WHAT WILL HAPPEN IN BITCOIN FORK?

[armaggedon]

Can someone enlighten me on the upcoming bitcoin fork? and bitcoin gold?
other says that i need to hold my bitcoin and it will be duplicated as bitcoin gold is it true?

[illinest]

Can someone enlighten me on the upcoming bitcoin fork? and bitcoin gold?
other says that i need to hold my bitcoin and it will be duplicated as bitcoin gold is it true?

In ~ 100 blocks, the Bitcoin Gold developers will take a snapshot of the Bitcoin blockchain. The UTXO set will be copied so any coins you hold on the BTC chain will also be held on the BTG chain. However, it's not a live fork. The developers are apparently pre-mining the chain and publicly launching the chain a week later around November 1st.

The Segwit2x fork is a bit more worrisome. In that case, ~85% of miners are signalling that they will change the consensus rules and mine a different blockchain with bigger block sizes in mid-November. That alone is no big deal, but major services are also signed onto the deal, some of whom have said they will follow the chain with highest difficulty and call that "Bitcoin." That means they'll follow the miners. In that case, there could be a lot of confusion amongst users and investors. It could be chaotic and a lot of people could lose money if there is no replay protection. I could see a lot of lawsuits coming out of it.

[mk4]

Same thing is going to happen with the past BitcoinCash fork. You just need to hold your bitcoin on a wallet whereas you have access to your privatekeys. Then you're going to have the same amount(same as the amount on your BitcoinBTC wallet) of bitcoingold on the bitcoingold chain.

[Booowaaap]

Someone have an idea about the price of BTG will start?

[armaggedon]

Can someone enlighten me on the upcoming bitcoin fork? and bitcoin gold?
other says that i need to hold my bitcoin and it will be duplicated as bitcoin gold is it true?

In ~ 100 blocks, the Bitcoin Gold developers will take a snapshot of the Bitcoin blockchain. The UTXO set will be copied so any coins you hold on the BTC chain will also be held on the BTG chain. However, it's not a live fork. The developers are apparently pre-mining the chain and publicly launching the chain a week later around November 1st.

The Segwit2x fork is a bit more worrisome. In that case, ~85% of miners are signalling that they will change the consensus rules and mine a different blockchain with bigger block sizes in mid-November. That alone is no big deal, but major services are also signed onto the deal, some of whom have said they will follow the chain with highest difficulty and call that "Bitcoin." That means they'll follow the miners. In that case, there could be a lot of confusion amongst users and investors. It could be chaotic and a lot of people could lose money if there is no replay protection. I could see a lot of lawsuits coming out of it.

what you said about the part losing money,
that means this upcoming fork can make my btc disappear in my wallet even if i have m private keys?

[armaggedon]

Same thing is going to happen with the past BitcoinCash fork. You just need to hold your bitcoin on a wallet whereas you have access to your privatekeys. Then you're going to have the same amount(same as the amount on your BitcoinBTC wallet) of bitcoingold on the bitcoingold chain.

what wallet do you think i need to hold my btc? i have my btc in an excahnge and jaxx.io

[illinest]

Can someone enlighten me on the upcoming bitcoin fork? and bitcoin gold?
other says that i need to hold my bitcoin and it will be duplicated as bitcoin gold is it true?

In ~ 100 blocks, the Bitcoin Gold developers will take a snapshot of the Bitcoin blockchain. The UTXO set will be copied so any coins you hold on the BTC chain will also be held on the BTG chain. However, it's not a live fork. The developers are apparently pre-mining the chain and publicly launching the chain a week later around November 1st.

The Segwit2x fork is a bit more worrisome. In that case, ~85% of miners are signalling that they will change the consensus rules and mine a different blockchain with bigger block sizes in mid-November. That alone is no big deal, but major services are also signed onto the deal, some of whom have said they will follow the chain with highest difficulty and call that "Bitcoin." That means they'll follow the miners. In that case, there could be a lot of confusion amongst users and investors. It could be chaotic and a lot of people could lose money if there is no replay protection. I could see a lot of lawsuits coming out of it.

what you said about the part losing money,
that means this upcoming fork can make my btc disappear in my wallet even if i have m private keys?

One danger is web wallets like Xapo and Blockchain.info; they may follow the B2X chain and so they will accept any B2X sent to you as BTC (even though B2X may have much less value).

Another danger is replay attacks in general. The fork itself will not make your BTC disappear. But if you try to interact with the forked chain (e.g. set up a B2X node and import your private keys and send B2X), those transactions could replay on your BTC wallet. So your BTC could disappear even though you only intended to send B2X. Be careful out there!

[armaggedon]

Can someone enlighten me on the upcoming bitcoin fork? and bitcoin gold?
other says that i need to hold my bitcoin and it will be duplicated as bitcoin gold is it true?

In ~ 100 blocks, the Bitcoin Gold developers will take a snapshot of the Bitcoin blockchain. The UTXO set will be copied so any coins you hold on the BTC chain will also be held on the BTG chain. However, it's not a live fork. The developers are apparently pre-mining the chain and publicly launching the chain a week later around November 1st.

The Segwit2x fork is a bit more worrisome. In that case, ~85% of miners are signalling that they will change the consensus rules and mine a different blockchain with bigger block sizes in mid-November. That alone is no big deal, but major services are also signed onto the deal, some of whom have said they will follow the chain with highest difficulty and call that "Bitcoin." That means they'll follow the miners. In that case, there could be a lot of confusion amongst users and investors. It could be chaotic and a lot of people could lose money if there is no replay protection. I could see a lot of lawsuits coming out of it.

what you said about the part losing money,
that means this upcoming fork can make my btc disappear in my wallet even if i have m private keys?

thankyou for the advice!




One danger is web wallets like Xapo and Blockchain.info; they may follow the B2X chain and so they will accept any B2X sent to you as BTC (even though B2X may have much less value).

Another danger is replay attacks in general. The fork itself will not make your BTC disappear. But if you try to interact with the forked chain (e.g. set up a B2X node and import your private keys and send B2X), those transactions could replay on your BTC wallet. So your BTC could disappear even though you only intended to send B2X. Be careful out there!

.

well thankyou for the advice!
you think jaxx.io is a safe wallet in the upcoming fork?