Can you explain the Hard Fork on BTC?

[bitcoinvest]

The last days we had the ETF discussion all around the forum, as we passed those news now we speak about hard fork IF will happen.

So can someone explain to me and i am sure to many other what will happen practically if this hard fork becomes reality?
  

i could not find a better thread as this is speculation related post

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[MiLkz]

I also am in need of an explanation..

If there are ~15 million BTC in circulation, how does that change when BTC unlimited is in play as an alt currency?

[york780]

15 mln x 2 different coins = 30 MLN coins. 15 mln btc, and 15 mln  BU coins.

[MiLkz]

15 mln x 2 different coins = 30 MLN coins. 15 mln btc, and 15 mln  BU coins.

I don't know what a "MLN coin" is either 

[york780]

mln= million, no coin just million 

[roland808]

15 mln x 2 different coins = 30 MLN coins. 15 mln btc, and 15 mln  BU coins.

So if a person has 10 BTC before the fork.
They could sell it as 5 BU and 5 BTC?

[bitcoinvest]

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

[york780]

Yes i think so, i am not sure. Beware when bitcoin really forks the price will drop.

[nisya]

i wonder how much the price for each of them?  is it good or not? i am little confuse to read this but i am not yet found any link that explain for this and i think is like ethereum and ethereum classic, zec and zcl.

[Ted E. Bare]

Please note that as of now there is no hard fork planned. There is no majority consensus. This is pure speculation.

[btcmerich]

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

you will have 100 BTC  and also you will have 100 BU.

[Miz4r]

First of all, a contentious hard fork is unlikely to happen as it will not benefit anyone who cares about Bitcoin. If a fork does happen everyone holding X amount of Bitcoins before the fork will have X amount of Bitcoins and X amount of BU coins after the fork. The price of both are likely to crash below $500 and after some time with crazy volatility one will emerge as the longests and most valuable chain. I would guess that the Core chain will emerge as the winner as their dev team is more experienced and have better code review, as well as caring more about security. One thing to keep in mind is that not the miners but the market will decide which chain wins, as mining hashrate will follow price and they will mine whichever is more profitable to mine.

[bitcoinvest]

so why do we still speak about this ? the most profitable coin to mine on is the BTC! we all know that .... no other coin went so high like this BTC right?
(of course i know about alts and difficulty BUT if you think that you will take a miner for all your life this is not how things work out don't answer me this way please....)
and now some "clever" people want to create or "own" this new coin right? do i get it right ?

[shadabahmed]

ok if i have btc on xchanges than what happen to my coins after hardfork?

[AdolfinWolf]

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

Basically it depends where your wallet/coins are.

1. If you use a online wallet/service, you are locked into chain that they choose.  Your coins will be valid still but on that single new chain.

2. If you use a wallet you control, depends on what chain you connect to.  But, just using a local wallet, or a hardware wallet, at least you'll in time be able to choose a chain or other wallet provider you chose by configuration or by restoring your private key seed to a service on the chain you want to transact on.

Technically you could on both I guess if they remain forked after a while and there is not safeguards in place by exchanges/exit ramps to broadcast on both.

-T

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

you will have 100 BTC  and also you will have 100 BU.

You two are contradicting each other, aren't you??

Say i use blockchain as my webwallet, will i receive BU coins, or BTC coins? is there any statement regarding which chain they will choose?
Same goes for Electrum, what will they choose?

I don't understand the rise of popularity in a hardfork, it looks extremely dumb to me, and with me alot of other traders it looks like, if we see the current prices. Why do they keep pushing it?

[btcmerich]

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

Basically it depends where your wallet/coins are.

1. If you use a online wallet/service, you are locked into chain that they choose.  Your coins will be valid still but on that single new chain.

2. If you use a wallet you control, depends on what chain you connect to.  But, just using a local wallet, or a hardware wallet, at least you'll in time be able to choose a chain or other wallet provider you chose by configuration or by restoring your private key seed to a service on the chain you want to transact on.

Technically you could on both I guess if they remain forked after a while and there is not safeguards in place by exchanges/exit ramps to broadcast on both.

-T

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered

you will have 100 BTC  and also you will have 100 BU.

You two are contradicting each other, aren't you??

Say i use blockchain as my webwallet, will i receive BU coins, or BTC coins? is there any statement regarding which chain they will choose?
Same goes for Electrum, what will they choose?

I don't understand the rise of popularity in a hardfork, it looks extremely dumb to me, and with me alot of other traders it looks like, if we see the current prices. Why do they keep pushing it?

I said , when you have BTC in your wallet like 100 BTC when hard fork happens you will have 100 BU as well.  it is like train on rails. right now btc has one single rail . After hard fork a new parallel rail will be created. so what ever you had before the fork you will have on the new rail.

this picture might help

http://cointimes.tech/wp-content/uploads/2016/08/forking_event-960x294.png

[shadabahmed]

ok if i have btc on xchanges than what happen to my coins after hardfork?

[btcmerich]

ok if i have btc on xchanges than what happen to my coins after hardfork?

Is better to have it on your own wallet . I think is ok to have it on exchanges since you will have a valid Adress you recived the btc. But why risk it?

[eddie13]

ok if i have btc on xchanges than what happen to my coins after hardfork?

We can't speak for all exchanges in one statement, ask your particular exchange..
A crappy exchange may just keep your BU coins for themselves and a good exchange will set up a new currency BTU and give you both your BTC and BTU..

I can't know what every exchange and online web wallet will do with your coins, ask them specifically..

[BrewMaster]

Please note that as of now there is no hard fork planned. There is no majority consensus. This is pure speculation.

it doesn't matter how many times you say it, they never listen!

and it is funny how a "legendary member" pretends not knowing about this and posts about it in "speculation board"!!