Topic: The new split/scaling for dummies (Read 461 times)

So BitCoin has split.

But what does it mean?

BitCoin Cash is now worth around 650 and the original BitCoin is worth around 2700. Does that mean I now have a value of 3300 in dollar-terms? And that I could now sell both of my coins separately?

Has BitCoin reached an all time high of 3300? Instead of the original BitCoin, which was worth 2700 before the split, we are now owners of 3300 in total value? Because of an added value of 650 dollars (BitCoin cash) ?

Or am I getting it wrong?

Yes. There is a chance that bitcoin might split. But as of current charts it's a bit unlikely due to segwit taking the lead.

Yes. You can potentially lose your coins if a split occurs and your coins are in a online wallet. Make sure you have access to your private keys.

For now it is unclear whether bitcoin will split into two or it will just have some block scaling. If your bitcoin is in cold wallet that you have control over the private key and not in an exchange, you don't need to worry about this split just because you will have the same amount of bitcoin on the two chains if ever there is a split that will occur. That being said there is no risk of losing your coin just sit back and watch it happen.

https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-about-the-2mb-hard-fork-27749e1544ce
That is an article talking about segwit2x or spit/scaling of bitcoins, you can visit and read carefully
 there are other source of the link will gives complete info, you just follow the link and click them
 i hope it help you and give the answer for you. Good luck and always use your analisys.

I do hope the second post do clarify things for all of us. I for one really hoped that would be no such a thing as a split as it can wreck Bitcoin temporarily and there can be a little mess. A split is not what Bitcoin is looking for now but a real solution to the scaling problem so that we can all go back to low-fees transactions and fast at the same time -- features which Bitcoin should be known for forever. Right now, we have backlogs and the fees are already beyond  ridiculousness.

We ware all part of the Bitcoin community and as such those who are at the top should be looking for the interest of the greater number of people. Without us here below, Bitcoin can mean nothing.

Splitting for scaling would be inconvenient to everyone, but the possibility of a split in August is very less likely.

1. More than 80% miners have already shown their intent to signal Segwit2x on July 21 and if they remain true to this Segwit would get activated before August 1 so probably no split.

2. If 80% of miners activates Segwit and rest 20% continue mining on non-segwit blocks then I guess there would be a split, but the 80% would refuse all non-segwit blocks so the split would be over soon, but this is a very unlikely scenario.

3. If Segwit2x fails to activate Segwit before August 1, then as planned BIP148 would be deployed, a split would ensue and Bitmain had announced that if BIP148 rolls out on August 1 then they would roll out UAHF, hard fork (most probably they are bluffing).

It is still early to judge the outcome of August 1. I think Segwit2x is also compatible with BIP148. In my opinion, I do not really see a split happening especially in August. You will get a clear picture by the third of week of next month.

Yeah, as a precaution transferring coins from exchanges or online wallets to a cold storage would be good. As far as you have stored your coins offline, I do not think it would get affected if a split happens. The extreme outcome of a split would be two bitcoins on two different chains, having bitcoins in exchanges would be a messy situation. In a scenario like this, I guess you would be able to convert one bitcoin to another, but like I said there is time until July 21 to predict a possible outcome. Most probably there would not be a split.

it is not going to, it may or may not split. and even if it happens there is still a small chance that more than one chain can survive for long enough time.

and as long as you hold the private keys and don't touch your coins you have nothing to worry about. your coins will be valid no matter what happens to the chains.
there are ways to spend safely but they may be complicated so it is best not to touch your coins at all and take the safer rout.

Hello

I do not understand what is really going to happen in august with the split/scaling.

As I've understood it BitCoin is going to split into two or something? Could someone explain this in the tongue for dummies and not in nerdspeak please?

As long as you have your bitcoin in cold storage, or hidden away, and not in an exchange, do you have to care about this split and why?

Do I risc losing my coin if I don't take the necessary steps or something? Or could I just sit back and watch this happen as long as I have my coin in cold storage?