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Author Topic: How is the BCC fork happening?  (Read 442 times)
SebastianJu
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July 31, 2017, 12:34:13 PM
 #1

Just wondering how they will fork. Normally on a bitcoin address tomorrow there are btc and bcc. Same amount.

When does the coins divide?

When sending he bitcoins from there then the bcc would move together with them since the btc-transaction would also valid on the bcc-chain?

Also when sending bcc from a btc-address you would move the btc also since the bcc-transaction would be valid on the btc-chain also both coins?

How is it handled?
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matt4054
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July 31, 2017, 12:40:54 PM
 #2

Just wondering how they will fork. Normally on a bitcoin address tomorrow there are btc and bcc. Same amount.

Yes.

When does the coins divide?

August 1 12:20 UTC

When sending he bitcoins from there then the bcc would move together with them since the btc-transaction would also valid on the bcc-chain?

Also when sending bcc from a btc-address you would move the btc also since the bcc-transaction would be valid on the btc-chain also both coins?

There is reasonable replay protection in place, but malicious wallets fed with "common" private keys (pre-fork) could still tamper with your coins on the other chain, so the best is to split coins to a new wallet after the fork.
SebastianJu
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July 31, 2017, 11:43:20 PM
 #3

Just wondering how they will fork. Normally on a bitcoin address tomorrow there are btc and bcc. Same amount.

Yes.

When does the coins divide?

August 1 12:20 UTC

When sending he bitcoins from there then the bcc would move together with them since the btc-transaction would also valid on the bcc-chain?

Also when sending bcc from a btc-address you would move the btc also since the bcc-transaction would be valid on the btc-chain also both coins?

There is reasonable replay protection in place, but malicious wallets fed with "common" private keys (pre-fork) could still tamper with your coins on the other chain, so the best is to split coins to a new wallet after the fork.

And how can this be done safely and surely without the transaction being accepted on the other chain also?

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August 01, 2017, 12:36:21 AM
 #4

And how can this be done safely and surely without the transaction being accepted on the other chain also?

To "split" your coins safely, assuming you have a trusted environment and BTC wallet in the first place:

  • Create an completely new BTC wallet, i.e. not sharing any keys with the old one
  • After the fork, move all your BTC from the old wallet to the new wallet
  • Once your old wallet is empty (on the BTC chain), export its private keys
  • Create a new "Bitcoin Cash" wallet, import private keys from your old BTC wallet

Now about the transaction not being accepted on the other chain:

The rationale behind replay protection is basically making transactions incompatible with the other chain by design, i.e. by consensus rules. If someone (or your wallet/client/whatever) records and broadcasts your transaction to the other chain, nodes will reject the transaction. You can read the UAHF specs that I linked in my previous post for the gory details.
SebastianJu
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August 02, 2017, 12:43:13 AM
 #5

And how can this be done safely and surely without the transaction being accepted on the other chain also?

To "split" your coins safely, assuming you have a trusted environment and BTC wallet in the first place:

  • Create an completely new BTC wallet, i.e. not sharing any keys with the old one
  • After the fork, move all your BTC from the old wallet to the new wallet
  • Once your old wallet is empty (on the BTC chain), export its private keys
  • Create a new "Bitcoin Cash" wallet, import private keys from your old BTC wallet

Now about the transaction not being accepted on the other chain:

The rationale behind replay protection is basically making transactions incompatible with the other chain by design, i.e. by consensus rules. If someone (or your wallet/client/whatever) records and broadcasts your transaction to the other chain, nodes will reject the transaction. You can read the UAHF specs that I linked in my previous post for the gory details.

Thanks for the explaination...
thend1949
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August 02, 2017, 01:00:09 AM
 #6

And how can this be done safely and surely without the transaction being accepted on the other chain also?

To "split" your coins safely, assuming you have a trusted environment and BTC wallet in the first place:

  • Create an completely new BTC wallet, i.e. not sharing any keys with the old one
  • After the fork, move all your BTC from the old wallet to the new wallet
  • Once your old wallet is empty (on the BTC chain), export its private keys
  • Create a new "Bitcoin Cash" wallet, import private keys from your old BTC wallet

Now about the transaction not being accepted on the other chain:

The rationale behind replay protection is basically making transactions incompatible with the other chain by design, i.e. by consensus rules. If someone (or your wallet/client/whatever) records and broadcasts your transaction to the other chain, nodes will reject the transaction. You can read the UAHF specs that I linked in my previous post for the gory details.

Thanks for the explaination...

Well, for me I see it that the actual scenario has done a quick and prepared server upgraded which hasn't affected smaller amount of bitcoin stored in my wallet. The said fork was being speculated before the reality happened, and it really went well so I am giving my full appreciation to those who handled the blockchain network improvements as well. So let's welcome the new breakthrough of digital currency system with it's promising systematic network with fastest transactions for the bitcoin's future.

newinbtc
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August 02, 2017, 01:01:27 AM
 #7

Imagine
I have 1 btc before hard fork Bought at 2200$ value and After hard fork Value rises to 2700$ , How much Bitcoins i will get after hard fork Actually will bitcoin price drop down or Will remain same , Still many questions in mind

Currently have money in Block chain wallet , Is i need to Create another account or Creating a New wallet in same account using old keys ....



.
.BITVEST DICE.
HAS BEEN RELEASED!


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