

I don't think that bitcoin holder will obtain great influence regarding of upcoming bitcoin forks, they may just gain another altcoins. or another possibility is they keep holding it and increasing amount of bitcoin they are holding, waiting for the price is rising. however, if these forks triggers something bad happened, they might suffer and waiting for the good condition will come to them

We can't do anything except holding our bitcoins. I heard this forks will be appeared on 25 October and will be end on 1st November. Its not a big Issue as we recently faced a fork a month and a half back.  Most of people may  be disappointed this time.  But we have to work with patience, and on the top its not the first time this is how bitcoins and crypto currency work . Hard fork is an integral part of the digital currency and we should know how to react to that.

If there is a free coin that will be given without any work, mining power or effort that will take place in order to get that and it is equivalent to the bitcoins that you we're holding, we will not hesitate to go for it and take a break for a bit where the bitcoins is untouchable from your cold storage. the effect is simple, bitcoin will gain it's sudden increase this coming weeks because of the demands of buying it most of them are from the altcoins investors and holders then altcoins will gain decreases to their price due to the people who are selling you can check the live cryptocurrency market cap.