If BTC splits, what happens to my coins in my wallet? - page 2.

Kakmakr

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Activity: 3542

Merit: 1966

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Quote from: Amph on June 13, 2017, 12:22:24 AM

it's not different than what happened with zclassic and zen, you will own both 1:1, but the value will not be the same, so don't start to think that you will double your money

also exchange will listen it as an altcoin, and will probably have a much lower value

Would it not be the obvious choice for people to choose the coin with the highest value then? The Coin split will result in some services accepting both coins and some only accepting say Legacy coins. So you will have no option to use the coin that are accepted at the merchant you use. ^hmmmmm^ Most of the exchanges seem to support both coins resulting from this split, so people will still have the choice. The whole thing is a huge cluster fuck in my opinion. ^grrrrrrrr^

BossMacko

hero member

Activity: 1134

Merit: 502

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.

Amph

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Activity: 3248

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it's not different than what happened with zclassic and zen, you will own both 1:1, but the value will not be the same, so don't start to think that you will double your money

also exchange will listen it as an altcoin, and will probably have a much lower value

Silberman

legendary

Activity: 2716

Merit: 1383

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.

You will have BTC on both chains is that simple, at that time it is better or you to not touch your coin before we see which chain is going to win, if one wins at all, in my opinion the worst thing that could happen is that both chains survive, the price will plummet if that happens, there needs to be only one winner so people don’t get confused about which one is the real bitcoin.

Weatherby

sr. member

Activity: 252

Merit: 250

If there is a split you will be having coin at equal share in both the chains but make sure that you hold the private keys to the wallet and you wont get those when you are resting your coins with a web wallet or an exchange,if you think there is a split in network which i think is not good for bitcoin,it is safe to hold them in your own wallet rather than a third party wallet.

DOGE12321

sr. member

Activity: 378

Merit: 250

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.

Yeah, you will have two lots of Bitcoin. Say if you have 1BTC originally, at the time of the hard fork, you will Have 1BTC of both fork A and B. But they will be different values.

Essentially, a hard fork would usually result in a price dip. Usually...

krishnapramod

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Activity: 1470

Merit: 1079

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.

freedomno1

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Learning the troll avoidance button :)

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.

You own both sides of the split at fork
So 1 BTC = 1 BTC on side A and 1 BTC on side B on the block that is considered the forking block, so yes basically at the time of turning.

Assuming you own the wallet else you have to trust the exchange to credit you both sides of the fork ^^.

rhyso

full member

Activity: 129

Merit: 100

Bump.

So plenty of opinions in here but no one willing to answer this.

surely some BTC geeks know... what happened when Etherium split?

rhyso

full member

Activity: 129

Merit: 100

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.

Topic: If BTC splits, what happens to my coins in my wallet? - page 2. (Read 1461 times)