BTC devs will have to think of something to avoid BTCU mined after split could be sent to BTC chain and be considered as BTC as well and vice versa.
In total you could only spend a transaction twice not more. you could spend any coin after the fork in both chains but not the new generated coins.
Topic: Hard Fork and Offline/Paper Wallet question (Read 3139 times)
I'm also wondering about this.
If I understand correctly:
(supposing I own 1 BTC)
- 1 BTC will exist in both chains
- Will this mean the BTC price will be adjusted across BTCu and BTC? and your X amount of btc in both chains will equal present value(like in a stock split)?
- Will you somehow end up with two different BTC addresses BTC and BTCu? And if so, how do you know the BTCu one?
What actions should a regular BTC holder (limited understanding of blockchain technology) take here?
Im very interested in this mentioned by @AliceWonderMiscreations :
This I don´t quite follow given my limited understanding I think you would somehow enter an exchange or are you talking about:
-Buying new BTCs that are credited to this new BTC/BTCu address and then moving a combined amount of BTC/BTCu to New BTC/BTCu address in the new fork (post split) as a single transaction so that its merged as a single amount on this new address?
Cheers
If I understand correctly:
(supposing I own 1 BTC)
- 1 BTC will exist in both chains
- Will this mean the BTC price will be adjusted across BTCu and BTC? and your X amount of btc in both chains will equal present value(like in a stock split)?
- Will you somehow end up with two different BTC addresses BTC and BTCu? And if so, how do you know the BTCu one?
What actions should a regular BTC holder (limited understanding of blockchain technology) take here?
Im very interested in this mentioned by @AliceWonderMiscreations :
Quote
What I plan to do, if and when the fork happens, is aquire some BTC mined one on chain and then combine that with my currency to create a transaction that can only be valid on that chain, and then send the same BTC I had before the fork to myself where it will only be valid on the other chain.
This I don´t quite follow given my limited understanding I think you would somehow enter an exchange or are you talking about:
-Buying new BTCs that are credited to this new BTC/BTCu address and then moving a combined amount of BTC/BTCu to New BTC/BTCu address in the new fork (post split) as a single transaction so that its merged as a single amount on this new address?
Cheers
hmm. still confused and not sure I'm going to be flipping coins back and forth. If I mined them, and they were free/pennies, might make sense.
If one has an offline wallet with 1 bitcoin that cost me $1000, for example
and then the fork occurs...
How do I then have 1 Bitcoin Core and 1 Bitcoin Unlimited?
If I do nothing, my wallet still remains - when I scan my QR code, what will it tell me?
Will my old Bitcoin coin show up as Bitcoin Core or Unlimited or Classic?
If I import this offline wallet back into an exchange, what does it do? Where does it go?
Think of a fork in a path. Both ways that start with the fork have the same path before the fork occurs. So if you had 1 BTC before the fork it will be on both paths. If one has an offline wallet with 1 bitcoin that cost me $1000, for example
and then the fork occurs...
How do I then have 1 Bitcoin Core and 1 Bitcoin Unlimited?
If I do nothing, my wallet still remains - when I scan my QR code, what will it tell me?
Will my old Bitcoin coin show up as Bitcoin Core or Unlimited or Classic?
If I import this offline wallet back into an exchange, what does it do? Where does it go?
If you will scan it or send it to an exchange it will depend on the scanner/exchange what it will show. But in most cases it should show both.
hmm. still confused and not sure I'm going to be flipping coins back and forth. If I mined them, and they were free/pennies, might make sense.
If one has an offline wallet with 1 bitcoin that cost me $1000, for example
and then the fork occurs...
How do I then have 1 Bitcoin Core and 1 Bitcoin Unlimited?
If I do nothing, my wallet still remains - when I scan my QR code, what will it tell me?
Will my old Bitcoin coin show up as Bitcoin Core or Unlimited or Classic?
If I import this offline wallet back into an exchange, what does it do? Where does it go?
If one has an offline wallet with 1 bitcoin that cost me $1000, for example
and then the fork occurs...
How do I then have 1 Bitcoin Core and 1 Bitcoin Unlimited?
If I do nothing, my wallet still remains - when I scan my QR code, what will it tell me?
Will my old Bitcoin coin show up as Bitcoin Core or Unlimited or Classic?
If I import this offline wallet back into an exchange, what does it do? Where does it go?
Note that if you do this, when receiving transaction from others, what you receive may be on both chains - so rinse and repeat if it is.
