Waiting for double fork: tips for bitcoin owners
By the end of November 2017, bitcoin will probably face another two hard forks: On October 25, one expects splitting up of new cryptocurrency – Bitcoin Gold (Bgold), while a group of major miners has planned the SegWit2x hard fork (aimed at increasing the block up to 2 MB) in 2-3 weeks, which can lead to one more division. In such a case, there will be three different blockchains and three deferent bitcoins, following various protocols: the current one (BTC or B1X), Bgold (BTG) and 2х (B2X or BTC).
Despite the common origin, all of three blockchains are extremely different. Therefore, the blockchain and bitcoin situation can get beyond control after the second fork: two new coins will compete for a title of the true bitcoin.
Pros and cons of new bitcoins
Each of tokens has its own advantages: 2х features better hash rate (network power), which is now about 85%, while the current protocol or Bitcoin Core is supported by a strong development team. They own the majority of full network nodes and a half of business. Besides, they still have 15% of hash rate. Private users should decide what coin to support on their own. It will take some time to determine a winner.
Hard forks have risks and confusions for users. If users have private keys during the fork, they will obtain coins in all networks. However, careless usage of bitcoins can lead to their loss.
How to overcome fork safely and to obtain all possible kinds of bitcoins:
- Make sure that you control all of your private keys. It should be done until October 25 (date of Bgold fork). It is better to save them offline, in the Bitcoin Core wallet or similar service.
- If you decide to sell BTG after the hard fork, transfer your bitcoins to a new wallet (using other service).
- If you want to transfer BTG anywhere, download private keys of your wallet in the reliable Bitcoin Gold wallet, preferably designed by developers. It is better to conduct these operations using other computer or virtual machine.
- Keep storing your tokens there until the SegWit2x hard fork.
- Following the SegWit2x hard fork, refrain from bitcoin transactions and its buying/selling on any exchanges. It is important regardless of what bitcoin you consider true. Otherwise, you can spend B2X coins at the same time.
- When developers publish an official statement and transaction speed comes back, transfer Bitcoin Core on a new wallet once again.
- Download private keys from a previous storage in the SegWit2x wallet. It should be done using other computer or virtual machine as well.
That’s it, now you have three kinds of coins! And you can use them in the best possible way.
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