Topic: [Guide] Handling splits: UASFs, BIP148, etc. - page 30. (Read 48567 times)

This is a fantastic guide. Very simplified for the non-tech savvy as well. Unfortunately many bitcoin holders haven't had the opportunity to read your post going by the senseless FUD being spread on social networks.

You have a very good point there. We the careful ones have to hope that there are enough brave ones who will continue exchanging BTC before and after the 1st August, and preferably most of them on one chain.

Exchanges owners must really be sweating wondering what to do. Will they suspend withdrawals at some point ?

Great summary Theymos. There's a lot of misinterpreted information out there about August 1st. I was confused as well but now the situation is more clear. Fingers crossed now!

This will kill the bitcoin totally.
3 different bitcoins.
I dont like it.
And it is confusing for ordinary people like me.
Will see.
I am gonna convert all my btc to USD now.
Then I am safe.

this is great ! We will keep updated about  the things that might happen after 1st August with your information ! Hopefully all turns up normal and problem arises with this ! 

its a big contreversy during split for other people worried to coins down, and bitcoin can change into two difference but i am also pleasure of saying theymos to guide more on crypto to always ready and preffered after segwit.

Previous replies says NO.

When the chain splits, will there also be the change of mining requirements?  
Which wallet can you recommend for easier use when choosing which chain to go with?

Is it safe to store bitcoin at  blockchain.info ?

Thanks for this guide.

If you want all coin (legacy and fork) I think you should move your btc (include private key) to paper wallet to be secure.
Some wallet (software) may or maybe not work smoothly after split so i prefer wait until everything calm and impor the paper wallet into online again.
You can have both coin if you import to both online wallet or three type wallet if split into three

Am glad to have stumble across this thread, i guess alot of btc holders would not know about this and how to prepare for the upcoming fork.

I guess we'll see a mass withdrawal and a liquidation problem on all exchanges in the upcoming weeks.

Electrum have a guide on how to proceed in case of hard fork - http://docs.electrum.org/en/latest/hardfork.html

Blockchain.info used to have some way to export your private keys, but I don't think they have that capability anymore. Either way, if you want to be able to use your Bitcoin on all forks after a chain split, then you need to control your private keys and control which chain you are using. Using a web wallet like blockchain.info will not provide you this capability. The easiest thing to do would be to just get a desktop wallet (preferably a full node wallet like Bitcoin Core) and send your Bitcoin to an address in the desktop wallet. Then you will have full control of your private keys and be able to choose the chain(s) you wish to follow.

You control your private keys. Which chain you want to spend on only depends on the wallet software you use to interact with your hardware wallet. The hardware wallet itself does not know about nor does it care about the blockchain it is signing transactions for.

There is actually an amazingly simple way to "taint" your coins that I have only recently heard about. This method requires using transaction locktimes and may require a bit of advanced skill (most taint methods require that anyways).

To taint your coins, you need to make one transaction that is valid on one chain and invalid on the other. Since a chain split will likely result in one chain with a majority of the hash rate and one chain with a minority of the hash rate. The chain with the minority hash rate will produce blocks at a slower rate so it will be at a lower block height. Thus you can make a transaction which has a locktime of the most recent block on the chain with the majority hash rate. This means that the transaction will be valid and can be mined on the majority hash rate chain, but is invalid on the minority hash rate chain until it's most recent block height matches the locktime that you set. Once your locktimed transaction confirms on the majority hash rate chain, you immediately make a transaction which spends the same inputs but does not have the locktime and get that confirmed on the other chain. This second transaction will be invalid on the majority hash rate chain because it conflicts with one that has already confirmed, and if the transaction confirms on the minority hash rate chain, then your coins will be successfully split. You can then spend from those transactions on their respective chains without any risk of transaction replay as any transactions that spend from those will be invalid on the other chain.

How about if I have my BTC in a Trezor wallet with a recovery key phrase?

Now we are waiting for some guide that will teach us how to save both currencues after the split.  Sure that's what every Bitcoin holder should do. Just in case.

I am terribly confused about all this. If Bitcoin splits in to three different currencies by August, and if I am keeping my coins in my Blockchain.info wallet, then can anyone tell me what I need to do in order to claim all three coins? How can I get the private key from the (old) Blockchain.info wallet?

Thank you for providing this information, so we can prevent the loss

Thanks Theymos, for guiding us in a very easy manner..

was a bit confuse and chaos in every telegram group/twitter... that either we shift to alts or sell btc for USDT

does electrum wallet is safe to store BTC in this current scenario?

Yeah I would expect so. Splits usually cause serious confusion and members are likely to change their coins to altcoins to avoid the split. After the split has occurred, however, most people return their coins to the "real bitcoin"(The cryptocurrency which most other people are using. To identify this crypto, just look for the coin with the higher market cap).