Diagram of Upcoming Bitcoin Hardforks

in #bitcoin4 years ago

There is So Much Confusion Regarding the Upcoming Changed in Bitcoin.

Personally I wish they would stop messing with my money but it looks like we will have to tolerate this crap. If you continue to hold Bitcoin during this transition I recommend you hold your keys which means setting up your own wallet on your computer or in a wallet like a Ledger Blue, Ledger Nano, Trezor or KeepKey. This way if a split in Bitcoin happens you don't miss out on the newly created coin.

I will not be doing this. I have taken all of my Bitcoin and converted it into altcoins like Steem, Stratis and Flashcoin. I wish everyone luck during the transition and I promise to bring you any information that will help you make decisions to keep your money safe.

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thanks hilarski for your concern.i been following all your post especially regarding important information about virtual currency.. thanks you godbless

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Bitcoin has reached it's peak of being the market exchange boss and controlling the altcoins price. Steem and other cryptos need to have direct fiat exchanges.

I don't see that happening soon. We could still be a year or two away.

Once we have these exchanges, it will be a totally different story. Less risk plus more convenient way of getting into the crypto world. Especially through Steemit social media and Steem-based projects.

Actually, Bittrex has started offering trading pairs directly with USDT for some altcoins. Unfortunately, Steem is not one of those yet. But with the growth steem is showing, I would not be surprised if it is included soon.

Haha, kinda what the other fiat currencies feel about the USD

Just hoping litecoin get used more in other fiat exchanges like Coinbase

Bitcoin is also a social experiment and now let's see if the community can work in consensus

I particularly love Litecoin because it works much more harmonically than BTC.

Let's wait for the results ...

What about Dash? do you thing LTC and DASH will have a big break when bitcoin goes through all this?

That means we may get some direction after 21st july... Thanks @hilarski for sharing these important details.

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I did the same. Moved a majority to steemit, some to stratis and some to pivx. My nano s's aren't arriving until the end of August anyways. ^_^

Thanks for the article, from what I understand most of the coming changes are all softforks and the only hardfork to happen is in november
That being said, I did the complete opposite as I dumped all my altcurrencies and bought BTC, bitcoin is still the dominant digital currency and you have seen all the market following BTC down in the last couple of days and most of the alts were dumped much more than btc, I do believe if the segwit acceptance goes through by August 1st then we will probably see BTC hitting ATH while the alts will follow slightly later, that's my theory and I can be wrong
Good luck

Completely agree, impact most surely will be higher for the alts than the BTC and people will trust more in it

It is more likely that no split will happen and the bitcoin price will climb to unprecedented levels.

One questions. Im also holding lot of alts. If they split that means their price splits too. So what happens to those altcoins that are tied to btc? If there are two, and the price halfs, my altcoins also loose half value?

No, your alts will be fine but they will likely fall in price.

Bitcoin splits to two or not it won't affect me since I have none. That's a relief.

PS: I wish it won't split and people will not lose their money.

@hilarski Hi , do you think the price of bitcoin will still go down a lot more ?

My prediction was $1800, we almost hit it and it rebounded but we are not safe yet.

Thank you, so you recon it can go down more than that ? What do you think of ripple for the long term ?

your guidance is so important, i am following you, up vote for you

I respect encouraging post like this, cause thier are a lot of confused people out there including myself. We all need a little good advice to make us calm.

Nice step by Step everything will be good.

With no doubt i believe this has been a huge contribution to the fall in bitcoin price and the trend will continue till this dust settles major coperations and individuals with big pockets are either holding on to their money or pulling out including the regular cryptocurrency holder which is normal for anyone in the crypotcurrency space my idea and escape plan to be safe from this hardfolk is to sell bitcoin and hold my funds in other cryptocurrency coins like steem, ethereum, dash , monero, litecoins and a few others or fiat currency that way you free yourself from unnecessary fatigue, stress and strain on your thoughts thanks for shring your insights with this diagram very much appreciated.

We're going to talk about.. Check out our interviews:

I think it is the best time to grab some coins specially steem , stratis like that, last weekend i brought some coins and waiting next weekend. and will get results in next September or October or even 2020 September. ha haa . I am holding them for long run, and it is a gift for me to buy some more with cheap prices , appreciate it lot for your nice explain.

I think this could be effecting the Crypto Market at the moment 😎

Bitcoin may come back stronger

Thanks @hilarski - as a total crypto idiot can you tell me how this would me?

If you continue to hold Bitcoin during this transition I recommend you hold your keys which means setting up your own wallet on your computer or in a wallet like a Ledger Blue, Ledger Nano, Trezor or KeepKey. This way if a split in Bitcoin happens you don't miss out on the newly created coin.

Too much to explain but holding your Crypto in your own possession is always the best option. Do not leave Bitcoin on Coinbase or any other exchange.

