Chain split

[MyTipTopShop]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

[HeRetiK]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

That means that there's a chance that there will be 2 or more versions of Bitcoin in case that miners can't reach a consensus on which version of the Bitcoin protocol to use in the future.

For you right now that means: If you have your coins in cold storage or a desktop wallet, don't worry. Just sit the critical timeframes out (ie. don't do transactions), worst case you'll have Bitcoins on both (or more) sides of the chain. If you have coins on exchanges or an online wallet, it may be a good idea to withdraw your money to a local wallet, or at least do some research on how your exchange / wallet provider has planned to handle a possible chain split.

Here's a more detailed article:
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

I hope it helps.

[bikerleszno]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

That means that there's a chance that there will be 2 or more versions of Bitcoin in case that miners can't reach a consensus on which version of the Bitcoin protocol to use in the future.

For you right now that means: If you have your coins in cold storage or a desktop wallet, don't worry. Just sit the critical timeframes out (ie. don't do transactions), worst case you'll have Bitcoins on both (or more) sides of the chain. If you have coins on exchanges or an online wallet, it may be a good idea to withdraw your money to a local wallet, or at least do some research on how your exchange / wallet provider has planned to handle a possible chain split.

Here's a more detailed article:
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

I hope it helps.

Here https://coin.dance/blocks we can see there will not be split because there is over 87% support for segwit right?

[NJB18]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

Check this out bro https://bitcointalk.org/index.php?topic=2017191.0

This is a post from our legendary administrator Theymos. Please read and click the link on the same post for a more detailed guide. It will bring you to another thread where questions were asked and answered by reliable people.

[thiec]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

That means that there's a chance that there will be 2 or more versions of Bitcoin in case that miners can't reach a consensus on which version of the Bitcoin protocol to use in the future.

For you right now that means: If you have your coins in cold storage or a desktop wallet, don't worry. Just sit the critical timeframes out (ie. don't do transactions), worst case you'll have Bitcoins on both (or more) sides of the chain. If you have coins on exchanges or an online wallet, it may be a good idea to withdraw your money to a local wallet, or at least do some research on how your exchange / wallet provider has planned to handle a possible chain split.

Here's a more detailed article:
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

I hope it helps.

Here https://coin.dance/blocks we can see there will not be split because there is over 87% support for segwit right?

I do remember read some where that bitcoin dev dont support segwit, so there still have many possibility.

paper wallet work best if you know to to use it. If dont than move to realiabe wallet that you can hold its private key

[bikerleszno]

So situation will be clear after 1st august right? anyway there will be split or not btc value will explode after 1st august, am i right? Situation will be clear after this time.

[thiec]

So situation will be clear after 1st august right? anyway there will be split or not btc value will explode after 1st august, am i right? Situation will be clear after this time.

You can see the time line :
* July 21 — Segwit2x is due to be released and presumably all participants to the New York Agreement will run it. The miners currently signaling “NYA” in their coinbase transactions, or about 87% of the last 24 hours’ worth of blocks, are a good estimate of blocks that will mine using Segwit2x.
* July 23 — BIP91 should lock in (requires 80% of 336 blocks to signal)
* July 26 — BIP91 should activate. At this point, all blocks are required to signal for Segwit (BIP141) or they will be orphaned off the network.
* Around July 26–27 — This is also around when we can expect a new difficulty adjustment period to begin. The last one as of this writing was June 17 and they typically take 12–14 days (closer to 13 since new hardware comes online constantly). So June 30 (block 473760), July 13 (block 475776) and July 26 (block 477792) seem to be the next 3 difficulty adjustment period starts.
* August 10 — This is around when we can expect block 479808, which is the end of the difficulty adjustment period. Very close to 100% of blocks in this difficulty adjustment period should be signaling for BIP141 (Segwit). As this is above 95%, Segwit should be locked in.
* August 23 — This is around when we can expect block 481824, which is when Segwit should activate. From this block on, Segwit transactions will be legal on the network. This also sets the activation date for BIP102 on Segwit2x to block 494784 (exactly 144*90 blocks later).
* November 18 — This is around when we can expect block 494784, which is when Segwit2x should hard fork to 2MB blocks.

