Topic: Some questions (Read 1125 times)

I am fun of any "hard fork"

- https://bravenewcoin.com/news/bitcoin-hard-fork-if-you-want-peace-prepare-for-war/
- https://cointelegraph.com/news/bitcoin-unlimited-hard-fork-should-i-do-something-about-it
- https://cointelegraph.com/news/coinbase-bitfinex-would-list-bitcoin-unlimited-as-altcoin-after-soft-fork-mow
- https://cointelegraph.com/news/how-bitcoin-exchange-market-is-preparing-for-hard-fork
- https://cointelegraph.com/news/complete-review-on-segwit-vs-bitcoin-unlimited-arguments-and-clarity
- https://bitcoincore.org/en/segwit_adoption/
- https://coin.dance/blocks

Read - see - and make your own mind! I'd rather have one blockchain and use segwit instead of half it to 300$ btu and 750$ btc ...

I also don't belive in 1+1 option - actually it will be disaster for all community!
But it looks like it all depends from pools - how they arrange this between them.. But what if a large part of them will not want to adapt to the rest? Let's say 25% of chain power.. It will make two Bitcoins - who will win? It will depends only from marketing and speculants.. Very very bad situation..
Or I'm wrong at some point?

As you are newbie so I will suggest don't get tension in your mind for the confirmation , Because all that problem is due to the pay of low fee , usually I am making transaction two to three times a day but never faced any problem with transaction ( with recommended fee)
Secondly here you don't need to buy any wallet . Just use simply the blockchain , mysellium or xapo wallet .
If you will use simple wallets online like blockchain then you don't need to think about to lost or dies your device  .
But be sure that you have made backup of your wallet and also have exported the private key of your bitcoin adress ( specially in case of mysellium ) .

Edited :

Best of luck , and  start the better work in bitcoin .
Here I will suggest to make your attention at my advice also for future lost of device or wallet 

I understand alot more now!
Thanks for all the anwsers:-)!

Did you hear of Litecoin for example? Litecoin is a completely different coin with its own chain. For Litecoin you need one of the Litecoin wallets.
In the same way BU has or will have its own wallet. Each wallet is a software that works with a certain type of data.

With crypto currencies (Bitcoin and all) your money is not in the wallet. The money doesn't exist. It's not physical.
The blockchain tells what money goes around, from where to where.
As a result the Bitcoin blockchain shows that the wallet xxxxx contains yyyyyy amount of Bitcoin now, by adding all the inputs and subtracting the outputs.
Your wallet has 2 big functions:
1. it shows you how much money you have, but if I know your address I can get that info anytime from other places.
2. it allows you to SIGN an output transaction with your private key, telling everybody that you are indeed the owner of that money and you allow that money to be spent.

So, since your private key and address will be the same on both chains, even if you'll get the "other" wallet at a later point and import your private key then, your money "will be there".


I think that neither of the parts like the idea of price decreasing, that's why they talk this much and "don't do anything".
The ultimate goal is that one of the chains' coin will inherit the value of the coin from the main chain (Bitcoin) and the other chain will remain worthless and maybe even die off (by not getting used / mined by anyone). So 1+0. I certainly not believe in a 1+1 price.

Hello, Let me answer your questions based from my knowledge in Bitcoin
1. Dont worry about Bitcoin segwit, it will not affect your transaction.. If you buy 1BTC it will stay as 1BTC.
2. I guess you can still use the hardware wallet, as long as you keep backup of your Bitcoin wallet.dat , your bitcoin is safe. Just dont forget your Bitcoin password paraphrase.
3. If your device becomes corrupted, you cannot retrieve your bitcoin money anymore.. Just dont forget to backup.

But now question is: price of which coin will decrease? Is it mean that before market understand which coin is the MAIN one, we can sell both coins for almost (1+1) double price?
Edit: I know that it is impossible, but i don't understand how they want to prevent situation like this?

Allright thanks alot! I understand it now!

