Should we do Bitcoin transactions at this moment?

[ChainSmoker]

BIP91 is activated and top of the forum it says

News: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions.

Why do we have to trust transactions with 5+ more confirms and not 1?Is there a chance that i send some bitcoin at this moment and the bitcoins gets lost?
How long to wait till it's safe to do transactions?There are not much unconfirmed tx too https://blockchain.info/unconfirmed-transactions why people are not making transactions today

[NathanJB]

BIP91 is activated and top of the forum it says

News: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions.

Why do we have to trust transactions with 5+ more confirms and not 1?Is there a chance that i send some bitcoin at this moment and the bitcoins gets lost?
How long to wait till it's safe to do transactions?There are not much unconfirmed tx too https://blockchain.info/unconfirmed-transactions why people are not making transactions today

Avoid transactions using bitcoin as the BIP91 is underway. Yes, you are at a risk of losing your bitcoins transacted when the blockchain is undergoing some development. Or it might not be processed at all. I don't really know but just follow the directives. In bittrex, they have this reminder also: Bitcoin wallet disabled until after BIP-91 is settled. I don't know how long this will last, but let us just wait for an announcement that everything is done and it is already safe to transact with bitcoins.

[SakamHost]

When we can do BTC transactions? How long this will take? I saw btc going down like from 2800 to 2600

[Foxpup]

BIP91 requires miners to orphan blocks that do not signal BIP141. If a transaction you receive is confirmed in such a block, this confirmation will be undone when the block is orphaned, potentially allowing the transaction to be double-spent by the sender. This becomes increasingly unlikely the more confirmations the transaction has, but it is a still a risk you need to be aware of, hence the recommendation to wait for more confirmations than usual.

This risk only affect you if you are receiving coins, not sending them (though if you are sending coins, the person you are sending them to will wait longer before acknowledging your transaction).

(This is also what the warning displayed by Bitcoin Core about "unknown rules" is referring to, though it can only give a generic warning since it doesn't know specifically what the "unknown rules" are.)

Yes, you are at a risk of losing your bitcoins transacted when the blockchain is undergoing some development. ... I don't really know

Only the last part is correct. OP, you would do well to disregard anyone with an ad in their signature, as they're just getting paid to post on topics they may know nothing about.

EDIT: Typo

[ChainSmoker]

BIP91 requires miners to orphan blocks that do not signal BIP141. If a transaction you receive is confirmed in such a block, this confirmation will be undone when the block is orphaned, potentially allowing the transaction to be double-spent by the sender. This becomes increasingly unlikely the more confirmations the transaction has, but it is a still a risk you need to be aware of, hence the recommendation to wait for more confirmations than usual.

This risk only affect you if you are receiving coins, not sending them (though if you are sending coins, the person you are sending them to will wait longer before acknowledging your transaction).

(This is also what the warning displayed by Bitcoin Core about "unknown rules" is referring to, though it can only give a generic warning since it doesn't know specifically what the "unknown rules" are.)

So does that mean it's not safe to withdraw bitcoins from exchanges at this moment?if i withdraw bitcoin from exchange and tx got undone that i am not sure i can get back bitcoin from that exchange.How long till this BIP 91 issue is settled and everything gets back to normal?

[dr blowfin]

I have a small amount on Poloniex that I wanted to withdraw before 1st of August so that it is under my control in case of any chain split and also so that I can include it in the next Byteball airdrop.
Now I'm wondering if it's safer to leave it on the exchange?

[BitcoinHodler]

5 times more confirmations than usual

Why do we have to trust transactions with 5+ more confirms and not 1?

it is not 5+ more, it is 5 times more.
it means if you were running a full node for example and receiving transactions and accepting them with 1 confirmation, now it is best to wait 5.
if you were for any reason receiving large amounts for example, and waiting for 3 now it is best to wait for 15.
if you were running an SPV wallet and waiting for the suggested number of 6 now it is best to wait for 30

Is there a chance that i send some bitcoin at this moment and the bitcoins gets lost?

your bitcoin won't get lost. if the block is orphaned as Fox said the transaction becomes unconfirmed. the chances is that the same transaction will be included in another block which is on the main chain. but it may just go back to mempool and stay as "unconfirmed" so the sender can potentially double spend that.

