What are the steps to take not to regret any Hardfork?

hatshepsut93

legendary

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Quote from: haroldtee on June 15, 2017, 04:00:33 AM

I have been trying to read a lot about the possible hardfork, though I still get a little bit confused on some of the steps to take and i am sure some newbies don't even know if they are in danger of loosing their coins or not. For example, I know it is a necessity to move your coins to a wallet you can control the private keys or find out if the web wallet you are using will be ready to adjust to both sides after the fork or not. I know there are some things one might still need to consider as well which I don't have a clue. Also, what is the best light desktop wallet to use for a newbie from experience to help achieve being able to control one's private keys? I hope this helps me and other newbies as well.

I'm planning to convert some small part of by Bitcoins into some altcoins, like ETH or XRP, in case the hardfork will turn out to be very messy and both versions of Bitcoin will crash and even combined will cost less than 1 BTC today. It's always nice to be prepared for anything, and there's a small chance that Bitcoin will lose it's #1 position in the future

sir.humus

hero member

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Quote from: Yuhee on June 15, 2017, 04:14:17 AM

Quote from: haroldtee on June 15, 2017, 04:00:33 AM

I have been trying to read a lot about the possible hardfork, though I still get a little bit confused on some of the steps to take and i am sure some newbies don't even know if they are in danger of loosing their coins or not. For example, I know it is a necessity to move your coins to a wallet you can control the private keys or find out if the web wallet you are using will be ready to adjust to both sides after the fork or not. I know there are some things one might still need to consider as well which I don't have a clue. Also, what is the best light desktop wallet to use for a newbie from experience to help achieve being able to control one's private keys? I hope this helps me and other newbies as well.

I dont know if those could elaborate things but hardfork is like an ungrade for the blockchain. There have been people who made some invalid transactions or the block hash that blockchain is using for each blocks of btc. So with the fork, it will kind of validate those transactions and probably every user who had some erros or even increase fees will have to upgrade there core or their version of block chain. That is what i've researched so far.

So it won't really affect us?
Is it more like a software update and that's it?
What are the risks in Hardfork and what should we do to eliminate them?
Is keeping your bitcoins in paper wallet will help or just the opposite?

Yuhee

sr. member

Activity: 546

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Quote from: haroldtee on June 15, 2017, 04:00:33 AM

I have been trying to read a lot about the possible hardfork, though I still get a little bit confused on some of the steps to take and i am sure some newbies don't even know if they are in danger of loosing their coins or not. For example, I know it is a necessity to move your coins to a wallet you can control the private keys or find out if the web wallet you are using will be ready to adjust to both sides after the fork or not. I know there are some things one might still need to consider as well which I don't have a clue. Also, what is the best light desktop wallet to use for a newbie from experience to help achieve being able to control one's private keys? I hope this helps me and other newbies as well.

I dont know if those could elaborate things but hardfork is like an ungrade for the blockchain. There have been people who made some invalid transactions or the block hash that blockchain is using for each blocks of btc. So with the fork, it will kind of validate those transactions and probably every user who had some erros or even increase fees will have to upgrade there core or their version of block chain. That is what i've researched so far.

haroldtee

sr. member

Activity: 644

Merit: 299

I have been trying to read a lot about the possible hardfork, though I still get a little bit confused on some of the steps to take and i am sure some newbies don't even know if they are in danger of loosing their coins or not. For example, I know it is a necessity to move your coins to a wallet you can control the private keys or find out if the web wallet you are using will be ready to adjust to both sides after the fork or not. I know there are some things one might still need to consider as well which I don't have a clue. Also, what is the best light desktop wallet to use for a newbie from experience to help achieve being able to control one's private keys? I hope this helps me and other newbies as well.

Topic: What are the steps to take not to regret any Hardfork? (Read 251 times)