If BTC splits, what happens to my coins in my wallet?

Lauda

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Quote from: Muzika on June 16, 2017, 08:53:56 AM

I have a question in mind about this split, i understand that if i have 1btc before the fork, i will have 1btc in chain A and 1btc in chain B, lets say I am using Mycelium wallet and sent all my balance to an address, how will i know if it will go to chain A or chain B? If it goes to chain A, how could i use my coins in chain B?

Simple: Depends on which the chain the wallet is. That should be fairly trivial to find out as there would certainly be a lot of articles regarding wallet support of chain A/B.

Quote from: freebutcaged on June 16, 2017, 02:24:40 PM

If ETC is the main ethereum then why people aren't buying it to pump it's price?

ETH is 99% speculation, not value.

Quote from: freebutcaged on June 16, 2017, 02:24:40 PM

does ETC have the same functionality of ETH?

It does, unless ETH made some kind of upgrades that ETC did not.

Quote from: freebutcaged on June 16, 2017, 02:24:40 PM

Is ETC an identical copy of ETH?

ETC is essentially the ETH up until the DAO bailout. That's where the current ETH (Ethereum is a trademark IIRC) diverges from ETC. Everything was the same up until that point in time. Moving forward, they differ when it comes to balances. Feature wise they should be near identical.

Quote from: freebutcaged on June 16, 2017, 02:24:40 PM

by the way why ETH doesn't have a total supply? you seem to know a lot about it, that's why I'm asking.

Because Vitalik (almost) dictates the rules. He has not made his mind up yet apparently.

Quote from: freebutcaged on June 16, 2017, 02:24:40 PM

Anyone saying Bitcoin will split and price will crash bla bla bla is just doing this to cause a panic in market, this is the Chinese style

Of manipulating us, I wouldn't believe for a second all the doomsday scenarios whatsoever.

Of course. Chain split or not, just HODL.

freebutcaged

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Quote from: Lauda on June 13, 2017, 02:53:19 AM

Quote from: dreamhouse on June 13, 2017, 01:08:37 AM

This is like Ethereum and Ethereum classic.

No.

Quote from: dreamhouse on June 13, 2017, 01:08:37 AM

The real worry is not split, the real worry is for BTC keeps its leading position.

No.

Quote from: crazyivan on June 13, 2017, 01:44:56 AM

We have already seen this when Ether forked, now we have ETH and ETC. However, one is OK and the other one is AWESOME!

The same will happen with BTC. There will be one BTC and the other one will become an alt coin.

Just so we are clear, the current coin using the abbreviation ETH is the altcoin. ETC is the original and real Ethereum.

Quote from: BitcoinBabbler on June 13, 2017, 01:57:15 AM

The ratio of the new coins will remain same, 1:1.. However, the price will differ. So it will be more of a loss than profit. The exchangers will also register it as a new crypocoin, so...

The combined price would most definitely be lower than the current price.

If ETC is the main ethereum then why people aren't buying it to pump it's price? does ETC have the same functionality of ETH?

If ethereum could split like a cell when it splits it has all the things of the main cell, in other words they are copies of each other.

Is ETC an identical copy of ETH? by the way why ETH doesn't have a total supply? you seem to know a lot about it, that's why I'm asking.

Anyone saying Bitcoin will split and price will crash bla bla bla is just doing this to cause a panic in market, this is the Chinese style

Of manipulating us, I wouldn't believe for a second all the doomsday scenarios whatsoever.

Muzika

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I have a question in mind about this split, i understand that if i have 1btc before the fork, i will have 1btc in chain A and 1btc in chain B, lets say I am using Mycelium wallet and sent all my balance to an address, how will i know if it will go to chain A or chain B? If it goes to chain A, how could i use my coins in chain B?

