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Author Topic: Bitcoin fork - new coin?  (Read 2980 times)
Aezop
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October 12, 2017, 08:49:36 PM
 #1

Hello all,

I am owning some bitcoins and other alt coins since a while and I have been reading a lot over here in stealth modus, really helpful.

Now there is a fork coming up and I am confused;
As far as I can see a fork is like a share split of a company.  Like Pfizer dId with zoetis in the US.  The owners of shares in Pfizer also get shares in zoetis for free, right?

Now let's say I have my bitcoin stored at coinbase.  Do I automatically get the fork shares? Does coinbase support it? Or do I have to put them in a different wallet?
Do I have to claim them?

That is unclear to me. Maybe somebody can help me and probably some others out on this subject?
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October 13, 2017, 12:09:11 AM
 #2

Hello all,

I am owning some bitcoins and other alt coins since a while and I have been reading a lot over here in stealth modus, really helpful.

Now there is a fork coming up and I am confused;
As far as I can see a fork is like a share split of a company.  Like Pfizer dId with zoetis in the US.  The owners of shares in Pfizer also get shares in zoetis for free, right?

If you own BTC at the time of a hardfork, you also own BCH, Bitcoin Gold, B2X, etc on the new fork. For each 1 BTC you get 1 BCH, 1 Bitcoin Gold, 1 B2X, etc.

It's basically like someone created a new bank account for you, mirroring your balance by using your old account statements, but at a new bank and with a new currency.


Now let's say I have my bitcoin stored at coinbase.  Do I automatically get the fork shares? Does coinbase support it? Or do I have to put them in a different wallet?
Do I have to claim them?

That is unclear to me. Maybe somebody can help me and probably some others out on this subject?

Coinbase supporting Bitcoin Gold seems unlikely. So far it looks like Coinbase will support B2X, but I wouldn't bet on it unless they renew their commitment in an official statement.

If you want to access fork coins that Coinbase does not support, you need to move your BTC to a wallet of your own before the fork happens. Don't forget to account for confirmation times. A wallet of your own is a wallet like Electrum or Bitcoin Core, ie. a wallet where you have direct access to your own private keys.

After the fork you need to import these private keys (or the recovery seed words) into a wallet that supports Bitcoin Gold or B2X respectively. Using the wallet of the respective Bitcoin fork, you can freely access your coins. However you don't need to "claim" them or access them right away. As long as you have the private keys you can access your forked coins any time in the future.

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October 13, 2017, 12:12:11 AM
 #3

Good that was helpful as I was also looking for answer to this question.

AtheistAKASaneBrain
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October 13, 2017, 01:48:56 AM
 #4



After the fork you need to import these private keys (or the recovery seed words) into a wallet that supports Bitcoin Gold or B2X respectively. Using the wallet of the respective Bitcoin fork, you can freely access your coins. However you don't need to "claim" them or access them right away. As long as you have the private keys you can access your forked coins any time in the future.


Caution: Before importing your wallet into Bitcoin Gold, B2X or whatever other fork, you MUST send your BTC to other addresses. Once you empty your wallet, you can import this now empty wallet into the forked blockchain to access your forked coins.

This step will guarantee any weird behavior like double spend/replay attacks and so on. You just don't want matching keys in both chains before you send them to exchanges.
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October 13, 2017, 09:39:08 AM
 #5

Hello all,

I am owning some bitcoins and other alt coins since a while and I have been reading a lot over here in stealth modus, really helpful.

Now there is a fork coming up and I am confused;
As far as I can see a fork is like a share split of a company.  Like Pfizer dId with zoetis in the US.  The owners of shares in Pfizer also get shares in zoetis for free, right?

Now let's say I have my bitcoin stored at coinbase.  Do I automatically get the fork shares? Does coinbase support it? Or do I have to put them in a different wallet?
Do I have to claim them?

That is unclear to me. Maybe somebody can help me and probably some others out on this subject?

Basically when you are having some amount of bitcoin in a wallet and you are the one owning the private keys to that then you can claim your forked altcoin after the forking happens. That was how the previous fork of BCH occured and also how this one is going to work.

If you want to claim bitcoin gold out all the wallets that you have, then during the time of forking make sure that they coins are in a wallet that you have control over and not an exchange. I dont know about coinbase but I do not trust web wallets and so I prefer the Electrum desktop wallet.

