Bitcoin Forum
May 11, 2024, 03:49:52 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: How to protect my Bitcoins for August 1st BIP UASF?  (Read 1016 times)
Jay64 (OP)
Newbie
*
Offline Offline

Activity: 3
Merit: 0


View Profile
June 14, 2017, 01:07:37 PM
Last edit: June 14, 2017, 08:47:38 PM by Jay64
 #1

Posted this on Reddit, but got no reply. So here goes:

Dear Electrum support,

I currently have my Bitcoins stored in the BitPay local wallet, and BitPay doesn't seem to support BIP148.

I'm trying out the Electrum Bitcoin wallet because it does support BIP148.

When I email BitPay support to ask what will happen to my Bitcoin in their wallet after the UASF, but I'm not getting any answers.

But then again, I also don't know what will happen to my Bitcoins when I have them stored in Electrum.

Are wallets going to be showing my Bitcoins on both chains (BIP148/Legacy) ?

Do I need to transfer my Bitcoin from BitPay to Electrum in order to save them?

BitPay may not support BIP148, but its wallet works well.

The Electrum wallet regularly shows it's a few blocks behind. But even when it's completely synced, I sometimes don't see all my transactions, until I restart it. Sad

If I don't transfer my Bitcoins from my BitPay wallet to a BIP148 compatible wallet, will I still be able to access my BIP148 Bitcoins using my 12 word phrase?

Sincerely,

Jay
1715442592
Hero Member
*
Offline Offline

Posts: 1715442592

View Profile Personal Message (Offline)

Ignore
1715442592
Reply with quote  #2

1715442592
Report to moderator
1715442592
Hero Member
*
Offline Offline

Posts: 1715442592

View Profile Personal Message (Offline)

Ignore
1715442592
Reply with quote  #2

1715442592
Report to moderator
Activity + Trust + Earned Merit == The Most Recognized Users on Bitcointalk
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
zend7
Hero Member
*****
Offline Offline

Activity: 658
Merit: 501

Hackers please hack me .... if you can :)


View Profile
June 14, 2017, 07:37:59 PM
 #2

Electrum in the latest update near that day has promised to have support for both chains. Here is what you should do to be ready :

1. Install Electrum and safeguard extremely well your seed.
2. The latest version of Electrum after the fork happens (supposedly will happen) will support both chains so you install this version and restore from your seed you have safeguarded very well.
3. In the new interface you will have the options to choose which chain to use.

That is what the Electrum developer has said when asked about such thing. You can be sure with Electrum when the fork happens, no worries.
Jay64 (OP)
Newbie
*
Offline Offline

Activity: 3
Merit: 0


View Profile
June 14, 2017, 08:52:14 PM
 #3

Where has the developer stated this?
zend7
Hero Member
*****
Offline Offline

Activity: 658
Merit: 501

Hackers please hack me .... if you can :)


View Profile
June 14, 2017, 09:21:01 PM
 #4

Where has the developer stated this?

In a thread somewhere in this very section of the forum but I don't remember it well. I think he said when the time will come for a hard fork he will make a new version of Electrum which will support both chains. He is a busy person and a great one  since he has made such a wonderful wallet. Rest assured your bitcoins will be safe with Electrum as a desktop wallet and every hardware wallet if you decide to go for one but those cost money.
bitart
Hero Member
*****
Offline Offline

Activity: 1442
Merit: 629


Vires in Numeris


View Profile
June 18, 2017, 08:32:58 PM
 #5

Don’t worry - nothing will happen on August 1st. Keep calm!

The power of Bitcoin is in mining - not in the number of nodes or users.

BIP 148 have almost no miners -therefore no power.  If they want to exclude themselves from the miners’ Blockchain they can do so - like I do every time I turn off my node/wallet before going to sleep ....

The only difference is that in the morning of August 1st, the BIP 148 nodes won’t have much to sync with... maybe one block or two.  They will have to wait at least  3 months before their chain mining difficulty is back to 10mins interval - if ever...  What would they have gained?

IMHO, BIP148 is commendable, but a lost cause.
I'm not experienced in the technical part of bitcoin system (nodes, mining, etc.), but the user part (payment, wallets, etc).
It's really interesting that in one thread you can see that this BIP 148 will make the blockchain change forever, and non signalling nodes and mining groups will lose their power and influence, and in another topic you can see that this will not happen at all...
Is there any website (like blockchain.info or similar) where we can keep track of the supporters of this UASF or anything that can help predicting the outcome of this?
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!