Chin Cheng

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Quote from: Astvile on June 13, 2017, 06:24:42 PM

I have read in some group chats in telegram that once bitcoins splits your bitcoins balance in your own wallet or an exchange wallet may be gone,in other way bitcoins in the wallet that will be lost maybe replace by some coins (the hard fork) thats what they say

Hope you were around when Vitalik Buterin suddenly wanted to fork ethereum and during that time i did have my doubts and sold off some of my coins even though it was said that the split will give you two coins and nothing will happen,but since i was seeing and hearing those things for the first time i wanted to be cautious Wink

and even if a hard fork happens in bitcoin if you are having the private key to your coins then you will be having coins from both the chains.

pinkpanther03

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Quote from: rhyso on June 12, 2017, 08:36:14 AM

So all this talk of a hard fork, which i essentially understand...

But if such a thing happens. What happens to the BTC in my wallet if it splits?

I am less interested oin what it will do to value etc, that is another topic. but do I now have two lots of BTC. what is the process of tirning for example.

One wallet with one BTC before the split, to two wallets with the two resulting coins?

Laymans terms please.

All of this things was just an speculations by different communities of bitcoin believer. But honestly, this won't be happen I know there are still bitcoin enthusiast will not allow it to be happen.

lite

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Quote from: BossMacko on June 13, 2017, 12:25:00 AM

What if i am using a dynamic bitcoin address wherein i don't have my private key ? My bitcoin address is from coins.ph. i hope someone can answer this. If ever that i won't be able to use my Bitcoin address then i should send all my Bitcoin to other bitcoin address that where i can get a private key.

Don't you think it's best practice to use a wallet which you have full control of? i would advice you withdraw your coins from exchangers/web wallets to a wallet where you have full control(electrum or mycelium).

ornabldo

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I don't know particularly about the split, but before with other altcoins, the coins will be linked to the address and the private key, even if in a different platform if you have the private key you should have access to the coins in both platforms.
Rather than worrying about the bitcoins themselves, The more worrying thing is the value, if a fork with a large number of developers happen, the value of bitcoins would fall to low prices in my opinion.

Lauda

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Terminated.

Quote from: Astvile on June 13, 2017, 06:24:42 PM

I have read in some group chats in telegram that once bitcoins splits your bitcoins balance in your own wallet or an exchange wallet may be gone,in other way bitcoins in the wallet that will be lost maybe replace by some coins (the hard fork) thats what they say

The participants of those groups are outright baboons. Block them all.

Quote from: Tyrantt on June 13, 2017, 07:46:41 PM

So you're saying that there's a pretty high chance of us losing a portion of our balance when bitcoin splits? or do we get like balance split on two addresses?

No. Don't listen to idiots. There are two scenarios:
1) You hold Bitcoin on a exchange or service which does not provide you with private keys.
2) You hold Bitcoin on addresses to which you own the private keys to (Bitcoin Core, Electrum, Mycelium, Paper wallets, etc.).

Case 1: Whatever your exchange decides will happen with your Bitcoin. They may offer you to withdraw on multiple chains or not.
Case 2: You have coins on every single chain. If you want to spend on the e.g. Bitmaincoin chain, then you need to import your private key(s) into their wallet.

Tyrantt

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Need some spare btc for a new PC

Quote from: Astvile on June 13, 2017, 06:24:42 PM

I have read in some group chats in telegram that once bitcoins splits your bitcoins balance in your own wallet or an exchange wallet may be gone,in other way bitcoins in the wallet that will be lost maybe replace by some coins (the hard fork) thats what they say

So you're saying that there's a pretty high chance of us losing a portion of our balance when bitcoin splits? or do we get like balance split on two addresses?

Astvile

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I have read in some group chats in telegram that once bitcoins splits your bitcoins balance in your own wallet or an exchange wallet may be gone,in other way bitcoins in the wallet that will be lost maybe replace by some coins (the hard fork) thats what they say

buenav

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You will get 1 coin of each version and you will be able to send each of those on the respective blockchain. The simplest way to do that would be to import your private key into software that only works on each version.

Bunsomjelican

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Quote from: krishnapramod on June 12, 2017, 10:54:17 PM

Quote from: rhyso on June 12, 2017, 08:36:14 AM

So all this talk of a hard fork, which i essentially understand...