I just organised a Ledger so I should be safe before August 1 - cheers buddy

What about DASH, to pass the bad time of BTC, I think that is a great option, Holders are not gonna sell as much as other altcoins because DASH offers Master Nodes, to holders that have more than 1000 coins any thoughts about that?

Dash is a good one but could take a healthy hit if Bitcoin does.

Do you think steem has reached a near bottom?

If I held Bitcoin I'd be following your lead in switching to altcoins

Timeline, what a "wish I thought of posting that" moment. Wish people would print this out, along with "don't panic, its over soon".

@hilarski...sooo many bumps ahead of us...
Great post!
Thanks :)

Thanks for this, I really appreciate your insights as we go through these tumultuous times... definitely not the summer doldrums in the cryptocurrency markets.

Great post, having trouble deciding where to keep my money right now so I appreciate the time diagram.

Hey, I have not seen you around in a while! Welcome back.

Yeah I had a period of absence from getting to busy with other things, jobs and other things. Been trying to find ways to make money. Ironically when I returned to steemit the price went up and now I do have money :) If I would have been more consistent with posting I would probably have more :p Thanks, glad to be back!

It look like too complicated for me a newbie... But anyway thanks for info sharing...

Are you not holding any Dash, Eth, Digibyte, or EOS?

Nope, none of them. Only Steem, Stratis and Flashcoin.

great info, i did good then bought steem

Why did you choose these ones?

The answers would be whole posts.

I'm looking forward to read your next posts

Is this hardfork causing the price of bitcoin to drop drastically?

It is definitely contributing to it.

When price are low, it would be a good time to buy.

Yes.lots have temporarily side stepped btc.

Great post thankx @hilarski for sharing these important infos

I am also converting all my bitcoins to steem.

Thanks for this important information.

Thanks, I also convert other coin.

Hi Randy do you know of any coins that also have something cool backing it that you don't need a phd to do like with etherium? Upvoted and followed you.

I think Steem is pretty easy to understand once you have used it. My upcoming favorites are EOS and Guld.

Very useful information hilarski in this days of chaos

thanks for this awesome post , you have answered a lot of my questions here and i hope that thing progress in the crypto space as we enter into hard fork stages

Hey, You even put a BTC Diagram. That can help a lot!
Thanks for your help man!)

Thanks for sharing this, i am new to this cryto world and some of this stuff is very confusing, i always appreciate these types of articles to help me understand bitcoin better. One question if i wanna purchase a nano will i be able to store all types of coin? or is it just Bitcoin, Ether, and Litecoin. Upvoted followed and resteemed:)

Thanks for the diagram.
It is helpful. There are many people who have no idea what to do or what is actually going to happen. They are living in fear.

Thanks @Hilarski , it seems like almost everyone is seeing their voting power diminish to near nothing ( at least for minnows like myself). The fact that the market is so low, and the fear regarding the upcoming Bitcoin fork is also turning people into "Chicken Little". The sky IS NOT falling people. We'll make it through. Just be smart and use all of your common sense. Thanks for the information buddy.

This is the clearest diagram I've ever seen concerning the upcoming events. This makes much more sense now, thanks.

I hope that there is a smooth transition and thank you Randy for the suggestion of holding onto our keys. I'll probably get round to setting up my own backup wallet in case anything goes sour.
Thanks for the bitcoin diagram, it clears up a few problems that I've been having with understanding segwit and the hardforks.
Good Luck everyone! haha

With the prices of alts suffering much more than Bitcoin, it's hard to hold an argument against stocking up on good quality alts. Thanks for sharing the visual aid.

Good luck to everyone! I'll be hodling

@Dan thanks for stopping by! Will you be coming to SteemFest this year?

this august 1st segwit2x stuff is really causing the market to drop hard.

That is one clear diagram. I believe this might help a lot of people to make things clear. I resteemed it. Thanks.

Despite of the chaos, if you have the private keys of your bitcoins, I would keep them instead of changing them to other currency

Great explanation! I will be holding some BTC in hardware wallet but 90% is in Top Alts that are moving much faster with development than BTC. 2 years and we are still stuck on this? Time to move on with or without Bitcoin as #1 coin.

And with the upcoming Solar Eclipse on August 21st that translates the USA economy and the dollar exactly.
Wear your seat belt, for sure.

Good post, I'm holding a lot of alt coins and actually my Bitcoin is virtually empty due to this. I hope everything does go smoothly and my alt coins stabalise. Upvoted and followed!

Can you make separate posts about Stratis and Flashcoin tokens? I know almost nothing about them.

I will be writing about Flashcoin this week.

Thank you very much for the information.
Where can I buy Flashcoin ?

looks like a coin that might enable people to actually use it for ecommerce. look forward to hearing more.

