Bitcoin Potential Network Disruption - What you NEED to know and how to PROTECT your bitcoin
Warning: potential network disruption starting July 31st 2017
The Bitcoin block chain may experience what is known as a chain split on July 31st 2017.
Basically Bitcoin nodes will run software that the other portion of nodes are not fully compatible with.
Remember that you alone are responsible for your bitcoins, there is nothing anyone can do to help you.
Note: There is a chance a milder level of disruption that could start between now and Mon Jul 31 2017.
HOW CAN YOU PREPARE FOR THIS?
Preparation
1: We recommend that you stop accepting Bitcoin payments at least 12 hours before Mon Jul 31 2017 17:00:00 GMT-0700 (PDT), although 24 to 48 hours earlier may be safer. This will give time for all pending payments to confirm on the Bitcoin block chain before the event happens.
2: If you send bitcoins as payments, note that many services may stop accepting bitcoins at Mon Jul 31 2017 17:00:00 GMT-0700 (PDT) or earlier.
3: Be wary of storing your bitcoins on an exchange or any service that doesn’t allow you to make a local backup copy of your private keys. If they accept transactions during the event, they could lose money and will likely spread those losses across all their users. If there end up being two or more competing versions of Bitcoin, then they may refuse to give you your bitcoins on versions they don’t like.
4: Bitcoin may experience significant price fluctuations in relation to other currencies. Learn more about price volatility and ensure you aren’t holding more bitcoin than you can afford to lose.
During the event
1: Do not trust any payments you receive after Mon Jul 31 2017 until the situation is resolved. No matter how many confirmations the new payment says it has, it can disappear from your wallet at any point up until the situation is resolved.
2: Try not to send any payments. During the event there may be two or more different types of bitcoin and you may send all of the different types to a recipient who only expects one type. This would benefit the recipient at your expense.
3: Be wary of offers to allow you to invest in the outcome of the event by “splitting” your coins. Some of these offers may be scams, and software claiming to split your coins can also steal them.
Source: bitcoin.org
hectic!
@smartphone
Nice Post!
Thanks for sharing this.
@qagiri Thank you. I am new on steemit and haven't figured out what i want to fully blog about.
Get set for a bit of a ride. Already 80% acceptance but, but, you never know. This solid advice @smartphone, definitely watch for any replay scams.
@smartphone, you will want to check out about posting content from sources. You see the cheetah bot has posted an upvote to let you know that the content is the same as your source. You have cited the source but you may still get flagged. You will want to be careful cross-posting. Thought I would mention it. Your "cellphie" phone posts are unique and quite a good idea :-) Steem ON!
Hey Thanks for the heads up - Yes at the bottom of the blog i put Source: Bitcoin.org
Did i miss something else? Let me know , i surely do not want any problems.
@jasonbu
Have a look at this post. It talks about the Cheetah bot and it's purpose.
https://steemit.com/steemitabuse/@cheetah/cheetah-bot-explained
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