Bitcoin Fork FAQ

[bittydude]

1) What do i need to do?
2) Will anything happen to people holding current BTC?
3) What will this do to the price?
4) What is this fork accomplishing?

[1715244577]

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[1715244577]

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[1715244577]

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[GermanGiant]

1) What do i need to do?

If you are not running a node, then you have nothing to do. If you are running, then if you support 1mb, then do nothing. If you support more than 1mb, then switch to BitcoinXT. Check www.xtnodes.com to download BitcoinXT.

2) Will anything happen to people holding current BTC?

No.

3) What will this do to the price?

Price is decided by trading, not forking.

4) What is this fork accomplishing?

For now it is just to show a support for bigger than 1mb blocks. Once 75% hash power is behind it, then they'll actually allow bigger than 1mb blocks. So, the real difference in blockchain will be sometime in 2016, if they can gain 75% hash power.

[BrianM]

1.
You need to deside if you are pro incresing the block size or against.

If you are against, then do you not need to anything.
Just keep using bitcoin-core.

If you support increasing the block size, then will you need to install bitcoin XT.

2.
Nothing will happen, the coins will exist in both chains. But after the fork (if it is ever going to happen), then will coins received in one chain not be able to be spend in the other chain.

3. Nobody knows.
Hopefully will the majoriy support the bitcoin-core, and then will the fork never happen.
We finally got a stable price I that is why I am against the fork, since it will make to much disturbence.

4.
The fork will support larger block size. Something that is not needed at this point. Perhaps in the future but not now.

I dont like the idea about the fork and bitcoin XT, seams like some random people is trying to take over bitcoin just me personal opinion. I only trust bitcoin core.

[MatthewLM]

75% is way too low. There needs to be a strong consensus. 25% of miners disagreeing is a lot.

[bittydude]

Thanks guys, found alot of info branching off of your answers.

Running XT just keeps you on the largest blockchain. It is the same bitcoins and the same network. Bitcoin XT is just a replacement client of Bitcoin core that allows larger blocks.

did i get this right or no?

[DannyHamilton]

Thanks guys, found alot of info branching off of your answers.

Running XT just keeps you on the largest blockchain. It is the same bitcoins and the same network. Bitcoin XT is just a replacement client of Bitcoin core that allows larger blocks.

did i get this right or no?

You're close, but not quite right.

XT is the same bitcoins and the same network.  It *might* allow larger blocks in the future if enough people indicate support of it.  If XT never gains much share of the network, then it won't ever allow larger blocks (unless Bitcoin Core also chooses to allow larger block some day).

XT also implements a few other changes that Bitcoin Core doesn't.  I'm not certain, but I believe it forwards unconfirmed double-spend transactions (which Bitcoin Core does not do).  There may be a few other changes as well.

[Mickeyb]

1) What do i need to do?
2) Will anything happen to people holding current BTC?
3) What will this do to the price?
4) What is this fork accomplishing?

Everything is pretty much explained by the posts above mine. I just need to add, if you are running a node, decide which one you support, xt or core, and update accordingly. After and if you did that, relax and watch the show.

I just hope the show won't last too long since this block size debate has taken too long and has started hurting Bitcoin. This debate needs to end soon so we can move forward! I am for the bigger blocks by the way and have updated to the XT.

[LiteCoinGuy]

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).



@MatthewLM

is guess there is another threshold / time period at 90% - but even at 75% all miners will switch.