Author

Topic: How to protect my Bitcoins for August 1st BIP UASF? (Read 1033 times)

hero member
Activity: 1442
Merit: 629
Vires in Numeris
Don’t worry - nothing will happen on August 1st. Keep calm!

The power of Bitcoin is in mining - not in the number of nodes or users.

BIP 148 have almost no miners -therefore no power.  If they want to exclude themselves from the miners’ Blockchain they can do so - like I do every time I turn off my node/wallet before going to sleep ....

The only difference is that in the morning of August 1st, the BIP 148 nodes won’t have much to sync with... maybe one block or two.  They will have to wait at least  3 months before their chain mining difficulty is back to 10mins interval - if ever...  What would they have gained?

IMHO, BIP148 is commendable, but a lost cause.
I'm not experienced in the technical part of bitcoin system (nodes, mining, etc.), but the user part (payment, wallets, etc).
It's really interesting that in one thread you can see that this BIP 148 will make the blockchain change forever, and non signalling nodes and mining groups will lose their power and influence, and in another topic you can see that this will not happen at all...
Is there any website (like blockchain.info or similar) where we can keep track of the supporters of this UASF or anything that can help predicting the outcome of this?
hero member
Activity: 658
Merit: 501
Hackers please hack me .... if you can :)
Where has the developer stated this?

In a thread somewhere in this very section of the forum but I don't remember it well. I think he said when the time will come for a hard fork he will make a new version of Electrum which will support both chains. He is a busy person and a great one  since he has made such a wonderful wallet. Rest assured your bitcoins will be safe with Electrum as a desktop wallet and every hardware wallet if you decide to go for one but those cost money.
newbie
Activity: 3
Merit: 0
Where has the developer stated this?
hero member
Activity: 658
Merit: 501
Hackers please hack me .... if you can :)
Electrum in the latest update near that day has promised to have support for both chains. Here is what you should do to be ready :

1. Install Electrum and safeguard extremely well your seed.
2. The latest version of Electrum after the fork happens (supposedly will happen) will support both chains so you install this version and restore from your seed you have safeguarded very well.
3. In the new interface you will have the options to choose which chain to use.

That is what the Electrum developer has said when asked about such thing. You can be sure with Electrum when the fork happens, no worries.
newbie
Activity: 3
Merit: 0
Posted this on Reddit, but got no reply. So here goes:

Dear Electrum support,

I currently have my Bitcoins stored in the BitPay local wallet, and BitPay doesn't seem to support BIP148.

I'm trying out the Electrum Bitcoin wallet because it does support BIP148.

When I email BitPay support to ask what will happen to my Bitcoin in their wallet after the UASF, but I'm not getting any answers.

But then again, I also don't know what will happen to my Bitcoins when I have them stored in Electrum.

Are wallets going to be showing my Bitcoins on both chains (BIP148/Legacy) ?

Do I need to transfer my Bitcoin from BitPay to Electrum in order to save them?

BitPay may not support BIP148, but its wallet works well.

The Electrum wallet regularly shows it's a few blocks behind. But even when it's completely synced, I sometimes don't see all my transactions, until I restart it. Sad

If I don't transfer my Bitcoins from my BitPay wallet to a BIP148 compatible wallet, will I still be able to access my BIP148 Bitcoins using my 12 word phrase?

Sincerely,

Jay
Jump to: