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Author Topic: BITCOIN FORK INFORMATION  (Read 920 times)
JollyGood
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July 11, 2017, 11:06:29 PM
 #1

https://www.deepdotweb.com/2017/06/16/bitcoin-imminent-fork-aftermaths/

https://bitcoinmagazine.com/articles/bitmain-responds-uasf-another-hard-fork-announcement/

https://cointelegraph.com/news/bitcoin-will-likely-lose-value-with-hard-or-soft-fork-wealth-daily

Some information here for those that may or may not know about the impending Bitcoin fork... it is an interesting read that explains a lot of things and answers question that people may have.

The key points written are that is could be split in to two camps: Bitcoin Core and Bitcoin Unlimted.

The camp supporting Bitcoin Core: This camp supports keeping the block size as it is, i.e. 1 Mb, yet they propose code optimization to shrink the size of transactions along with other approaches to increase the bitcoin transaction throughput rate via means of a “soft fork”. This camp mainly supports the “Segregated Witness” (Segwit) upgrade as a solution that mitigates many bitcoin bugs and also opens the way for further scaling using off-chain solutions such as the “lightning network”.

The camp supporting Bitcoin Unlimited: This camp supports Bitcoin Unlimited which is a bitcoin client forked off Bitcoin Core and designed to process transactions into blocks whose size is greater than the current limit of 1 Mb. With Bitcoin Unlimited, miners are able to independently choose the size of blocks they will produce. As per coin.dance, 9.2% of nodes across bitcoin’s network currently run the Bitcoin Unlimited client.

If a hard fork occurs depending on how you store your bitcoins, e.g. desktop wallet, online wallet, exchange…etc, you can expect one of three scenarios:

1. All of your coins will become BTC only

2. All of your coins will become BTU only.

3. Your coins will be doubled, so if you had 2 coins before the fork occurs, you will have 2 BTC and 2 BTU after forking is completed.

The exact outcome depends on how you are storing your coins and whether or not you control the private keys of your bitcoins. If you store your coins using an online wallet or a cryptocurrency exchange, then you don’t control your private keys, so you are letting another entity choose the fate of your coins.

To ensure that you will have both BTC and BTU, in event of a fork, you should store your coins via a local wallet on your machine, so that you would be controlling your coins’ private keys.

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July 11, 2017, 11:07:53 PM
 #2

Oh great, thank you for sharing
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July 12, 2017, 04:54:53 AM
 #3

Thanks for this reminder, I hope this will help some people.

I hope that will happen like when ETH and ETC forked, Bittrex gave us the same amount of ETH and ETC if we had our ETH on the exchange. But that's only the decision of the exchange, they can decide to keep the coins too (I don't think this would give a good reputation for the exchange that would do that anyway  Cheesy).

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July 12, 2017, 04:59:06 AM
 #4

If the bitcoin unlimited camp wins, which I don't think they will. If they do the fork wont be until December. So people shouldn't think they need to hold btc aug 1 to get their BTU.

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July 12, 2017, 05:00:49 AM
 #5

Thx alot,finally great info grouped in one place.
Only one question remains - wich wallet will you suggest for holding to have both coins after fork?

Im currently using Electrum.Is this wallet is ok for split times?

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July 12, 2017, 05:09:37 AM
 #6

Trezor is all set up so you will be taken care of. google it

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July 12, 2017, 08:33:43 AM
 #7

It a smart idea to have some Bitcoin before August 1, 1 coin will becoming 2.
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July 12, 2017, 09:24:24 AM
 #8

first why did you post this in the altcoin board?!
second these articles are old.

right now the bitcoin unlimited still has the same ~40% support but SegWit support has gone up to nearly 50% from the initial 30ish%

also there is a new thing called SegWit2x which currently has more than 90% support. and if it goes smoothly it can activate the SegWit part on August first without any problems!

   

 
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July 12, 2017, 09:33:38 AM
 #9

First on all, you've posted on the wrong forum OP.

Secondly, this information is pretty much all over the place and is still a wild speculation. We can only wait till after the 1st of August to know the fate of the division caused due to the fork.


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shintosai
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July 12, 2017, 09:39:37 AM
 #10

First on all, you've posted on the wrong forum OP.

Secondly, this information is pretty much all over the place and is still a wild speculation. We can only wait till after the 1st of August to know the fate of the division caused due to the fork.
EXACTLY! we cant never say until its already happening, but those information will allow holders and believers to separate its believes, panic selling and dumped seekers will play the game again before and after aug 1, lets just all think positive for the best of this system no matter what.

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July 12, 2017, 09:41:53 AM
 #11

Please correct me if I am wrong, but isn't bitcoin unlimited issue yesterday's problem? The current possible fork is not a contention between BU and BC.


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July 12, 2017, 09:50:25 AM
 #12

First on all, you've posted on the wrong forum OP.

Secondly, this information is pretty much all over the place and is still a wild speculation. We can only wait till after the 1st of August to know the fate of the division caused due to the fork.

i agree with you and we need to wait until august 1st is come and meantime we have see many times the price is up and down too often. we know that there is many news about the option what will happen later and there is many action responding this news so this make many traders panic selling and it makes the price is drop too far.

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July 12, 2017, 10:00:56 AM
 #13

First on all, you've posted on the wrong forum OP.

Secondly, this information is pretty much all over the place and is still a wild speculation. We can only wait till after the 1st of August to know the fate of the division caused due to the fork.

i agree with you and we need to wait until august 1st is come and meantime we have see many times the price is up and down too often. we know that there is many news about the option what will happen later and there is many action responding this news so this make many traders panic selling and it makes the price is drop too far.
thank you for the information about fork and also thank you for guideline and sharing about bitcoin fork i agree with you sir wait the new in august'
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July 12, 2017, 10:17:42 AM
 #14

If only there was a part of the forum where you could post topics specifically about Bitcoin and Bitcoin related news.
Oh yeah, that is almost the entire forum, other than the Alts section, which is where you have posted this!

Thanks for the Bitcoin news, but next time I will look in the Bitcoin discussion area for Bitcoin discussion, then in the Altcoin discussion for discussion of altcoins!
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July 12, 2017, 10:42:37 AM
 #15

the important things is the price , if both price btc and btu sinking its will be disaster for investor
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July 12, 2017, 11:30:26 AM
 #16

Thank you to those eagle eyed micro analysts that pointed out I posted the thread in the wrong place... highly appreciated  Roll Eyes

As for the issue of the fork itself, it is all speculation but it needs to discussed

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July 12, 2017, 11:55:02 AM
 #17

Thx for notice and explanation about some things. Let's wait 01/08.


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JollyGood
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July 12, 2017, 12:00:54 PM
 #18

Thx for notice and explanation about some things. Let's wait 01/08.

Thanks. People need to know that if everything stays as is, then good it is simple status quo but a fork occurs then coins holders have options. They could go with Bitcoin Core, Bitcoin Unlimted or both but only if they have their own wallets. For any bitcoin stored on exchanges they will decide what to do and it seems from the source links that they will go with BTU...

People need to be prepared in the event a fork may happen

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July 12, 2017, 12:10:03 PM
 #19

People need to be prepared in the event a fork may happen

Wish for the best, prepare for the worst.

Everybody kept telling over time that the best way to keep Bitcoin is local wallet. Still some, for various reasons, ignore all the warnings and keep their money on online services.
Unless they earn from that money (trading, lending, ...) I see no reason to do that.

On August 1st there's quite a chance some people will learn on the hard way that local wallets are the way to go.

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