August 1

[Hienrich]

Hello all, I have heard a lot lately about something really big happening on August 1. As far as I know it has something to do with a hard-fork and Segwit. This really confused me because Segwit comes in the form of a soft-fork right? Then what is the hard-fork on August 1… I am really confused as all these terms are very confusing. Can one of you guys explain everything (from the very beginning) that will occur on August 1? What happens on August 1? What is the worst case, best case and most likely scenario? Do I need to be prepared for it? Please explain everything as if I am back in primary school. (well not really, but you get what I mean ) THANKS!

[1715221076]

1715221076

[1715221076]

1715221076

[1715221076]

1715221076

[haroldtee]

Hi, at first I was going to pass cause I was thinking of how I would be able to break it all down but all the same you have a bit knowledge about some terms so it should be easy.
To your first question, there has been a civil war going on in the past between the bitcoin players on either accepting segwit or BU which would have resulted to a hard fork which means splitting of bitcoin into 2 chains where one would be named as bitcoin and the other another name, let's say bitcoin classic. This would be operating differently and apparently one would be dominant just in the case of ethereum (Google to read more about that). Recently, there has been a concensus agreement to implement segwit (I think close to about 90% now - not sure) but good enough not to result to any hard fork unless something otherwise happens. So as it is, it will be an easy upgrade.

Secondly, as no one can really predict exactly what would really happen however it is, hard or not, you should be prepared and the only way to go about this is to be sure you have your funds in a wallet that gives you control of your private keys. You can browse to know which best suits you but for cold storage, you can go for ledger nano or paper wallet. Also, there are desktop wallets that gives you that access as well. Few examples of light desktop wallets are exodus, armory and electrum. I will suggest you go for exodus as it is newbie friendly with very good support.

I think my epistle is enough for now and I have tried, maybe other guys can take over. Wish you best of luck.

EDITED
Sorry I forgot to put that you shouldn't by any means leave all your funds in an exchange wallet except some trusted ones i think. That should help too.

[Hienrich]

Hi, at first I was going to pass cause I was thinking of how I would be able to break it all down but all the same you have a bit knowledge about some terms so it should be easy.
To your first question, there has been a civil war going on in the past between the bitcoin players on either accepting segwit or BU which would have resulted to a hard fork which means splitting of bitcoin into 2 chains where one would be named as bitcoin and the other another name, let's say bitcoin classic. This would be operating differently and apparently one would be dominant just in the case of ethereum (Google to read more about that). Recently, there has been a concensus agreement to implement segwit (I think close to about 90% now - not sure) but good enough not to result to any hard fork unless something otherwise happens. So as it is, it will be an easy upgrade.

Secondly, as no one can really predict exactly what would really happen however it is, hard or not, you should be prepared and the only way to go about this is to be sure you have your funds in a wallet that gives you control of your private keys. You can browse to know which best suits you but for cold storage, you can go for ledger nano or paper wallet. Also, there are desktop wallets that gives you that access as well. Few examples of light desktop wallets are exodus, armory and electrum. I will suggest you go for exodus as it is newbie friendly with very good support.

I think my epistle is enough for now and I have tried, maybe other guys can take over. Wish you best of luck.

EDITED
Sorry I forgot to put that you shouldn't by any means leave all your funds in an exchange wallet except some trusted ones i think. That should help too.

Oh I see. So the network needs at least 90% consensus to implement Segwit, which it has now. Is Segwit going to be finally implemented on August 1? If so then the hard fork would make sense.

Another question; so during a soft fork the coins do not split into separate chains?

[Variogam]

So the network needs at least 90% consensus to implement Segwit, which it has now.

Segwit need 95% blocks with bit 1 set in difficulty retarget (two week) period. I dont know if there is consensus for it, but not enought bit 1 blocks in this difficulty retarget period.

Is Segwit going to be finally implemented on August 1?

If there is enought support for SegWit2x then Segwit might be activated. I dont see many SegWit2x compatible nodes so far, so hard to say whether miners lock-in SegWit2x before August 1 come. I would not until majority of nodes are SegWit2x compatible.

If so then the hard fork would make sense.

?

Another question; so during a soft fork the coins do not split into separate chains?

If the soft fork is activated by miners then it do not split into separate chains. If the soft fork is activated by users, then the coins can split into separate chains if miners start following both chains.

[Meuh6879]

civil war ?
just a little more complicate ...



Source : https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

[Hienrich]

civil war ?
just a little more complicate ...http://imagize[Suspicious link removed]ageshack.us/a/img905/5295/EICwOf.jpg

http://imagize[Suspicious link removed]ageshack.us/a/img923/1126/sbDA6E.jpg

Source : https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

What is this BIP91, BID141 and all that weird jumble of numbers and words?

[spadormie]

There would be a split on mining and bitcoin itself. I think it is for the good of bitcoin also. Transaction would be faster than usual because of the blockchain. Don't be afraid just store your coins in your wallet and you need to have a private key for it.

[Targusluxe]

So maybe if the split really happens we are gping to have a BTC and BTC Classic sounds funny but i think this comming august 1 will dictate the bitcoins future.