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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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pereira4
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Activity: 1610
Merit: 1183
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October 16, 2017, 05:46:30 PM |
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It impacts Bitcoin, because it's a fork of the Bitcoin blockchain. You MUST have your BTC in your own private wallet, so start by downloading Bitcoin Core, which is ideal. If you don't want to download the whole blockchain, get a paper wallet, or Electrum wallet. Anything where you control your private keys, otherwise you will NOT receive the coins on the other chain. |
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karaschoen
Newbie
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Activity: 23
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October 16, 2017, 05:52:47 PM |
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You MUST have your BTC in your own private wallet, so start by downloading Bitcoin Core, which is ideal. If you don't want to download the whole blockchain, get a paper wallet, or Electrum wallet. Anything where you control your private keys, otherwise you will NOT receive the coins on the other chain. So if we do not download the whole blockchain, or get a paper/or Electrum wallet, (to control private keys) does that mean we lose everything? lose the opportunity for the fork? what is worst case scenario. Seems very confusing. |
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BillyBobZorton
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Activity: 1204
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October 16, 2017, 06:10:30 PM |
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It's not that confusing.
If you don't hold your private keys, they are not your bitcoins. This means you are at the mercy of whatever the exchange decides. This could mean that exchange decides to
a) Do not list the fork. Which means they will receive the coins, and do whatever they want with the coins.
b) List the fork as BTC. This means that your actual BTC goes into the hands of the exchange, and they will do whatever they want with it.
c) The exchange lists both coins, BTC as legacy chain, B2X (or whatever else) as the forked chain token, so people can freely do whatever they want with the coins. This is what every exchange should do, since the market is free to choose what the value of each token is, with no confusion.
d) The exchange lists both coins, but lists the forked token as BTC, confusing newbies (so this is like c but flipped)
If an exchange is not following c), write to them and tell them to fuck off, then proceed to get your coins back to your wallet and don't use the exchange again.
In any case, get your coins out of all exchanges immediately before the fork, so you will 100% guaranteed have the coins on both chains regardless what the exchange you are using does. There's no risk if you control your bitcoins.
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muraqaba
Member
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Activity: 128
Merit: 10
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October 17, 2017, 06:05:52 AM |
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coinbase is going to be supporting it.
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krauzzer02
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October 17, 2017, 06:27:49 AM |
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It's hardfork for the bitcoin so it will have some huge or minimal impact depends on what will happen after the Segwit2x, if the exchange have a good implementation and security it is safe however it is not recommend to store your bitcoins there just to make it sure before the hardfork happens, transfer your coins into a offline or cold storage based wallet for you to gain the fork coins and secure for the possible attacks during the segwit2x. Secure your private keys.
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Vendetta666
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October 17, 2017, 06:33:59 AM |
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This will really affect especially the price of bitcoins as it should have you to receive free btg. And in order for you to have your BTC placed on a wallet you control your private key. To receive coins. One of the implications is the rise in the price of bitcoins that we now feel.
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Herbert2020
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Activity: 1946
Merit: 1137
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October 17, 2017, 06:42:55 AM |
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the fork is for bitcoin so it affects bitcoin as far as changing and forking goes.
but if you are thinking about price, it will impact both bitcoin and bitcoin cash in my opinion. i think there will be some panic about SegWit2x fork pretty soon because there is opposition, and because of that bitcoin may start showing some downtime.
bitcoin cash is known to use these FUDs to pump, so it may even rise up because of it reaching a new ATH.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Variogam
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October 17, 2017, 07:07:55 AM |
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So if we do not download the whole blockchain, or get a paper/or Electrum wallet, (to control private keys) does that mean we lose everything? lose the opportunity for the fork?
SegWit2x is Bitcoin upgrade, so there is no replay protection, the aim is to keep only one chain live, Bitcoin. For non technical user it might become very hard to get both coins on their own even if there really become two live chains, so keeping coins at exchange like coinbase who told they give you both coins in this case is much easier for those users. |
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Kaller
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October 29, 2017, 05:54:47 PM |
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So if we do not download the whole blockchain, or get a paper/or Electrum wallet, (to control private keys) does that mean we lose everything? lose the opportunity for the fork?
SegWit2x is Bitcoin upgrade, so there is no replay protection, the aim is to keep only one chain live, Bitcoin. For non technical user it might become very hard to get both coins on their own even if there really become two live chains, so keeping coins at exchange like coinbase who told they give you both coins in this case is much easier for those users. Really? Coinbase is giving out Segwit 2X coins to their users? That is pretty cool. |
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specimen23
Newbie
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Activity: 63
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October 30, 2017, 05:52:44 PM |
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i dont think coinbase has released any official statement supporting segwit2x. Please if i am wrong, kindly give me a link to check.
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joseafonso123az
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October 30, 2017, 06:14:13 PM |
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I believe this will only have an effect n BTC, because it is a fork on the Bitcoin blockchain, and not in the bitcoin cash blockchain. Hopefully this fork will also bring more money to us, and hopefully BTC continues ruling as it is the first and original!
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raisulmushfeq
Newbie
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Activity: 34
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October 30, 2017, 06:22:11 PM |
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Segwit2x may impact bitcoin if it comes without reply protection. It will not directly impact Bitcoin Cash but may indirectly affect the price of bitcoin cash a little bit. It all depends on what kind of support s2x receives.
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Jmesser80
Member
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Activity: 67
Merit: 10
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October 30, 2017, 07:00:37 PM |
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i dont think coinbase has released any official statement supporting segwit2x. Please if i am wrong, kindly give me a link to check.
Coinbase did in fact release a statement regarding the segwit2x fork. They will in fact credit any user with a balance of bitcoin with B2x. https://support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq |
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bunch
Jr. Member
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Activity: 57
Merit: 1
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October 30, 2017, 07:53:55 PM |
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I kind of don’t get this. If I have 5 BTC on Coinbase before the split, I will have 5 BTC2X and 5 BTC cash after? Say 1 BTC is $5k, surely my 5 BTC + 5 BTC cash should have a value of $5k. Is the value $5k + $0k?
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naf
Member
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Activity: 83
Merit: 12
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October 30, 2017, 08:12:32 PM |
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Coinbase statemnents have non sense
First:
"All Coinbase users with a BTC balance at the time of the fork will automatically be credited with an equal balance of B2X."
Then:
"Because Bitcoin and Bitcoin Segwit2x will have identical blockchains up until the point of the fork, it is possible to send the same transaction on one chain and then “replay” it on the other. This can lead to inadvertently sending both BTC and B2X funds at the same time. In order to prevent this, developers must implement a protection mechanism into their software which prevents replays from occurring."
WTF? If it is not going to be replay protection, how are you giving an equal balance of B2X? It sounds as if they are inventing this coins (which wouln't surprise me as future coins are already exchanged in some sites...)
Finally:
"Bitcoin Segwit2x does not have any built-in replay protection, but Coinbase has implemented our own replay protection system. You can safely send any BTC or B2X from Coinbase without worrying about replays on the other chain."
WTF WTF? It seems that Coinbase is making some code! LOL
I'm sure Coinbase B2X will be imaginary coins that would become real only if Segwit2x has replay protection. Otherwise, they would be giving you free money...
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