[Guide] Handling splits: UASFs, BIP148, etc.

[Yefet]

I have the private keys for multibit HD. Will that work out for me well?

Probably not. MultiBit HD does not allow you to choose which nodes you are connected to so you won't be able to choose which chain you want to use and transact on. It does not provide the (slightly) advanced functionality required to split your coins either.

can i move the priv keys to another wallet with ease?

yes , but it depends on another wallet

the key point to be ready for the fork - prior to the Fork-day have your BTC in the BTC address to which you have the privkey, no matter which soft you use to access the address.

Than, after the fork happened, just import your privkey to the clients/wallets of the new blockchains.

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[Alphaz841x]

Hello guys, because cryptos are dropping now it's a good time to buy but i have one worry i have to ask about.

This guide says that we should not make transactions (send/receive) before 12 hours UASF/BIP goes in on 1st of August but i have read somewhere else that there's a possibility of bitcoins from non-segwit blocks being erased after UASF goes in and gets most of mining power. Does that mean i could possibly receive a transaction of bitcoin from non-segwit blocks and once UASF goes through those btc would just simply disappear?

If that is true, how do i protect myself and know WHEN exactly i am supposed to stop making transactions? I know the guide says 12 hours beforehand but i'm reading somewhere else that signaling of segwit started earlier than 1st of August, would that mean there's already risk in buying?

It's a great time to purchase because of all the drama, bubble popping but i want to be sure the bitcoins i buy are not gonna just simply disappear soon after.

[Pipshunter]

Let's say I've got keep 1btc in my balance on 1 August will I get 3 btc after the split end?

[sunny163]

Is the new coin which is going to generate ( split) is bitcoin unlimited ?

https://coinmarketcap.com/currencies/bitcoin-unlimited/

[Bearwallow]

I just read this article: https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/

A quote: "First off, be aware that a chain-split create a high-risk situation. There is a chance that some sort of cyber-battle will break out between the two camps, perhaps even escalating to the point where bitcoin’s exchange rate(s) drops sharply, possibly to zero. Make absolutely sure you are not holding more value in bitcoin than what you are willing to lose."

So, in this article Aaron van Wirdum seems to suggest that it is possible to 'loose' all your Bitcoins post-split. Is this to be interpreted as it's possible to 'loose' BTC due a price drop to zero or due some technical mishap as a result of a possible fork? Surely, even in the worst case scenario, if you keep your private keys and don't transaction around that time your Bitcoins will be safe?

Good article, thanks for sharing. He also points out that the change could result in wide adoption of the new chain, no progress on the legacy chain which dies and goes away and the "new" coin becoming de facto BTC:

If the 148 BTC chain gets more accumulated proof of work, it should be the only chain to survive, and the split would be over. All 148 BTC would then simply be bitcoins (BTC) again.

Given the cost of mining BTC, I suspect most miners will want to work on the chain with widest acceptance. There probably will be some hobby miners who keep the old chain going (like ETC) but most I think will want to go to a chain that is most widely accepted.

[Yefet]

Is the new coin which is going to generate ( split) is bitcoin unlimited ?

https://coinmarketcap.com/currencies/bitcoin-unlimited/

now it's only tokens issued by 2 exchanges for trading, not even sure if you can withdraw them.

The actual "unlimited"coin can occur only as a result of Bitcoin network split/fork

Just keep your BTC in your own wallet and be safe 

[ziploc+]

That mining service will start sending SegWit BTC after the 1st of August on my "1example123" address.
Lets say they send me, in August, 0.1 SegWit BTC.
Until I make a decision, I can :
*End up with 0.5 BTC on my "1example123" Bitcoin Core Wallet + 0.1 BTC on my "1example123" Bitcoin SegWit Wallet
or
*End up with 0.6 BTC on my "1example123" Bitcoin SegWit Wallet

the address is able to work on both chains.....0.5 on one and 0.5 on another....

but you must control the wallet (have access to private keys) which might not be the case if you using some web wallet or exchange

for sure if you make a transaction after the fork/split if there is one...the transaction will go on the "mainstream" chain whichever it is...

and you if you decided to abandon the other chain....that's it...you're on the majority chain...

however if you don't have the control of your wallet and the service you're using decides to use the non-majority chain.....and abandon or keep for themselves the other coins (majority chain)...then that's your outcome as you don't have the control of your wallet.


anyone pls correct me if I'm wrong.