Great post! I'm with you on all of this. I have taken all money out of Bitcoin and are only investing in alt coins or holding my cash until a further price drop. This uncertainty is making everyone scared but I'm excited that we're getting lower prices for higher returns in the next couple months. Thanks for sharing :)

As a rookie in the cryptocurrency and steemit community, your post was quite helpful!Thank you for your help. Upvoted,followed and resteemed.

Why do you think a local wallet prevents you from missing out on any newly created coin?

It seems like if you had a wallet on coinbase and with a balance, there would also be newly created coin for the private key used by coinbase.

If you trust Coinbase, go for it. In my experience they are one of the shadiest companies in crypto.

I don't trust them, but just wanted to clarify that point. Thank you

Like you I have converted all of my Bitcoin into altcoins. If the price of Bitcoin really bottoms out then I will put it back in. What a bunch of absolute craziness this all is.

Looks like the "gamblers" are at it again.

"I have taken all of my Bitcoin and converted it into altcoins like Steem, Stratis and Flashcoin."

Sir, Unviversal Blockhain Court found you guilty in Bitcoin rate plunge. You will be sentenced to severe punishment :D

Saran yang baik, terimakasih sir informasinya, saya akan menunggu post selanjutnya. :)
Translate english:
Good advice, thanks sir information, I will wait for the next post. :)

suppose I have 1 BTC and it split then I would have 1 BTC and 1BTU?
or one of the other , if one one of them do we have a choice which to take

Only if you hold the keys

then why are people selling , they should be buying

I also think that

@hilarski, I am completely out of bitcoin at this point-- said goodbye to my last few around $2500... I'm basically done till this settles down.

Of course, all the other alt coins seem to be following BTC like faithful little sheep which feels a bit... weird. I've been quietly pondering if the BTC mess is going to be the opening for Ethereum to take over market dominance and become the "gold standard" for cryptos...

I sure hope Ethereum does not become the top dog. That hurts the Anarchist in me.

I can appreciate that... the idea doesn't thrill me, either.

On the other hand, if I just detach and put on my "observer's hat" I'm seeing one of the issues that has sometimes concerned me about Anarchism... the "opposite side" of decentralization and working by voluntary consensus is potentially "fragmentation," where people instead say "screw consensus, we're doing it OUR way!" and there's no stability at all. People want stability. We can't function in a world where a cup of coffee costs 3 Steem today, and 6 BlobCoin tomorrow and 4 KittenCoin on Wednesday. That's extreme, but I hope you get my broader drift...

I think much of BTC pricing now is holding tank for sold alts. Once people have had enough (or completely sold out of their alt positions) that BTC price is going to drop like a rock. A very heavy $1250 rock.

I am definitely going to hold some bitcoin on a hardware wallet, I feel the King will emerge from this victorious and strong. Thanks for the diagram it makes it easy for visual people like me to understand how this is going to play out moving forward. Nerve wracking time, but maybe a great opportunity to grab some coins on the cheap!

If nothing else, all this talk about hardforks makes me more optimistic for bitshares, EOS, Steem.

You missed the most important fork, Randy: https://www.bitcoinabc.org/

Use Bitcoin-abc if you want bitcoin as originally designed.

Thanks for the Flag @Ancap47

Had to - this is a horribly misleading article.

@ancap47 what is misleading?

Completely left out bitcoin-abc and the big-block fork - the most important one. Don't trust hilarski.

What is your take on the upcoming situation @ancap47 then? Do you have an article you could point me towards?

That's a bit hard since I don't know where down the road of discovery you are. Here is a link to some basic knowledge of where we're at: https://coingeek.com/bitcoin-attack-threat/. From there I would research Blockstream, and their financial backers, AXA. Also look into DCG - Digital Currency Group, and who their backers are.

Totally agree, don't think many will hold there bitcoin during this transition. They rather sell bitcoins for other things like SBD or the terrible USD LOL ...

But when this is over, you can see huge buying opportunities :)

We're going to talk about it...) Check out our interviews:

Steem & Stratis, my choice too :-)

I invest in steem. But for the little bitcoin left, what about mycelium? Is it good enough?

It just got muddier. Craight Wright's group has announced that they are HARD FORKING Bitcoin on August 1st, and it will be called Bitcoin Cash. They are raising the blocksize to 8MB immediately. There are already two exchanges and two wallets committed to supporting it.

I always found it easier to perceive the information visually. Thank You very much for the schema. I saved its for myself in Bookmarks=))

Do not like UNCERTAINTY. Waiting for the 1st of August and hope=))

I converted mine to Ripple (it was only $0.17) so who knows??? I didn't have all that much to begin with and all my steem is safe here!

Ripple seems to have stabilized.

I wouldn't be too disappointed if it stabilized at around a buck lol!

I have been holding the bag on Ripple since about 26 or 27 cents and it is just fallen to $0.14 now so I wouldn't hold my breath.

