Here are three main points that make bitcoin chain splits.
- In a contentious hardfork.
- In a user-activated softfork (UASF) which lacks both majority mining power at the time of activation and near-unanimous support from the economy. If it has one or the other, then a split does not result.\
- In a BIP9-style miner-triggered softfork where a very large number of miners are lying about their enforcement of the softfork. (Unlikely.)\
https://bitcointalk.org/index.php?topic=2012799.0
If the bitcoin chain splits , what will you do to deal with the situation to secure your asset?
Here are some guidance writteb by theymos a legendary member administrator bitcointalk.org.
First of all, remove all bitcoins possible from banks/exchanges/"hosted wallets". If you can't export your private keys, then you don't actually control the bitcoins. This is a good idea in general, but it's especially important in case of splits. If you're using a Bitcoin bank, then you will have no control over what happens to your coins. Quite possibly, the bank will end up stealing/losing one of the currencies that you should have access to, either through greed/malice or technical incompetence, and the currency they throw away might well be the only one that ends up having any long-term value.
Possible splits are usually predictable some time in advance (see the next section). If in doubt, avoid sending transactions or trusting received transactions 12 hours before and up to a few days after the split time, and check the forum for more news. If a major split happens, I will very likely make a post and news item explaining how to handle the situation. Coins at rest are not at risk.
Generally, after a split:
- If you want to completely ignore (ie. discard) one of the currencies, and your wallet is already set up to ignore that currency, then you don't have to do anything.
- If you want to completely ignore (ie. discard) one of the currencies, and your wallet is set up to support only that currency, then you might be able to change the software's settings after the split, or you might have to switch to different wallet software.
- If you want to use both currencies at the same time or sell one of the currencies, then you will probably have to follow a somewhat-complicated series of steps possibly involving running some extra software in order to cleanly split your coins and eliminate the possibility of replay.
For more detail and discussion your can clidk the link
https://bitcointalk.org/index.php?topic=2012799.0
- In a BIP9-style miner-triggered softfork where a very large number of miners are lying about their enforcement of the softfork. (Unlikely.)\
https://bitcointalk.org/index.php?topic=2012799.0
If the bitcoin chain splits , what will you do to deal with the situation to secure your asset?
Here are some guidance writteb by theymos a legendary member administrator bitcointalk.org.
First of all, remove all bitcoins possible from banks/exchanges/"hosted wallets". If you can't export your private keys, then you don't actually control the bitcoins. This is a good idea in general, but it's especially important in case of splits. If you're using a Bitcoin bank, then you will have no control over what happens to your coins. Quite possibly, the bank will end up stealing/losing one of the currencies that you should have access to, either through greed/malice or technical incompetence, and the currency they throw away might well be the only one that ends up having any long-term value.
Possible splits are usually predictable some time in advance (see the next section). If in doubt, avoid sending transactions or trusting received transactions 12 hours before and up to a few days after the split time, and check the forum for more news. If a major split happens, I will very likely make a post and news item explaining how to handle the situation. Coins at rest are not at risk.
Generally, after a split:
- If you want to completely ignore (ie. discard) one of the currencies, and your wallet is already set up to ignore that currency, then you don't have to do anything.
- If you want to completely ignore (ie. discard) one of the currencies, and your wallet is set up to support only that currency, then you might be able to change the software's settings after the split, or you might have to switch to different wallet software.
- If you want to use both currencies at the same time or sell one of the currencies, then you will probably have to follow a somewhat-complicated series of steps possibly involving running some extra software in order to cleanly split your coins and eliminate the possibility of replay.
For more detail and discussion your can clidk the link
https://bitcointalk.org/index.php?topic=2012799.0
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