How long to wait till it's safe to do transactions?There are not much unconfirmed tx too https://blockchain.info/unconfirmed-transactions why people are not making transactions today

i explained the numbers above.
also the number of unconfirmed transactions has been low like this for a while now because the spam attack has stopped.

BIP91 requires miners to orphan blocks that do not signal BIP141. If a transaction you receive is confirmed in such a block, this confirmation will be undone when the block is orphaned, potentially allowing the transaction to be double-spent by the sender.

i think a more correct term is confirmed on an "orphaned chain." because things are much more complicated than that. i am not 100% sure on the details but, miners do a lot of spy mining, so there may be a block that doesn't signal so it should be orphaned but because of spy mining and them not verifying the block they don't know it and build on top of it. it can become even a long chain and your transaction may very well be on the 2nd, 3rd, ... 5th block that is even signaling correctly but built on top of a rejected block hence a long orphaned chain.

[dothebeats]

BIP91 is activated and top of the forum it says

News: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions.

Why do we have to trust transactions with 5+ more confirms and not 1?Is there a chance that i send some bitcoin at this moment and the bitcoins gets lost?
How long to wait till it's safe to do transactions?There are not much unconfirmed tx too https://blockchain.info/unconfirmed-transactions why people are not making transactions today

Well ever since the conception of bitcoins, the most advisable thing to do before trusting or using the coins received is to wait for 6 confirmations on the tx so as to avoid the risk of double-spent transactions. In the current state of bitcoin undergoing development, the thing is miners are required to orphan blocks that don't signal BIP 141. If you receive such a confirmation, the system will simply "reject" the confirmation that doesn't signal BIP141 and accept those confirmations from a BIP 141 signalled block.

[AmiranAbdul]

I think it's better to wait a little and not to make any transactions until the moment when the price stabilizes. It is better to make transactions only as a last resort when absolutely there are no means for existence.

[Foxpup]

So does that mean it's not safe to withdraw bitcoins from exchanges at this moment?if i withdraw bitcoin from exchange and tx got undone that i am not sure i can get back bitcoin from that exchange.

The transaction will still exist, it will simply be unconfirmed again after having previously been confirmed. It will confirm again unless double-spent in the meantime, and in that respect is as (un)safe as any other unconfirmed transaction; you just need to treat transactions with a small number of confirmations as being potentially unconfirmed.

Note also that it's always been possible for blocks to be orphaned for a variety of reasons, resulting in previously confirmed transactions becoming unconfirmed; it's just that now there's a much greater risk of it happening due to miners doing it intentionally.

How long till this BIP 91 issue is settled and everything gets back to normal?

Until SegWit (BIP141) is activated in (I think) about a month.

[Dimelord]

I have a small amount on Poloniex that I wanted to withdraw before 1st of August so that it is under my control in case of any chain split and also so that I can include it in the next Byteball airdrop.
Now I'm wondering if it's safer to leave it on the exchange?

It would be better if you withdraw your bitcoins from the exchange and store it in your desk top wallet.Its because if a hard fork happens and bitcoin splits into two chains,almost all exchanges would suspend the deposits and withdrawals for atleast 24 to 48 hours.Also,even if you keep your bitcoins in your wallet,don't do any transactions during august 1.If you follow these steps,then your bitcoins would be safe.

[pearlmen]

I have a small amount on Poloniex that I wanted to withdraw before 1st of August so that it is under my control in case of any chain split and also so that I can include it in the next Byteball airdrop.
Now I'm wondering if it's safer to leave it on the exchange?

It would be better if you withdraw your bitcoins from the exchange and store it in your desk top wallet.Its because if a hard fork happens and bitcoin splits into two chains,almost all exchanges would suspend the deposits and withdrawals for atleast 24 to 48 hours.Also,even if you keep your bitcoins in your wallet,don't do any transactions during august 1.If you follow these steps,then your bitcoins would be safe.

From what he posted he has made it clear he wanted to move his coins to somewhere safe but what he is asking in which I am sure a lot of people are facing the same thing including myself is "Is it safe to move now?" which is really the bone of contention because what I read on the forum was to avoid any transaction 12hours before August 1 and I am planning to move my  few coins but now, its another thing entirely.

[ChainSmoker]

How long till this BIP 91 issue is settled and everything gets back to normal?