But if such a thing happens. What happens to the BTC in my wallet if it splits?

I am less interested oin what it will do to value etc, that is another topic. but do I now have two lots of BTC. what is the process of tirning for example.

One wallet with one BTC before the split, to two wallets with the two resulting coins?

Laymans terms please.

If you have the private keys to your wallet in the case of a chain split you would be able to access and send coins from both the chains. There is a possibility of double spend and also the confirmation would be linked to both chains. For example, if you send from chain A you would have to wait for it to be confirmed on chain B. And most likely bitcoin exchanges would come up with chain splitting services, allowing users to convert and send from just a single chain. At the end there would be only one chain, BIP148 or legacy.

Do you think mate this will really be happen? because if this will be implement, were going to have a double spend like what you had mentioned in the confirmation. Actually, I got confused on this thing Honestly speaking.

lighpulsar07

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Well if you have bitcoins in your wallet during the hardfork happened just the find the private key of your wallet and import it. Just like happened on ethereum the devs forked ether and created ethereum classic however, the forked one has better features than the old one. So to sum it up hard fork is only an upgrade only the devs have the decision to keep the old or not.

Lauda

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Quote from: dreamhouse on June 13, 2017, 01:08:37 AM

This is like Ethereum and Ethereum classic.

No.

Quote from: dreamhouse on June 13, 2017, 01:08:37 AM

The real worry is not split, the real worry is for BTC keeps its leading position.

No.

Quote from: crazyivan on June 13, 2017, 01:44:56 AM

We have already seen this when Ether forked, now we have ETH and ETC. However, one is OK and the other one is AWESOME!

The same will happen with BTC. There will be one BTC and the other one will become an alt coin.

Just so we are clear, the current coin using the abbreviation ETH is the altcoin. ETC is the original and real Ethereum.

Quote from: BitcoinBabbler on June 13, 2017, 01:57:15 AM

The ratio of the new coins will remain same, 1:1.. However, the price will differ. So it will be more of a loss than profit. The exchangers will also register it as a new crypocoin, so...

The combined price would most definitely be lower than the current price.

dady12

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i dont think this is going to be happen soon but if it hapoen you have the key to ypur wallet and then you will know what to do as you are not the only one holding bitcoin,this will be similar to ETH and ETC,

BitcoinBabbler

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The ratio of the new coins will remain same, 1:1.. However, the price will differ. So it will be more of a loss than profit. The exchangers will also register it as a new crypocoin, so...

crazyivan

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We have already seen this when Ether forked, now we have ETH and ETC. However, one is OK and the other one is AWESOME!

The same will happen with BTC. There will be one BTC and the other one will become an alt coin.

rhyso

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OK so I guessed all that.

BTC turns to two coins... BTC classic and BTC for etc...

I have a wallet with private keys etc...

But how does it work that I get bott of these new coins in new wallets?

I guess that will all become clear if or when it happens...

does one wallet just stay the same or do I need two new wallets?

haroldtee

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Quote from: BossMacko on June 13, 2017, 12:25:00 AM

What if i am using a dynamic bitcoin address wherein i don't have my private key ? My bitcoin address is from coins.ph. i hope someone can answer this. If ever that i won't be able to use my Bitcoin address then i should send all my Bitcoin to other bitcoin address that where i can get a private key.

You won't really want to leave your bitcoins in a wallet where you don't have access to the private key. It is preferable if you move your bitcoin to a desktop wallet instead. Whichever way, just make sure you are in control of your private keys. You can try electrum and I think from what I have been hearing, COPAY is another very good option. Just find what best suits you and do your research well.

dreamhouse

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If the BTC splits, you get the same amount of the coins from each chain, not too bad. This is like Ethereum and Ethereum classic. The real worry is not split, the real worry is for BTC keeps its leading position.

Topic: If BTC splits, what happens to my coins in my wallet? (Read 1461 times)