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RE: A Bitcoin HardFork And Its Potential Consequences - August 1st Will Be An Interesting Day
I still have my BTC in Coinbase . But know I need to move to cold storage -do you think it's too late? I mean in order to reap the benefits of the fork (having one of the new 'bitcoins' as well as the original BTC?
For a limited time, like 3 days, you will have both, but once (and if) the hardfork happens, you will have ti stick just with one coin.
I think this is not true. When ethereum had a hardfork you had ethereum an ethereum classic. The blockcain of etheum was then also used for ethereum classic. If you had 10 ethereum than after the hardfork you had 10 ethereum and 10 ethereum classic. After three days nothing happens you can choose to hold bout coins forever. But I’m looking forward to august 1!!!
Oh wow. I've misunderstood all along- I thought you would have BTC plus BTU, or X version of BTC. So basically, post hardfork, we have to choose which one we want? Thanks appreciate the reply!
The hardfork will not "double" your coins. It will split the protocol, so one one branch you will have Bitcoin and on the other BTX or whatever the name they'll give it. Each branch will operate independently and the price of each version of the coin will evolve independently.
ETH and ETC are the most obvious examples. ETC used to be ETH.
From the Bitcoin Magazine article:
"If a majority of hash power signals support for Segregated Witness through BIP148 on or before August 1st, the protocol upgrade will activate smoothly. In that case, you’re fine, even if you didn’t prepare at all.
But it’s also possible that a majority of hash power will not go along with the BIP 148 UASF on August 1st, in which case the chain could split. If you hold your private keys, you will then have both 148 BTC and Legacy BTC."
So, you could end up with two different flavors of BTC, with your original number of coins in both.
I should point out that this article isn't mentioning the Hard Fork at all, but the Soft Fork. The Hard Fork will additionally complicate things, to the point that there might be three brands of BTC on August 2.
Got it thanks for the explanation !