Until SegWit (BIP141) is activated in (I think) about a month.

So you mean i should wait 1 month to withdraw my coins from exchange to be safe or should i withdraw now to my offline wallet immediately?
UAHF is coming on august 1 and i want to hold coins all chains if bitcoin splits but some are suggesting to wait till BIP 91 settles which will take 1 month.What to do now?

[eaLiTy]

So you mean i should wait 1 month to withdraw my coins from exchange to be safe or should i withdraw now to my offline wallet immediately?
UAHF is coming on august 1 and i want to hold coins all chains if bitcoin splits but some are suggesting to wait till BIP 91 settles which will take 1 month.What to do now?

If the exchanges allow you to withdraw your coins then you should move that you personal wallet where you hold the private key as it is the best thing you can do even if there is any disruption in the network,always take the safe route and i think by August one you should avoid doing any transactions until everything clears up.

[ChainSmoker]

So you mean i should wait 1 month to withdraw my coins from exchange to be safe or should i withdraw now to my offline wallet immediately?
UAHF is coming on august 1 and i want to hold coins all chains if bitcoin splits but some are suggesting to wait till BIP 91 settles which will take 1 month.What to do now?

If the exchanges allow you to withdraw your coins then you should move that you personal wallet where you hold the private key as it is the best thing you can do even if there is any disruption in the network,always take the safe route and i think by August one you should avoid doing any transactions until everything clears up.

Yes most of the exchanges are currently allowing bitcoin withdraw but not Bittrex. https://bittrex.com/Status

Bitcoin wallet disabled until after BIP-91 is settled. https://support.bittrex.com/hc/en-us/articles/115000761392

Why they have disabled their bitcoin wallet if there is little to no risk for bitcoin transaction at this time.What all does that mean?My bitcoins are not on bittrex but on different exchange which is allowing bitcoin withdraw at the moment and i want to be 100% sure the bitcoin will reach my offline wallet without any issue if i withdraw now?

[swogerino]

We should as we have done always. Based on that recommendation since 5 confirmation are needed before trusting anyone, we have to use highest possible fees so 5 confirmations will be in a maximum of 15-35 minutes. I think we should be very careful when dealing with different exchanges, I am withdrawing everything I have there and waiting what will happen after August 1.

[FasTroy]

We should as we have done always. Based on that recommendation since 5 confirmation are needed before trusting anyone, we have to use highest possible fees so 5 confirmations will be in a maximum of 15-35 minutes. I think we should be very careful when dealing with different exchanges, I am withdrawing everything I have there and waiting what will happen after August 1.

This is a smart move to withdraw your all fund in bitcoin to your wallet, because anything can happen in 1 august, so to be careful we should withdraw all our bitcoins from exchanging sites or any other investement sites.
Anyways, As you said, we should increase a bite bitcoin transactions fees for being fast to confirm.

[Qartersa]

Right now I don't think people should be hindered from using their bitcoins. Just remember to store them independently in your own private keys before august 1 though. Also, since BIP 91 has locked in and theymos has set a warning that we should wait atleast 5 confirmations on our transactions as there could be problems.

[~Bitcoin~]

I have just done few bitcoin transactions today without any issue but block are being mined slowly right now and difference between two blocks is more than 20 minutes right now so we might have to wait for atleast 2 hours to get required 5 confirmation to consider it as safe. However we can wait for few more days till all things will settle down and segwit will be activated without problem.

[megynacuna]

We should as we have done always. Based on that recommendation since 5 confirmation are needed before trusting anyone, we have to use highest possible fees so 5 confirmations will be in a maximum of 15-35 minutes. I think we should be very careful when dealing with different exchanges, I am withdrawing everything I have there and waiting what will happen after August 1.

This is a smart move to withdraw your all fund in bitcoin to your wallet, because anything can happen in 1 august, so to be careful we should withdraw all our bitcoins from exchanging sites or any other investement sites.
Anyways, As you said, we should increase a bite bitcoin transactions fees for being fast to confirm.

Well but always remember you'll be losing a few satoshis on moving your coins around. Nothing bad is going to happe and if anything bad should happen you'll not be shielded from it on August 1 irrespective of your wallet unless the exchange decides to rob you off your coins which I sincerely doubt.