Bitcoin is FORKED! - What does it mean to Bitcoin users?
If you haven't been following the news about Bitcoin, just know that Bitcoin blockchain is likely to be split into 3 chains on August 1st. When that happens, there will be Legacy BTC, 148 BTC and Bitmain BTC.
Legacy BTC
These will be coins in the chain that do not have any fork - just like the ones we have now
148 BTC (UASF)
These will be coins in the soft forked chain as proposed under the Bitcoin Improvement Proposal (BIP-148)
Bitmain BTC (UAHF)
These will be coins in the hard forked chain as proposed by Bitmain as a contingency plan against BIP-148
What this means is that for every BTC that you own now, you will end up with 3 BTC (as described above) after the forks on August 1st.
If you are still confused, here is a photo that might enlighten you on the subject.
Hope it helps!
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If fork happens be sure to keep your coins in a wallet you control the private keys to.
Otherwise you might end up with whatever your exchange decides to do with your coins...
Yes I am confused. What does UASF mean and what does UAHF mean?
Does this mean there are new bitcoin symbols you have to buy if you want to pick which bitcoin fork you support? Right now I buy btc will the other two coins 148 and bitmain be something other than btc?
so confused!!!!
Hi Candice, UASF stands for User Activated Soft Fork whereas UAHF stands for User Activated Hard Fork.
As an example, let's say you have 1 BTC and you store it on Bitfinex, an exchange that supports both chains, then you see something like this in your account balance starting from July.
BTC : 1.00000000
BTC-Old : 0.00000000
BTC-148 : 0.00000000
You will be given the option to continue trading BTC as usual for a limited time. Or, convert (split) your BTC and trade on both chains. Assuming that you opt to convert, then your balance will look like this.
BTC : 0.00000000
BTC-Old : 1.00000000
BTC-148 : 1.00000000
Hope this helps.
Let me add that you won't see Bitmain's BTC in your balance because so far, no exchange supports it.
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