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What does a Fork (in the Blockchain) Mean?
455 sats \ 3 comments \ @spiderman 15 Nov bitcoin_beginners
Asking this specifically after reading about the core-vs.-knots war raging but the curiosity is general.
What exactly will it mean, if it happens? Does it mean, from some pre-defined point, there will be two distinct consensus rules and the the chain will diverge, into, let's say ChainA and ChainB?
Does it mean, before the divergence, if I had let's say 2.4 BTC, I will have 2.4 BTC initially in both new chains? Then I will decide which one to transact in and can even cash out one of them keeping the other?
What about my addresses, and BIP 39 keys? Will they be valid for both chains?
And, above all, who decides which one, between ChainA or ChainB, is called Bitcoin? Is is the cores or the knotsies?
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100 sats \ 0 replies \ @DarthCoin 15 Nov
Good question for beginners.
First of all: this rumor of a fork, I do not think will happen. The situation is way different than the one in 2017. Much complicated.
Q1: Yes, will be 2 distinctive chains.
Q2: Yes, you will have your BTC practically doubled, same amount on each chain, same private keys. That's why if you want to swap the "new coins" for more "old coins" you must do an operation using the private keys of each address and claim it on the new chain. That's why is recommended to move all your stash (old and new) to new addresses, because your private keys were exposed. If you do not claim new coins, your old stash is OK, no need to move it to new addresses.
Q3: yes
Q4: Usually who initiate the fork must rename their new chain. The original one is doing nothing so do not need to be renamed.
As an old bitcoiner, I've seen all Bitcoin forks (yes there were many in the past) and I would recommend to stick always with the original. Please read this important piece from the past, by Mircea Popescu: If you go on a Bitcoin fork, you will lose your Bitcoins and you will understand why. Only scammers wants to fork from original chain.
That's why I do not think this time will NOT be a fork. Is just a giant manipulation...
You have been warned.
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0 sats \ 0 replies \ @adlai 17h
who decides which one, between ChainA or ChainB, is called Bitcoin?
purchaser of the call, duh!
joking aside, please phone a friend next time you gotta put so many questions on the table without reserving a partyload of newlines before close of the previous business week. some conversations need a few thousand words to get started, and by then, I'm colorblind and this thread should have been archived after darth declined to downzap.
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0 sats \ 0 replies \ @adlai 17h
please disclose whether you have considered linking your nym spiderman to any older, younger, or similarly ordered nyms
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