Source :
https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-about-the-2mb-hard-fork-27749e1544ce

SO Where the August 1st??
That date is Official date for UASF to deploy by its supporter. More detail about UASF here ( http://www.uasf.co/ )

[xbiv2]

Have all answers.
Easy topic:
https://bitcointalk.org/index.php?topic=2007635.msg19988238#msg19988238
Complex topic:
https://bitcointalk.org/index.php?topic=2018878.msg20119234#msg20119234

[Mahanton]

So situation will be clear after 1st august right? anyway there will be split or not btc value will explode after 1st august, am i right? Situation will be clear after this time.

If bitcoin would explode then price would really be affected but we dont know if it would pump or dump after the event for now im ready for the things that might happen later on.I have some bitcoin holdings and as being suggested better not to make nay transaction into those day or near house of it. Just wait for the wallet provider could able to update themselves regarding on the case of split would happen.

[xbiv2]

So situation will be clear after 1st august right? anyway there will be split or not btc value will explode after 1st august, am i right? Situation will be clear after this time.

If bitcoin would explode then price would really be affected but we dont know if it would pump or dump after the event for now im ready for the things that might happen later on.I have some bitcoin holdings and as being suggested better not to make nay transaction into those day or near house of it. Just wait for the wallet provider could able to update themselves regarding on the case of split would happen.

BITCOIN holders will win anywey https://bitcointalk.org/index.php?topic=2007635.msg19988238#msg19988238

[CryptonomyCapital]

Don't be afraid for your money, Ehterium has already passed through the split, and it's all right.

[Ayers]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

very simple mate, if you have bitcoin on various exchange withdrawals them all and secure them in cold storage, if you have your coins only in your local wallet, you don't need to do anything, they are secure, just don't move them in the first week of august or so to avoid trouble

[aesma]

Don't be afraid for your money, Ehterium has already passed through the split, and it's all right.

Ah ah, you're joking right ? Ethereum did split into two coins. People who held their private keys were eventually fine, but if you only kept ETC, then you missed out on ETH's rise completely.

[BrewMaster]

Don't be afraid for your money, Ehterium has already passed through the split, and it's all right.

nobody has ever cared about a shitcoin with 0 real world usage. no merchant, no real services, businesses, .... even used ethereum and never will.
this means even if it splits into 100 other new forked altcoins and if they do 100 other DAO-like roll back, still nobody cares.

however a split in bitcoin is a very big threat. because it not only involves individuals investing in it but also it involves hundreds of thousands of businesses relying on it.

[Mandoy]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

A split means that there will be two versions of bitcoin. Its like a bamboo split into two. The first version is the BIP and the other is the Legendary. BIP is the new bitcoin while the Legendary is the old coin. After the split there is also a possibility that one version will be dissolved and only one version will remain. Thus the split can affect the bitcoin market greatly it either can make the market increase in value very fast or it will cause a tremendous price crash due to panic selling from the bitcoin holders. Thus before that time comes it is best to just convert your bitcoins to dollars so you can avoid any negative impacts that event will bring. And after everything is clear then you can buy bitcoins again without worries.

[Blastful]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

Check this out bro https://bitcointalk.org/index.php?topic=2017191.0

This is a post from our legendary administrator Theymos. Please read and click the link on the same post for a more detailed guide. It will bring you to another thread where questions were asked and answered by reliable people.

Yes, check out the thread started by Theymos. It's explained in an easy to understand language. Not very technical in my opinion. I just hope that you won't be leaving the btc on any exchange. Have them in a wallet that you control the private keys to.

[Mahanton]

Don't be afraid for your money, Ehterium has already passed through the split, and it's all right.

This is what im thinking too because i do see on the situation of Etherium when it splitted price have been affected but in the long run it stabilize and now it rose up huge the same wit ETC the another half. Its still have value bot not equal on ETH itself which i can say that it would be the same scenario would happen on Bitcoin incase if theres a split. Wondering what would be the name of the 2nd bitcoin? Anyone? Ex. if i do have 1 bitcoin if it splits, what would happen actually? 0.5 pure bitcoin and the other 0.5 is the clone?

[YOYOY]

Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

very simple mate, if you have bitcoin on various exchange withdrawals them all and secure them in cold storage, if you have your coins only in your local wallet, you don't need to do anything, they are secure, just don't move them in the first week of august or so to avoid trouble

very well said mate, this time I also know what will happen to that segwit thing, right now I am aware of it and I will give also this news to my friends who have bitcoin in an exchange withdrawals so they are fully aware also where do there bitcoin will go in the first week of August. Thanks again.

[Jarkss]

No matter what happen, crypto currency will beat fiat.