What Should the Average Person Who Owns Bitcoin Do Before August 1st ? What is Segwit,Jihan, BIP91, UASF,etc
I am just the average Bitcoin buyer and seller but with all the posts and articles I have been reading is there anything I should do to protect myself if the hard fork does happen or if a chain-split occurs? I don't understand all the intricacies of what may or may not happen or how to trade to take advantage of the market. I just want to make sure the few BTC I worked so hard for will be secure. Even my 11 year old son is asking me questions about this. lol (he likes to make free btc on the faucets)
Can someone in a nutshell explain what the New York agreement is along with segwit being active and why would Bitcoin split into BitcoinAbc and if the 2mb HF gets blocked what happens to the coins?
In the end shouldn't the miners come together and do whats good for us? Is this all happening because of miners not agreeing on something? I thought the nodes defined consensus not the miners even though they play a big role?
Sorry for all the question and I know most will say 'who knows what will happen' but i have googled all the terms and i still don't get them.
Would these options below be fine?
I guess the most important thing is to control your own private keys. I have printed my private keys.
You can put your coins into cold storage/a paper wallet if you plan on holding them.
I own a 'Trezor' secure hardware wallet. I bought this because everyone raved about how secure it is.
I am not keeping any of my bitcoins in any exchange and I'm avoiding transactions the day before and after August 1st.
Others are putting their BTC in a different Altcoins. (i wouldn't even know which one)
Or
Will it be just another day where nothing happens like the Y2K scare lol and we should all just shut up and go about our business and stop talking about this?
Me personally, unless advised otherwise, I will hold and wait for all the hype if any to die down and then resume buying and selling! I wanted to hear from everyone else (basically anyone because I am far from an expert) about what the worst case scenario could be and just to be on the safe side which method is best to protect my bitcoins?
I know the majority will say nobody knows what’s going to happen but it doesn't hurt to get some advice and learn from people who know more about this topic than me.
I'm not a btc expert or even close to one, im just a hard working mother who wants to protect her bitcoins! Thats why I am asking all of these questions. Thank you :0)
Will it be just another day in paradise like this?
Or more like this?
I hope you enjoyed. Please Upvote, Resteem, and Follow me @road2wisdom
"In the end shouldn't the miners come together and do whats good for us? Is this all happening because of miners not agreeing on something? I thought the nodes defined consensus not the miners even though they play a big role?"
The problem is not the miners, it's Blockstream. This is an attempted takeover of Bitcoin by banking interests from AXA. The miners, oddly enough, are closer to the good guys in this case.
As for the split, as long as you hold the coins in a private wallet, you should be ok. Risks are mostly limited to keeping your BTC in exchanges.
You can also temporarily move it all to something like Steem, if you like.
https://steemit.com/bitcoin/@lexiconical/seg-wit-is-a-trojan-horse-bitcoin-scaling-debate-explained
ok thanks @lexiconical I don't have anything in exchanges, so im good on that end. thanks for replying :) How is your morning going?
Oh, it's ok. Trying to find some time to post a blog post but too busy with my other jobs. Kinda overwhelmed. I'm trying to get a fair-taxation plan for Steemit post out that I promised exyle. You?
Not much getting ready for the weekend I am having some old friends over. I work a half day today at a new office in the hospital so I'm happy about that! I worked so hard this past week i didn't even know what day it was yesterday. So today's half day is great! Enjoy your weekend and we will talk again soon :)
Interesting article @road2wisdom!
Glad to upvote in the forefront)
Thanks, I hope I can get some answers because even though like I mentioned im not an expert with all these terms I did bank a lot into btc not just a few :/ thanks for the up vote and support :) its coming right back to you!
Only if you want it!
;)
As long as you have possession of the private keys for your coins, it won't matter how many times bitcoin splits, you'll have control over the coins on all chains.
You'll just need to download a separate client to move coins on the other chain.
@road2wisdom Read this Article by @tinashe
👉Future of Bitcoin
You will get a picture of whats happening to Bitcoin.
Thanks will read it now. Very much appreciated.
I like appreciative people :)
I'm watching this from the perspective of learning since I dont have any BTC. What a time to be alive! Hope it all goes with no problems for anyone. Resteemed
Thanks, that's what I am hoping this will be a learning guide for the everyday person. Thanks for the RS
I'm convinced that we will see a new all-time high once this is all said and done. (PS sounds like you have a smart 11 year old on your hands)
Hi @jeffijagoe I hope we do and thank you for the kind words about my son :) Yes he is a smart one :0)
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Thank you
The hard fork comes 3 months down the road I've read. That will be the real time to have your coins off exchanges
There is also a big block hard fork on Aug 1 that will take a large chunk of hashpower with it.
Thanks for sharing that info with us, I appreciate it.