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imma24
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October 13, 2017, 12:51:10 PM
 #6

i hope bittrex supports bitcoin gold, they did for bch. its quite stressful transferring all btc to private wallet. it was so good when they supported bch.
  Smiley
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October 13, 2017, 12:54:26 PM
 #7

Bitcoin Gold is looking like it will be DOA. Its an utter mess.
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October 13, 2017, 02:52:20 PM
 #8

As far as I understand from what i've read yes, a bitcoin fork means from 1 coin you get 2 different coins, with the same blockchain. But from the fork the blockchains part ways.

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October 13, 2017, 06:55:07 PM
 #9

If you would really want to access your bitcoin gold right after the fork has happened, you should move your coins from coinbase to a wallet like electrum (you own the private keys of this wallet). If you're using Coinbase this is NOT the case. You will only receive your bitcoin gold if coinbase decides to and only when they release them. I believe coinbase still hasn't released the bitcoin cash from the previous fork.

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October 13, 2017, 07:03:20 PM
 #10

If you would really want to access your bitcoin gold right after the fork has happened, you should move your coins from coinbase to a wallet like electrum (you own the private keys of this wallet). If you're using Coinbase this is NOT the case. You will only receive your bitcoin gold if coinbase decides to and only when they release them. I believe coinbase still hasn't released the bitcoin cash from the previous fork.

If you go the Electrum route, you may stumble upon a period where you cannot access the coins because there is still no software for Bitcoin Gold Electrum equivalent, so you will not be able to export your seed.

Similarly, users that went the Electrum route with BCash had to wait for Electron Cash, and I still wouldn't trust that program.

It's bet to man up and get your node running. All these forks are forks of Bitcoin Core, so if you run a Bitcoin Core node, you will have instantly access to your coins by copy-pasting the blockchain files, you will just need to wait for the blockchain files to be validated which can be a pain in the ass depending on the power of your computer, but I think a day or two max.
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October 13, 2017, 07:33:25 PM
 #11

If you would really want to access your bitcoin gold right after the fork has happened, you should move your coins from coinbase to a wallet like electrum (you own the private keys of this wallet). If you're using Coinbase this is NOT the case. You will only receive your bitcoin gold if coinbase decides to and only when they release them. I believe coinbase still hasn't released the bitcoin cash from the previous fork.

If you go the Electrum route, you may stumble upon a period where you cannot access the coins because there is still no software for Bitcoin Gold Electrum equivalent, so you will not be able to export your seed.

Similarly, users that went the Electrum route with BCash had to wait for Electron Cash, and I still wouldn't trust that program.

It's bet to man up and get your node running. All these forks are forks of Bitcoin Core, so if you run a Bitcoin Core node, you will have instantly access to your coins by copy-pasting the blockchain files, you will just need to wait for the blockchain files to be validated which can be a pain in the ass depending on the power of your computer, but I think a day or two max.
thanks for the information and enlightenment, Just wanna know which exchanges will support this fork by giving equal amount to btc holders/ I remember August 1st when those who saved their btc on exchange sites got advantage and sold bch at a high price. These exchanges weren't accepting bct deposit for something before they activated that so just need help which exchange supports this fork.

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October 13, 2017, 09:29:26 PM
 #12

Yes you are right, you will receive a new coin after that the fork is done, just think about it, if you had some bitcoins before august 1, you probably received your free bitcoin cash, and the same is going to happen with bitcoin and bitcoin gold at the end of october.
You are going to receive one bitcoin gold per bitcoin that you own, and this is how the fork works, you are going to be able to sell them on a exchange once that it gets listed in any of them.



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October 13, 2017, 09:53:03 PM
 #13

Yes, it is just another altcoin.
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October 13, 2017, 09:58:40 PM
 #14

It's bet to man up and get your node running. All these forks are forks of Bitcoin Core, so if you run a Bitcoin Core node, you will have instantly access to your coins by copy-pasting the blockchain files, you will just need to wait for the blockchain files to be validated which can be a pain in the ass depending on the power of your computer, but I think a day or two max.

Running a full node is ideal for receiving payments. But what you're saying here doesn't add up. Electrum users can simply export the private key to any keys that controlled BTC before the fork.

If there's replay protection, they can simply move their legacy coins first, then export the "empty" private keys into a Bitcoin Gold wallet (or whichever fork). If there's no replay protection, it's best to wait a while after the fork to make any transactions, until it's very clear how to safely split your coins, but I see no reason why a Core wallet is necessary to do so. Technically, one can split coins via nLocktime + RBF in Electrum, although it is not ideal for beginners, as you need command line and nLocktime isn't covered in Electrum's command line documentation.

