things for beginerrs about the hard fork (bitcoin gold)

in bitcoin •  7 years ago 

Hello everyone and happy holiday for the Jews and the rest (I am a Jew)!
Sure, most of you have already heard talk of the hardfork that can happen in late October / early November. I did a little research and maybe it can help here for people to understand something more. Also, if I wrote something wrong, I would appreciate your comments
So what's going on here ?!
Bitcoin Network is decentralized and has no primary decision makers but is based on the principle of consensus (of course, there are no major decision makers otherwise Bitcoin was not decentralized). Within the system there are players with different roles: miners, developers, promoters, teachers and users. The code for an open source system and developers can offer all sorts of bitcoin improve protocol (BIP) upgrades and reactors can vote for or against improvement in the bitcoin protocol. An offer will be accepted and approved only when 97% of the miners have agreed.
The discussion in question takes place around the general understanding that in order for Bitcoin to continue to grow, it is necessary to improve its transactional speed and make it more scalable, and everyone agrees that it should be done, but there is an argument over how to do it. Developers with a lot of power and influence: Bitcoin Core (North America) and Bitcoin Unlimited (Asia).
Bitcoin Core offers a more conservative solution - simply add to the existing protocol another side chain for processing information. In contrast, Bitcoin suggests a solution with a very drastic change in the original protocol, which increases the size of the block.
The community was divided and it did not seem to be possible to hope for an agreement of 97%, in which case a split would occur.
How this inspection will be, it is still not known until the end that nothing similar has happened in the past.
So what is important to know and how to keep your bits if it happens?
Chances are your bit will multiply by 1: 1 ratio to the same amount of Bitcoin Gold as a new currency!
The reason is that the number of rings will increase threefold because there are already three coins on the blockkin of the Bitcoin so you have to match the number of coins you have relative to the existing number of coins to maintain fairness
Bitcoin cash-21 million.
Bitcoin - 21 million.
Bitcoin gold - 21 million.
It's important not to be confused with other gold coins already traded today !!it's not the same one look at coin matket cap att the total coins number, it's should be exact like bitcoin itself.
If your security is stored at the address where you hold your private key, there is nothing to worry about and nothing needs to be done to get the new coins out of the split without worry.
If you have a saved encryption in a place where you do not have a private key, such as a coin exchange or something like BitConnect, you can transfer it to a wallet with a private key for the release time
By the way, there are coin exchanges that will say that they will take care of your split and you will get Bitcoin Gold like Bittrex, for example, which Bitcoin Cash gave to Bitcoin during the split.
In addition, it is likely that ethereum will also be soon dismantled some of its great design that includes several stages so there are few things to wait for
https://www.coindesk.com/metropolis-today-shifting-plans-ethereums-next-big-upgrade/. So there's what to expect

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for the info. Seems like the process will be very similar to the bitcoin cash split. I held my BTC in bittrex and got my bitcoin cash in a timely manner, so I will probably do the same for Bitcoin Gold.

Indeed bro

DQmS4Qbni8nf1EpSnCLVU1pS22rZaSurP7wXRiNkeHYbixZ.gif

nice post dude!

אחלה פוסט אחי, לפני איזה 4 חודשים כשנכנסתי לתחום קניתי איתריום.. אם הייתי קונה באותו הסכום ביטקוין הייתי מורווח בהרבה יותר ממה שעכשיו בגלל שהביט לא מפסיק לשבור שיאים מבלי להזכיר בכלל את עניין הפיצול שהיה ושיהיה..

כן אחי אני עשיתי יותר גרוע קניתי חוזה כרייה של איתר, לא נורא מטעיות לומדים.

Worst case scenario: We have a permanent Fork which is no different than one company splitting into two companies in which you have stock in both. It is not necessarily a bad thing, it could be a good thing. Often one of the smartest things a company can do is create its own competition or specialize to fill different needs. Our understanding of Forking (harm verses benefit) may change over time. It is possible that forking becomes the norm and a more desired outcome.

You right for sure i agree dude

מידע חשוב ומועיל!
המון תודה. חג שמח

Wow a nice steem post...

It is not necessarily a bad thing, it could be a good thing. Often one of the smartest things a company can do is create its own competition or specialize to fill different needs. i am proud of you . great post

thanks i agree mate!

wellcome

Wow beautiful post

Congratulations, you have won the daily @OriginalWorks resteem contest!

nice post @amiramnoam

Worst case scenario: We have a permanent Fork which is no different than one company splitting into two companies in which you have stock in both. It is not necessarily a bad thing, it could be a good thing

Thanks for share with us

Hmm... Interesting. So the next bitcoin split is going to give bitcoin gold? Thanks for the heads up... I should be better prepared, this time around.


Your post has been resteemed to 1671 followers

yeah lol u should be more involved :)

I think it is important to state that there are two types of ways for modifying the rules for every cryptocurrency blockchain: soft fork and hard fork.

A soft fork makes the blockchain generation rules more strict, so it is backwards compatible. It can't create a split chain (in general)

A hard fork makes the blockchain generation rules less strict. That means that when the new rules are active, those that have not updated will be in a different chain that.

The Bitcoin Core upgrade suggestion can be applied using a soft fork. On the contrary , the blocksize increase requires a hard fork.

The Bitcoin Core upgrade is already working. Bitcoin Cash was created because a group of miners leaded by ViaBTC rejected that soft fork and made a hard fork to counter it. Only users that decided to install the new software created by Bitcoin Cash moved to that split, those that have older versions remained on the Bitcoin chain.

Calling @originalworks :)
img credz: pixabay.com
Nice, you got a $8.22 @minnowbooster upgoat, thanks to @amiramnoam
Want a boost? Minnowbooster's got your back!

The @OriginalWorks bot has determined this post by @amiramnoam to be original material and upvoted it!

ezgif.com-resize.gif

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!

For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!

Good stuff. Just laying it out there for us. Appreciate you. Upvoted and followed

This post has been ranked within the top 80 most undervalued posts in the second half of Oct 06. We estimate that this post is undervalued by $13.95 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Oct 06 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.

If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.

stop

We apologize for any inconvenience. You will no longer receive these comments on your posts.

Lol so im doing a great job and your bot sucks you write me this shit twice yet , i dont care ,if peoples read and comment and upvote you can make impvroves on your application. Lame

אני מחפש את הסרטון שעשית בזמנו על steemit ביוטיוב

מחוק,אבל מעלב

  ·  7 years ago (edited)

Good information share more interesting info. thanks

does BTCgold have replay protection??

U5ds27tmuqmnVGaadWkBkhCsSwPSxhu.gif

Thanks for share that information mate.

I will be prepared this time for this split,what you will think will be btcgold success? and what about the rumors that it will be only mineable with GPU? or the coin that the miners will aim to mine since ETH will be PoS?

Thank you for your time.

thanks for this informative post. i would like to see more of this post. done following. im a newbie trader this post really help me. to gain new knowledge. pls keep posting.

Wow awesome post and good news thank you bro

22366813_1522168301185364_9179810826661448724_n.jpg

This is very useful information for me as a newbie in Steemit. Thank you very much my friend.

have a nice day
Regard from Aceh, Indonesia.