Let's say you have 3 BTC worth it UTXOs you can spend.
After the fork, you will have 3 BTC and 3 BTCu (where BTC is core and BTCu is unlimited)
However there is no way to prevent a transaction from being transmitted to miners on both chains. So you what you have to do, is set yourself up so that your UTXOs are not valid on both branches.
Launch a BU client and buy some dust mined in BTCu branch. Create a transaction that sends all your coins PLUS the dust to yourself.
The result in only spendable on BTCu branch because it is not valid on BTC core branch.
Now your value is separated and you can't accidentally create a transaction that is valid on both chains and you still have 3 BTC on both chains.
I suspect within six months, one of the chains will either fail or value will drop to near 0. We'll see.
But if I gamble on Unlimited and do all my transactions on unlimited and then unlimited fails - I will still have 3 BTC on core because I made sure my transactions after fork are not valid on the core fork.
After the fork, you will have 3 BTC and 3 BTCu (where BTC is core and BTCu is unlimited)
However there is no way to prevent a transaction from being transmitted to miners on both chains. So you what you have to do, is set yourself up so that your UTXOs are not valid on both branches.
Launch a BU client and buy some dust mined in BTCu branch. Create a transaction that sends all your coins PLUS the dust to yourself.
The result in only spendable on BTCu branch because it is not valid on BTC core branch.
Now your value is separated and you can't accidentally create a transaction that is valid on both chains and you still have 3 BTC on both chains.
I suspect within six months, one of the chains will either fail or value will drop to near 0. We'll see.
But if I gamble on Unlimited and do all my transactions on unlimited and then unlimited fails - I will still have 3 BTC on core because I made sure my transactions after fork are not valid on the core fork.
If a split happens, existing value will exist in both chains.
Spending it (creating transactions that use the UTXOs for your value) may end up both blockchains or only one.
What I plan to do, if and when the fork happens, is aquire some BTC mined one on chain and then combine that with my currency to create a transaction that can only be valid on that chain, and then send the same BTC I had before the fork to myself where it will only be valid on the other chain.
That way if I end up picking the chain the market selects against, I still have value on the other chain.
-=-
What I suspect will happen is a miner will take from freshly mined block reward post split and sell dust to people like me who want the dust to use to split our UTXOs so that we will have UTXOs that are not valid on both chains.
Spending it (creating transactions that use the UTXOs for your value) may end up both blockchains or only one.
What I plan to do, if and when the fork happens, is aquire some BTC mined one on chain and then combine that with my currency to create a transaction that can only be valid on that chain, and then send the same BTC I had before the fork to myself where it will only be valid on the other chain.
That way if I end up picking the chain the market selects against, I still have value on the other chain.
-=-
What I suspect will happen is a miner will take from freshly mined block reward post split and sell dust to people like me who want the dust to use to split our UTXOs so that we will have UTXOs that are not valid on both chains.
I'm not understanding this new Bitcoin Core/Classic/Unlimited fork discussion and what happens to your coins and their price if Bitcoin Unlimited comes online.
If you have money at an exchange, I understand that there might be a split where some percentage of your existing Bitcoins gets automatically pushed into BTU. If I had 10 bitcoins, for example, and 2 got sold and pushed to BTU, both would seemingly be revalued at the new market rate, and your monies would largely be intact (notwithstanding market forces and rise/fall in general).
If you have bitcoins outside of an exchange, in your own wallet(s), what happens then? If you have 1 bitcoin in a current wallet (Bitcoin Classic?), when you push it back to an exchange, does it get viewed as the Bitcoin Core - or is there a conversion process where it recognizes that the Bitcoin Core is now a new/revalued coin and there is an exchange based on blockchain and your coin(s). I just don't see any way how having offline coins before a fork is going to work out well.
If you have money at an exchange, I understand that there might be a split where some percentage of your existing Bitcoins gets automatically pushed into BTU. If I had 10 bitcoins, for example, and 2 got sold and pushed to BTU, both would seemingly be revalued at the new market rate, and your monies would largely be intact (notwithstanding market forces and rise/fall in general).
If you have bitcoins outside of an exchange, in your own wallet(s), what happens then? If you have 1 bitcoin in a current wallet (Bitcoin Classic?), when you push it back to an exchange, does it get viewed as the Bitcoin Core - or is there a conversion process where it recognizes that the Bitcoin Core is now a new/revalued coin and there is an exchange based on blockchain and your coin(s). I just don't see any way how having offline coins before a fork is going to work out well.
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