Bitcoin Vs Bitcoin XT (is there any difference to the average person)
keepdoing:
I'm just an average guy. I own a few bitcoins. I run a vacation rental business and am thinking about starting a Bitcoin acceptance program so that people can pay for their stays using Bitcoin, and I basically do my part to move Bitcoin acceptance along as well. It is my way of dabbling my investment toe into what I think is the future trend of things, basically getting a jump on the curve. My ultimate believe has been that Bitcoin will continue to grow, leap the various hurdles, and eventually the fiat currency gang (all gov't central banks) will abandon ship as their scams implode. Bitcoin will end up being a central "currency" / "financial glue" that ties all together on a global scale. And I do think that "They" will ultimately take some control via regulation - but that is a necessary evil. That part I am prepared for. But this whole infighting about block size is even scarier and more confusing to this unlearned layman.
So - Part 1 of my Question is....
If I own a Bitcoin (1 BTC), and they do this new 8mb block and call it Bitcoin XT, then what happens to my 1 Bitcoin? It's worth about $254 today. Does the Bitcoin XT "patch" create a "New" type of Bitcoin, totally separate from the 1 BTC I have, and therefore my 1 BTC becomes a totally separate "Coin Platform" (i.e Litecoin, Dogecoin) that trades separately from the new Bitcoin XT? (which effectively means my BTC value starts tanking - eventually to zero -in my opinion. Or on the day of the "Patch Decision" and Bitcoin XT is implemented, will the whole thing be totally transparent to ME (a simple and lowly Bitcoin holder) - and while the underlying technology and blockchain may change a bit, software and miners and hardware processes may change, and new features or abilities to use my 1 BTC may be enhanced - MY ACTUAL 1 BTC will simply move along happily with the evolution.
OR will this create a New Bitcoin "money" so to speak? And my old 1 BTC will become obsolete, and for example when I go to my Coinbase Wallet, I will see a message offering me the opportunity to transfer my BTC funds into BTC-XT Coin?
I hope I am being clear here. In short, should a current holder of BTC be worried that BTC is about to dissappear and be replaced by something new (i.e. BTC-XT) that trades totally separately, will have its own value etc. And if so - will there be a mechanism in the system in which current BTC holders can migrate over, and if so, how much of a value haircut is foreseen.
Sorry - but I am just an average joe, and all these arguments and things sound scary. Someone explain this in simple poor man's non-technical language. Once I feel I sufficiently understand this aspect I'll ask part 2.
Peace - d
lite:
Just simple answer you won't lose any of your Bitcoins. 1 Bitcoin will be 1 in Bitcoin XT.
You can find more detailed info here https://bitcoinxt.software/faq.html
Lauda:
Well I'll really simplify this. Whether Coinbase is going to accept XT as a legitimate thread (if it comes to that), is up to them. As far as I know, the average user should not be worried. If XT ever reaches legitimate consensus, thus becoming the real Bitcoin, you do not have to worry.
Basically at the moment both Bitcoin Core and Bitcoin XT operate on the same chain (chain A, in this example). If (!) Bitcoin XT forks with the economic majority, then chain B will be created. Bitcoin Core will still operate on chain A, thus we will have two separate chains. If you had 1 BTC on chain A, you should also have 1 BTC on chain B (after the fork).
I'd recommend transferring your coins to an address to which you own the private keys to.
Quote from: lite on August 18, 2015, 06:49:15 PM
Just simple answer you won't lose any of your Bitcoins. 1 Bitcoin will be 1 in Bitcoin XT.
You can find more detailed info here https://bitcoinxt.software/faq.html
You've beat me to it. That information works too.
OP if you have any other questions, please free to ask me directly via PM.
forlackofabettername:
Well, there is a realistic chance your investement could loose all value during the switchover. Then you'll have twice the amount of worthless coins, which is great too if you don't care about money. My advice: do not believe a word you read on these boards. Do your own research and due dilligence. These scum here are only calming everyone down so people don't panic. You'll hate these scum who try to calm you down when the red waterfalls come down... Be alert.
meono:
Quote from: forlackofabettername on August 18, 2015, 07:35:29 PM
Well, there is a realistic chance your investement could loose all value during the switchover. Then you'll have twice the amount of worthless coins, which is great too if you don't care about money. My advice: do not believe a word you read on these boards. Do your own research and due dilligence. These scum here are only calming everyone down so people don't panic. You'll hate these scum who try to calm you down when the red waterfalls come down... Be alert.
Are you talking about LaudM? I'm confused i thought you guys are on the same side .... you know "just bash BitcoinXT no matter what" side
;D
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