You said you need a other wallet to hold the bucoin. Can you explain that a little more?
So im holding 1 bitcoin and after the fork i will have 1 bitcoin and 1 bucoin, where will the 1bucoin go if i dont have a wallet yet?
And if i have a wallet, how can i install it, when the fork happend the bucoin will transfer to the buwallet? or doenst it work this way?

Exactly.
As I said, you have to have your wallet for this = you have to hold your private keys, web services may stay on one chain (or claim to).

PS. Since such a fork will make one or both coins' price decrease a lot, I don't think that the scenario of 2 chains is so much plausible. So a better expectations is "at least one Bitcoin to be spent" instead of 1 BTC + 1 BU

So if i understand correct when i have 1 bitcoin when the fork happends, i will have 1 bu and 1 bitcoin? So i can spend 1 bitcoin and i still will have 1 bu?

The blockchain is a .. chain.
Let's say it's like abcdefghijklm. Some Bitcoin came to your address in the point h. Then at some point there's a fork.
We will have 2 chains:
abcdefghijklmnopqrs (the Bitcoin chain, with or without SegWit)
abcdefghijklmn12345 (the BU chain).

As you can see h is there in both cases. So unless you've spent your money meanwhile, you'll have 1BTC on Bitcoin chain and 1BTC on BU chain. Shortly 1+1.



At that point you will need 2 wallets. One will work with one chain, the other will work on the other chain.
Both wallets will have the same private key and the same address, just they'll be in 2 parallel "universes".
If you spend your money on Bitcoin chain, it will be visible only there (let's say it'll be at point t in the chain); if you spend on BU chain, it will be visible only there (let's say point 6 on the other chain).

Thanks, helped me alot. It also created some other questions:
So when it happen i will automatic have bu and bitcoin? Lets say i have 1 bitcoin, after the hard fork will i have 1 bu and 1 bitcoin or 0,5 bu and 0.5 bitcoin?
And can I say witch of the coins i want after the fork or is this automatic?
Thanks for anwsering the questions so far:-)

Hi & welcome
I will start with answering to what I can.

1. There's one Bitcoin now. Some want indeed to improve it with SegWit, some want to improve it to BU, indeed. Bitcoin is based on its blockchain, a file many have a copy of. From time to time new data is appended to that file, containing new transactions.
If you will have some Bitcoin, the transactions stating your money came it will be there.
Now let's see it's going to be a hard fork (BU needs it, SegWit doesn't, but that's a different story). Since the hard fork will happen after you got your bitcoin, your money will be there on both chains, thus you will be able to spend them as Bitcoin and BU too.
There's however one requirement for this. You have to have your own wallet (your private keys) and not some web service holding your money.

2, 3. I am not good on this, I've never used hardware wallets.
However, if you plan to just get some Bitcoin and keep them safe for some years, even paper wallet (printed in a safe environment!) is good and that one you know for sure you have your private key.
If you plan to spend your Bitcoin quite often then hardware wallet is indeed a good call and in that case, since you use it often, you'll know / get informed if the company will have issues.
I am 99.99% sure that they have a way to recover your money even if your device dies, I have trust in them since they are experienced in what they do.

As far as I know, Segwit and BU is not a coin. It is a way or the solution to the problems of bitcoin regarding its transactions.

Hello,

I'm new to the bitcoin community. I've read some articels and kept reading the forum.
I wanna play around in this world but have some questions, I hope you can anwser.

1. I've readed there are some problems with the transactions of bitcoin, becuse of that they are starting 2 new coins? Bitcoinsegwit and bu? now my question is, if i buy bitcoin now and lets say next month bitcoin will split up, what will the bitcoins im holding be, segwit or bu? Please correct me if my question doesnt make sense!:-)

2. Ive got a other question and thats about wallets. I wanna buy a hardware wallet, trezor or ledger. If I buy lets say trezor and the company quits with making the hardware wallet becuse of bankcrupsy. Can i still use it if the company is gone?

3. Other question is if i use a old ledger device, that ledger doesnt make anymore(becuse of old device) and my device dies, can i still recover my wallet?

I hope you understand the question.

Kind regards.