Oh well... I'll be out $40! I've thrown away more on less. I figure if I let it sit a year or two, who knows??? I just had a little Bitcoin left when I charged my Bitpay card up and didn't want to leave it in BC because of the Aug 1 thing. I'm going to leave everything like it is until I see what way the wind's blowing after the HF!

I'm definitely hoping it goes back up.

Thanks for the nice clear visual. Still a bit confused though, especially if BIP-148 is triggered, as you have a clear Blue line for it and leave BIP-141 on the main line. I need to read more stuff on this I think, and in a hurry!

Also really interested to know why you got completely out of BTC if there is chance to get a newly created coin? Thanks.

Nothing to worry about here. Steemit is our top choice! 🐓🐓

So far from what I have been reading is we are headed to BIP 91 which will result in a hard fork. I kind of thought if people knew one was coming and the potential for some major issues still on Aug. 1st there was going to be a major dump in the market. Instead, we sit here today at almost record highs how is one to make sense of this lol or is it that quick buy in before the sell off for some last minute profits?

Thanks for this post. I've been diversifying throughout this downtrend, and will do so till they get consensus.

I think a rough time is coming towards us, since speculators and the "sheeps" will be very unsettled if somewhat crashes.
I think, that if a hardfork happens the entire cryptomarket will crash since btc is still the leader of cryptocurrencies and its value has a heavy inpact on all other currencies.

Good luck to all Hodelers ;)

Hello @hilarski, I am just learning that Bitcoin can change parts of the system after they already have our investments. This is outrageous! Your article and diagram have me thinking it might be time to invest my BTC into STEEM. I to wish they would stop messing with our money, after all, isn't the point of Bitcoin to have freedom from financial institutions and people who have control over the currency? I just read the aprt of your article stating you converted your BTC into altcoins such as STEEM and Stratis. Great minds must think alike.

Im just waiting for a bounce back in price before I make the move. Thank you for the insightful article and diagram. I will be sure to give you a follow, I want to see more from you.

well thanks for the article learned a lot.

Yeah I'm bout to

Great to hear; I've done the same thing. Diversified my bitcoin into Altcoin. I went ahead and split them up based on their compatibility with a coin whose blockchain they may be utilizing and/or how they are saved offline:

  • Ledger Blue (DOGE, STRAT, KMD, ZEC, DASH)
  • Computer Wallets (STEEM, SBD, ANS, ANC, XLM, XVG, DGB, RDD, THC, BITB, SC, MYR)
    There are obviously many more AltCoin, so I am deciding which ones I wants to either download a wallet for or that I want to sell in exchange for some of those mentioned above.
    Any input/feedback?

thanks for sharing @hilarski. your decision is great for you,

@hilarski i think that it will siplit after the hf

It's a very unfortunate situation. I have converted all my BTC to LTC, but I'm considering shapeshifting half of that to ETH. Thoughts?

Interesting article! Thanks for the info!

Nice, thanks for a great information :)

interesting post!

i preffer clasic bbitcoin

Thats good advice, i didnt think about that. I'll have to look those up. Need to step my bitcoin ownerahip up though.

Thanks for your post. It's great to see. I have 2 questions regarding to this -

  1. Should we move all altcoins out exchanges off and store in wallets before 01 August?
  2. I am going to use Jaxx wallet to store my altcoins. Do you think that it is ok?

I am looking forward your reply back soon. thanks,

i hope that this fork or segwit should take in to place, for us to see the full potential of bitcoin...

Nice info, thx for sharing. It's really messy :/

great post please support and follow me

When bitcoin will come back

Thank you for this information.

As being new to Steem and the community of steem, and crypto currency as a whole.
I'm still trying to figure out whether to buy"Steem" "steem power" or "(Steem)" in savings, its all confusing.
I see most of your savings in in steem savings.
Is that what you meant about buying steem?
As i look at yours and pretty much everyone else, they have nothing in "steem", the first thing you see in your wallet, but load up on steem power and steem savings.
Seems so confusing, with that said, Now are uncertain times indeed, but one can say its also a great time to invest in Bitcoin, especially since everything is based off buying another coin such as steem using Bitcoin or even Etherium, not to mention Bitcoin and Litecoin seem to have the best properties as far as being finite value,something that are decentralized. where as almost all the rest can easily become centralized.
I will also throw out there Gold and Silver, especially Silver is is at the best prices one could buy in on, and I'm not talking paper but physical ownership.
Your article always is very informative, and I have lots of respect for the time you put into it.I enjoy reading them.
I have said and will continue to say, crypto is here to stay, and now is definitely worth getting into, I just wanted to say, diversify, buy crypto for sure, but don't overlook Gold and Silver.
pls follow me @dkinx

resteeming this wisdom :)

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