Oct 23, · Bitcoin Forks Summary. A Bitcoin fork happens when new code is “branched” out of Bitcoin’s source code in order to slightly change the rules of the Bitcoin network. Soft forks that play well with the old rules, and hard forks that create new rules completely. Hard forks result in the creation of new coins that abide to these new rules. Nov 06, · Bitcoin Cash will hard fork on November 15 around pm UTC as part of a scheduled protocol upgrade. This upgrade is controversial and will likely result in two chains after the fork. The likely split is between two protocols known as “Bitcoin Cash Node” and “Bitcoin Cash ABC.”. If you buy before the fork you are guaranteed these "free" other coins. However, since I think the price has increased for people trying to get on this chain you might be paying more for bitcoin than it will be worth right after the fork. Bought my first bitcoins at $ in November Have held and continued to dollar cost average since.
Buy bitcoin before november forkShould I buy bitcoin before or after the fork? : Bitcoin
For live updates on how miners are signaling, go here. For information on how the fork will be handled by Kraken Futures see here. BCH trading will proceed without interruption across the fork. Kraken will halt BCH funding deposits and withdrawals approximately 2 hours before the fork and safely secure funds. BCH funding will be re-enabled after the outcome of the fork is clear and the network is safe. Do not send any BCH deposits while funding is halted.
After the fork, BCH funding gateways will be re-enabled and will only support Bitcoin Cash Node transfers gateways will have replay protection. Kraken will not credit coins from alternative chains sent to BCH deposit addresses after the fork. We will give the ABC network a period of time after the fork, entirely at our discretion, to meet this condition. We will snapshot BCH balances at the time of the fork. See the section below on timing of the fork for the exact time at which we will snapshot BCH balances.
If we support Bitcoin Cash ABC after the fork, we will enable funding only after it is safe to do so. If we do support trading, we will announce the the BAB trading pairs at a later date.
If you hold a BCH long spot position on margin across the fork, it will carry over and can be closed at any time in the usual way. If you hold a BCH short spot position on margin across the fork, it will carry over and can be closed at any time in the usual way. However, please note that you will also receive a BAB debit. The debit could result in a negative BAB balance in your account that must be corrected by either buying or depositing BAB.
Why the debit? The BCH margin used to open the short spot position must be settled in full to close the position, and post-fork this means that tokens from both chains must be settled. Any account with a negative BAB balance will be placed on withdrawal lock until the balance is corrected.
The exact time of the fork cannot be known in advance because it is based on the median time past of the last 11 blocks MTP Check our status page ahead of the fork for updates on when the fork will occur. We will use the timestamp of the last common block for our snapshot of BCH balances right before the fork. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations.
The funds already donated will be spent on some sort of advertising, as intended. As of now, If you have ideas for the remaining BTC, see here for more info. Should I buy bitcoin before or after the fork? There is a new actually 2 rival protocol that is being "forked" or based on the existing Bitcoin protocol. Since it will use the existing Bitcoin Ledger, any Bitcoins that you have when the fork occurs will equal the same number of coins on the new currency.
If you buy before the fork you are guaranteed these "free" other coins. However, since I think the price has increased for people trying to get on this chain you might be paying more for bitcoin than it will be worth right after the fork.
If you hold off, you could get a better deal. That much is all a guess. They aren't scheduled for dates, but for specific block 's. That being said we can make a pretty good guess at when they will happen. BGold should be on October 25 2 days. The SegWit2x one should be mid November. Thanks, and the Segwit2x fork is the one many people think will be potentially more consequential, correct? Is it dumb to keep my coins in Coinbase, I don't have a lot tbh and I don't want to pay the transaction fee.
My understanding is coin base keeps your private keys. So, you might not be able to claim the forked new coins. I'd set up a new wallet where you own the keys. Something like Bread for iOS or Exodus for desktop.
A bit new to BTC myself. Exodus will accept the new coins or is there something one must do to prepare? They said they will. They did support bitcoin cash after it launched. It will take some time though. It won't be over night. If I spent one set of the coins after the fork, would it also spend the other set? It almost seems like printing money? I still haven't quite got my head around the whole fork thing. If we're all running rev01, but disagree on what to include as rev02, then we fork off and there will be two "rev02" competing.
Because you had coin during rev01, you get the equivalent amount on both rev02 chains. Then you have to worry about "reply protection", which mean that the two rev02 share so much in common, that by spending you coin for one, you send both. The safest thing to do is pull out your coins to a wallet you control. I haven't yet either. My understanding is that until you have a wallet that is capable of claiming the new coin then spending any bitcoin would also send the other set.
Fairly new to this myself, and I want to get my BTC off of Coinbase before the split in case they end up not supporting it and because I think it's good to have full control over my own BTC anyway.
Now that the fork is upon us, I'm feeling mighty motivated. Write down keys yourself. I'm not sure about samurai wallet strategy for the fork. If you choose a software wallet, make sure they have a strategy to enable splitting functionality for their users. I would avoid wallet mobile apps. It would be a hassle to retrieve your private key if they end up not supporting a split functionality. If I had to guess, electrum 3. Electrum implemented a timelock functionality in the newest version, which means you will be able to split the coin by utilising different chain lengths of 1x and 2x coins after the fork.
I doubt it will be user friendly though some console commands may be required. Newbie here as well. I am thinking of after the fork. But honestly, as long as the bitcoins are in your own wallet, things should go smoothly. Prior to forks, people move their other assets into BTC, inflating the price. Then, once the chains fork, many of that newly infused value is moved back out of BTC, lowering the price. Let's say I plan to wait for the situation to clarify So, with that in mind, one thing I know is that personally I'll probably be very reluctant to make any transaction after the fork for quite some time.
All of that being said, I guess that the answer to "what should I do"' depends on my own 'analysis' read: belief of the situation?