Topic: Bitcoin Core/XT Explanation in simple terms - page 2. (Read 3339 times)

It was hard to understand the difference of Bitcoin Core/XT but after reading this easy and well explained thread now many things are cleared in my mind about this upcoming and expected changes. Thanks a lot.

Thanks for the simple explanation. What are the implications if someone uses other wallets? Example blockchain.info wallet, electrum, and many others? I think this will cause serious uncertainty in the beginning if the blockchain forks. It is best to avoid a fork if possible.  

Thank you for this! This cleared up a lot. so since you said you can pick what network you want to import the private keys to if you have cold storage, does this mean that essentially you double your BTC? Also if you choose to import on one network, can you ever send a transaction to the other network? I would guess if ou wanted this you could just make a paper wallet and then send the money back to cold storage and then import the wallet on the other network?

Thanks

Good explanation, I will link this thread when I'll see an user that wants to know more about the '20MB fork" (and other features).

Well done!

Thanks man, this was the simple 'dumbed down' answer I was looking for.
I have a healthy stash but I'm not a techie or computer wizard, tbh I have no need to be.
I'm just an investor but thank you for easing my fears/nerves.
I just didn't want to be left with useless or out of date coins etc.

blockstream, basically sidechains, 20 of those is like having the current limit raised to 20

as a far as i know there are no others alternative, either 20mb or sidechains

The same applies. If you keep your wallet stored 'cold', in the event of a fork you will still be able to use that cold wallet with either or both networks.

That's not as easy to put in simple terms and possibly shouldn't be included in this thread, but the XT project proposes immediately increasing the max block size to 20MB whereas the Bitcoin Core project has yet to reach a solution. This might help inform you more:
http://qntra.net/2015/05/gavin-threatens-to-quit-bitcoin-development-and-join-hearns-fork/

you just import your wallet.dat in bitcoinXT and you are fine.


@Anonymailer

good thread.

https://github.com/bitcoinxt/bitcoinxt


You will have to import the keys to spend the coins. Depending on the client you import the keys to you join either (or both) networks.

So what are the proposed solutions that aren't the 20MB blocksize fork? I want a list.

What if you don't run either client & 90% of your stash is in cold storage?

As a result of the lack of clarity regarding the current debate about Bitcoin's future, I've tried to put it in simple terms for those who're trying to figure out what's going on.
The below is also available on my blog: http://fabulouspanda.co.uk/blog/index.php?post/2015/05/31/The-Bitcoin-Core-vs-XT-debate-and-necessary-clarifications.

The news that Bitcoin may fork has caused widespread panic among the community. Here I hope to explain a few important facts regarding it's wider implications.

The most well known developers of Bitcoin have raised important issues regarding the long term viability of the Bitcoin network, and the various solutions proposed going forwards. Due to the lack of consensus, this has resulted in a great deal of fear and uncertainty in the user base.

The code which powers the Bitcoin network can be found here: https://github.com/bitcoin/bitcoin This code has evolved as long as Bitcoin has been around. But the debate over the block size limit and how to manage it has caused some of the best known developers to set up another client for bitcoin, here:

https://github.com/bitcoinxt/bitcoinxt
Edit: The bitcoinxt github has existed since 2014, but it's only now over the max block size debate that Gavin Andresen has leant support to it

The former is now referred to as "Bitcoin Core", and the latter "Bitcoin XT". For the time being, you can use the same wallet with both bitcoin clients, and they run on the same network. From the XT github README:

"Bitcoin XT is more experimental than Bitcoin Core, and has a strong emphasis on supporting the needs of app developers and merchants. By running it you not only provide additional services to the network but help build confidence in the implementations, contributing towards consensus for inclusion in a future version of Bitcoin Core.

XT uses the same data directories as Core so you can easily switch back and forth."

If/when the two change dramatically enough, that may no longer be true, in which case the network will 'fork', resulting in a new Bitcoin XT network incompatible with the Bitcoin Core network, which would require different wallets. But the important thing to bear in mind is that if you have a backup of your current wallet now, you can run both clients/networks - essentially, if you have 1 Bitcoin, after the fork (if you have today's wallet backed up) you will have 1 Bitcoin, and 1 'BitcoinXT', each with independent values based on their popular adoption. As Bitcoin is currently by far the dominant cryptocurrency, it is extremely unlikely that both possible future versions of Bitcoin would either cease to exist or lose all value, and the developers are doing their best to avoid a fork and reach a common solution to the necessary evolution of the technology.

So please, try to keep the debate about this big news relevant to the facts and keep in mind that as with all Bitcoin news, many people will attempt to use the news to manipulate those without full knowledge of it to affect the price in their favour. We need discussion, not panic.