Hello everyone and happy holiday for the Jews and the rest (I am a Jew)!
Sure, most of you have already heard talk of the hardfork that can happen in late October / early November. I did a little research and maybe it can help here for people to understand something more. Also, if I wrote something wrong, I would appreciate your comments
So what's going on here ?!
Bitcoin Network is decentralized and has no primary decision makers but is based on the principle of consensus (of course, there are no major decision makers otherwise Bitcoin was not decentralized). Within the system there are players with different roles: miners, developers, promoters, teachers and users. The code for an open source system and developers can offer all sorts of bitcoin improve protocol (BIP) upgrades and reactors can vote for or against improvement in the bitcoin protocol. An offer will be accepted and approved only when 97% of the miners have agreed.
The discussion in question takes place around the general understanding that in order for Bitcoin to continue to grow, it is necessary to improve its transactional speed and make it more scalable, and everyone agrees that it should be done, but there is an argument over how to do it. Developers with a lot of power and influence: Bitcoin Core (North America) and Bitcoin Unlimited (Asia).
Bitcoin Core offers a more conservative solution - simply add to the existing protocol another side chain for processing information. In contrast, Bitcoin suggests a solution with a very drastic change in the original protocol, which increases the size of the block.
The community was divided and it did not seem to be possible to hope for an agreement of 97%, in which case a split would occur.
How this inspection will be, it is still not known until the end that nothing similar has happened in the past.
So what is important to know and how to keep your bits if it happens?
Chances are your bit will multiply by 1: 1 ratio to the same amount of Bitcoin Gold as a new currency!
The reason is that the number of rings will increase threefold because there are already three coins on the blockkin of the Bitcoin so you have to match the number of coins you have relative to the existing number of coins to maintain fairness
Bitcoin cash-21 million.
Bitcoin - 21 million.
Bitcoin gold - 21 million.
It's important not to be confused with other gold coins already traded today !!it's not the same one look at coin matket cap att the total coins number, it's should be exact like bitcoin itself.
If your security is stored at the address where you hold your private key, there is nothing to worry about and nothing needs to be done to get the new coins out of the split without worry.
If you have a saved encryption in a place where you do not have a private key, such as a coin exchange or something like BitConnect, you can transfer it to a wallet with a private key for the release time
By the way, there are coin exchanges that will say that they will take care of your split and you will get Bitcoin Gold like Bittrex, for example, which Bitcoin Cash gave to Bitcoin during the split.
In addition, it is likely that ethereum will also be soon dismantled some of its great design that includes several stages so there are few things to wait for
https://www.coindesk.com/metropolis-today-shifting-plans-ethereums-next-big-upgrade/. So there's what to expect
