Bitcoin XT questions

[GBGglenn]

Hello, got some questions regarding bitcoin xt. From what i've heard, the bitcoin xt is about increasing the blocksize. This will cause a fork and a new blockchain wich will lead to 2 different blockchains, the xt and the normal one (?)

If i get on the xt blockchain. Am i stuck on that blockchain or could i go back to the old one and vice versa? Will wallets get effected? Electrum for example.


I read this earlier today: "But the important thing to bear in mind is that if you have a backup of your current wallet now, you can run both clients/networks - essentially, if you have 1 Bitcoin, after the fork (if you have today's wallet backed up) you will have 1 Bitcoin, and 1 'BitcoinXT', each with independent values based on their popular adoption. "

What do this exactly means? Can i spend bitcoin (xt) on both blockchains?

Thanks in advance.

[bitebits]

Below a quote from a reddit user, link: https://www.reddit.com/r/Bitcoin/comments/3h424p/why_is_bitcoin_forking/

[–]Celean
Quick ELI5:
Running XT at this time is equivalent with running Core. It's the same network, and the same Bitcoins. At some point in the future, if 75% mining majority is reached (but not before January 2016), the network will split whenever a miner creates a block larger than 1MB. This will not be accepted by Core unless they adopt a large blocks patch, but will be accepted by XT, and at this point there will effectively be two chains.

Running XT means that you will always be on the largest (75%+) chain, regardless of whether the fork actually happens or not. Running Core means that you will be left behind if a 75% majority is reached. Regardless of which version you run, coins will be safe (on both chains) as long as you acquired them prior to the fork, and for some time the chains will largely mirror each other, but eventually they will diverge due to different coinbases (mining rewards).

One thing is for sure: you will never lose your coins, nomatter there will be a fork or not. The coins you already own exist on both chains.

[BitcoinEXpress]

One thing is for sure: you will never lose your coins, nomatter there will be a fork or not. The coins you already own exist on both chains.

Don't really understand crypto too well do you?


~BCX~

[bitebits]

^^ BitcoinEXpress is a known FUDder, please be aware of that.

If bitcoin forks, you can spend your current bitcoins on both the chains. However, on one chain they will become worthless since they are not supported by the majority of the network.

My quoted comment in the reddit link has been removed by the mods of Reddit/bitcoin. You are not allowed to know that there is actually an advantage running BitcoinXT even when you are just neutral in the discussion.

[GBGglenn]

Thanks for the replys

[solid12345]

One thing is for sure: you will never lose your coins, nomatter there will be a fork or not. The coins you already own exist on both chains.

Don't really understand crypto too well do you?


~BCX~

i understand situations like this is frustratingly a good example of why Bitcoin will never take off with the average person who thinks Facebook.com is an app or "the internet".