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October 14, 2017, 12:20:32 PM
 #15

Bitcoin Gold is looking like it will be DOA. Its an utter mess.

Hope so it does not go in those mess. better it have some good value after the event so that people who will be getting those free coins will have some worth and can act as a extra income. I do expect some positive result from this fork for both the coins.

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October 14, 2017, 12:24:02 PM
 #16

Such good ideas here shared by hero members regarding the upcoming fork.
Thanks for that!  Smiley


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October 14, 2017, 03:22:56 PM
 #17

It's bet to man up and get your node running. All these forks are forks of Bitcoin Core, so if you run a Bitcoin Core node, you will have instantly access to your coins by copy-pasting the blockchain files, you will just need to wait for the blockchain files to be validated which can be a pain in the ass depending on the power of your computer, but I think a day or two max.

Running a full node is ideal for receiving payments. But what you're saying here doesn't add up. Electrum users can simply export the private key to any keys that controlled BTC before the fork.

If there's replay protection, they can simply move their legacy coins first, then export the "empty" private keys into a Bitcoin Gold wallet (or whichever fork). If there's no replay protection, it's best to wait a while after the fork to make any transactions, until it's very clear how to safely split your coins, but I see no reason why a Core wallet is necessary to do so. Technically, one can split coins via nLocktime + RBF in Electrum, although it is not ideal for beginners, as you need command line and nLocktime isn't covered in Electrum's command line documentation.

With an Electrum wallet which is an SPV wallet basically, you are trusting whatever the servers want to do for you. I don't see how they are safe to be honest, never liked the idea of SPV wallets. It's better than some exchange or blockchain.info garbage tho.


If you would really want to access your bitcoin gold right after the fork has happened, you should move your coins from coinbase to a wallet like electrum (you own the private keys of this wallet). If you're using Coinbase this is NOT the case. You will only receive your bitcoin gold if coinbase decides to and only when they release them. I believe coinbase still hasn't released the bitcoin cash from the previous fork.

If you go the Electrum route, you may stumble upon a period where you cannot access the coins because there is still no software for Bitcoin Gold Electrum equivalent, so you will not be able to export your seed.

Similarly, users that went the Electrum route with BCash had to wait for Electron Cash, and I still wouldn't trust that program.

It's bet to man up and get your node running. All these forks are forks of Bitcoin Core, so if you run a Bitcoin Core node, you will have instantly access to your coins by copy-pasting the blockchain files, you will just need to wait for the blockchain files to be validated which can be a pain in the ass depending on the power of your computer, but I think a day or two max.
thanks for the information and enlightenment, Just wanna know which exchanges will support this fork by giving equal amount to btc holders/ I remember August 1st when those who saved their btc on exchange sites got advantage and sold bch at a high price. These exchanges weren't accepting bct deposit for something before they activated that so just need help which exchange supports this fork.

You should stop worrying about this. First control your private keys. Then after the fork happens, you can simply choose whatever exchange is supporting the forked coin at that particular time.
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October 14, 2017, 05:01:59 PM
 #18

bitcoin and the fork from other virtual currencies also start circulating in the virtual world. In my opinion, even if bitcoin is in the middle of the fork due to other virtual currencies, the bitcoin still holds its value. If consumers know how to take advantage of bitcoin, bitcoin is still the top choice. until this moment
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October 15, 2017, 04:13:49 PM
 #19

....
If you want to access fork coins that Coinbase does not support, you need to move your BTC to a wallet of your own before the fork happens. Don't forget to account for confirmation times. A wallet of your own is a wallet like Electrum or Bitcoin Core, ie. a wallet where you have direct access to your own private keys.

After the fork you need to import these private keys (or the recovery seed words) into a wallet that supports Bitcoin Gold or B2X respectively. Using the wallet of the respective Bitcoin fork, you can freely access your coins. However you don't need to "claim" them or access them right away. As long as you have the private keys you can access your forked coins any time in the future.

This was the answer that I have been looking for! Thanks!!!
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October 15, 2017, 04:49:37 PM
 #20

You should definetly store your Bitcoins on a wallet which you have full control over.
I would not recommend to use an online wallet. Thats the only way to ensure you will own both coins after the fork.
Once the fork appears there are 2 coins which share the same block history (until "fork-block").
This means for every BTC you own, "you will get" one forked coin (simply by still owning the private key which has value at the time of the fork).
But there is no guarantee for you to get your forked coin from web wallet provider.
Electrum is a nice light weight wallet (does not download full blockchain).

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           T H E   F U T U R E             
                       o f   B E A U T Y


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