[kuk]

- If you want to use both currencies at the same time or sell one of the currencies, then you will probably have to follow a somewhat-complicated series of steps possibly involving running some extra software in order to cleanly split your coins and eliminate the possibility of replay.

If the split happens will it be somehow possible (as i read in this article https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/) to send the coins, after some time obv., to an exchange which supports the split and do the "splitting" work for me or do i have to do sth in any case offline in the core wallet settings?

f.e. 1 btc on my core wallet - split happens - there is still 1btc in my wallet??? - will send the 1 btc to an exchange - have 2 coins in the exchange

I´m asking this because im not that familiar with settings, commands etc. of the core wallet and will probably not be able to work with commands in the console

[zahra4577]

BIP148 is one specific UASF. It is intended to activate SegWit. It activates and may cause a split on August 1. If it succeeds economically, it will activate SegWit by November.

It says two different things.Activates SegWit on August 1 and Activate SegWit by November.
I am confused.

[Andergriff]

BIP148 is one specific UASF. It is intended to activate SegWit. It activates and may cause a split on August 1. If it succeeds economically, it will activate SegWit by November.

It says two different things.Activates SegWit on August 1 and Activate SegWit by November.
I am confused.

Not, SegWit in August, in November possibly activate hardfork to increase 2mb.

[SVK]

Who is that greedy rat which is causing this mess ?
Is it a Bitmain owner ?

[Niya]

I have a question regarding the fact to not make any transaction twelve hours before and twelve hours after the likely split. I read it as a general advice on any source which talks about August 1st.
Can this fact to not make transactions cause problem to the Bitcoin network?

[sundownz]

Well then... looks like I'm sending my coins back to my Bitcoin Core Wallet.

[devels83]

thank you its much more help information, but the conclution no body know what will be happen after that. but i am know this day alot of trader hold the money and alot of them lost money. i hope tomorrow will be better after this matter. thank you

one of faucet respond about hardfork like this. HARD FORK STATEMENT
Recently, there have been discussions about the possibility of a bitcoin hard fork happening so we wanted to address the issue for users who have their coins stored with us.

We feel that the possibility of a hard fork has been greatly exaggerated, however we are prepared to deal with it if it does happen.

If there is a hard fork, we shall always follow the longest chain (the chain with the most proof of work) as our primary coin. Bitcoins on the secondary chain however, will be made available for withdrawal by users after there has been a clear winning chain. So for each satoshi that users have with us, they will receive 2 (or more if there are multiple forks), one on the longest chain and one in the minority chain/s.

[losoya]

Why are bitcoin miners doing segwit?
I do not really understand about this problem, and because of this issue suddenly the price of bitcoin dropped in total

[jooj]

I wonder why Bitcoin Unlimited (BTU) team created Bitcoin Unlimited through hard-fork? is safe that they created Bitcoin Unlimited as new ALt coin?

[LittleBitFunny]

I wonder why Bitcoin Unlimited (BTU) team created Bitcoin Unlimited through hard-fork? is safe that they created Bitcoin Unlimited as new ALt coin?

This is absolutely nothing to do with Bitcoin Unlimited.

[Cryptocoinsmania.com]

Thank you for full-scale guide. It is very useful and helpful. It is the right time to make bitcoins safe.

[hoop]

I wonder why Bitcoin Unlimited (BTU) team created Bitcoin Unlimited through hard-fork? is safe that they created Bitcoin Unlimited as new ALt coin?

This is absolutely nothing to do with Bitcoin Unlimited.

So, Bitcoin Unlimited will be as Bitcoin, algo, protocol etc.. then why they make a split for?

[swogerino]

Very thorough guide but I don't see anything related to people holding their coins in a hardware wallet. What will happen to Trezor, Ledger , Keepkey and other hardware wallets ? Do people using these hardware wallets have to rely on their producers or it is wise to transfer coins to Bitcoin core wallet ?