There is a possibility Bitcoin will encounter a chain-part on August first. A section of all Bitcoin clients is resolved to enact a client actuated delicate fork (UASF) as portrayed in Bitcoin Improvement Proposal 148 (BIP 148). In particular, they will dismiss any Bitcoin obstructs that don't flag bolster for Segregated Witness (SegWit), the centerpiece of Bitcoin Core's scaling guide.
On the off chance that a greater part of diggers (by hash control) does not flag bolster for SegWit through BIP148 on August first, yet at any rate some do, Bitcoin's blockchain will part in two. All things considered, there would be two sorts of Bitcoin tokens, which we'll allude to in this article as "148 BTC" for coins on the delicate forked chain, and "Inheritance BTC" for coins on the chain that did not actuate the delicate fork.
Fortunately each bitcoin would viably be replicated to both chains. On the off chance that you hold bitcoin at the present time, you will hold both 148 BTC and Legacy BTC after the split.
The terrible news is that this coin-split can be untidy and hazardous. What's more, in case you're not cautious, you could lose reserves.
This guide will give you the nuts and bolts to guarding your assets amid the UASF and will ensure you make it to the "opposite side" with all your bitcoins in place.
Writer's note: If you need to play the 148 BTC/Legacy BTC advertises at the earliest opportunity and you approve of going for broke, or potentially you truly recognize what you are doing, this article is likely not for you: It's a tenderfoot's guide.
Before August 1
Most importantly, know that a chain-split make a high-hazard circumstance. Quite possibly some kind of digital fight will break out between the two camps, maybe notwithstanding heightening to the point where bitcoin's trade rate(s) drops pointedly, perhaps to zero. Ensure you are not holding more an incentive in bitcoin than what you will lose.
On the off chance that you do choose to clutch your bitcoins, the absolute most critical suggestion is this: Ensure you control your own private keys.
On the off chance that you are putting away your bitcoins on a trade, in a custodial wallet like Coinbase, Circle or Xapo, or on some other administration that holds your private keys for you, you could conceivably in the long run get coins on both closures of the chain. Truth be told, if these sorts of administrations aren't all around arranged, there could be situations where you don't get any coins whatsoever. Up until now, no trades have given any sort of certification.
So in case you're utilizing any of these sorts of administrations to store your bitcoins, you have to make your own wallet. Send your bitcoins to one or a few Bitcoin addresses in this new wallet. This wallet now holds your private keys.
What sort of wallet you utilize is dependent upon you. All things considered, here are some essential arrangements:
The main wallets that are completely trustless are full hub wallets, as Bitcoin Core or Bitcoin Knots. These confirm all convention rules, yet they can be a bit asset escalated to utilize. On the off chance that you couldn't care less about executing with bitcoin (either 148 BTC or Legacy BTC) at any point in the near future and truly simply need to keep both as a long haul speculation, printing your private keys on a paper wallet is another alternative. This choice, be that as it may, is just truly secure on the off chance that you take after strict security safety measures, which you can discover here. On the other hand, you could get yourself an equipment wallet. Any of the equipment wallets recorded on bitcoin.org will keep your private keys secure.
Most standard desktop or versatile wallets, as recorded on bitcoin.org, are about as secure as your PC or telephone seems to be. Since most PCs and telephones are not too secure, these are not perfect for extensive sums. On account of that, every portable wallet and desktop wallets recorded on bitcoin.org will store your private keys for you.
Regardless: Be certain to make reinforcements of your keys! Most wallets expect you to do this when introducing: don't skirt this progression.
On, and Perhaps (in a matter of seconds) After, August 1
On the off chance that a greater part of hash control signals bolster for Segregated Witness through BIP148 prior to August first, the convention update will initiate easily. All things considered, you're fine, regardless of the possibility that you didn't plan by any stretch of the imagination.
But on the other hand it's conceivable that a larger part of hash power won't oblige the BIP 148 UASF on August first, in which case the chain could part. In the event that you hold your private keys, you will then have both 148 BTC and Legacy BTC.
Such a chain-split could resolve in a few ways.
On the off chance that anytime on or after August first, the 148 BTC chain turns into the chain with most gathered confirmation of work, both BIP 148 hubs and additionally Legacy hubs would change to the 148 BTC chain. Thusly, the Legacy BTC chain ought to be disposed of, settling the circumstance. It would have been a brief split, and you ought to be fine in the event that you clutched your private keys. You would now be able to keep on using bitcoin not surprisingly.
Be that as it may, unless and until the point that this happens (or different sorts of precautionary measures are taken), there is dependably no less than a hypothetical hazard that the Legacy BTC chain can be surpassed and be disposed of like this. That possibility should diminish over the long haul, yet will practically exist for a considerable length of time, maybe days, and perhaps longer — regardless of the possibility that no pieces are found on the 148 BTC chain.
Accordingly, purchasing or tolerating Legacy BTC after the split — and particularly not long after the split — is extremely hazardous. These bitcoins can truly vanish if the 148 BTC chain overwhelms the Legacy BTC chain. In this way, it's not suggested that you purchase or acknowledge any Legacy BTC — on the off chance that you do, in any event know about and alright with the hazard that your cash could stop to exist.
BIP 148 hubs will never recognize the Legacy chain, so these won't switch paying little heed to which chain has more hash control. In any case, it is extremely hazardous to purchase, acknowledge or hold 148 BTC, as well. Above all, there is no assurance that 148 BTC will keep on being utilized. While that is obviously valid for any digital money, because of moderate mining trouble alterations, a conceivably unfriendly condition, and the proceeded with plausibility for SegWit to enact on the Legacy chain all things considered, it's presumably more valid for 148 BTC. Furthermore, piece affirmations might be moderate for a long time, which could make utilizing 148 BTC for executing unreasonable.
On the off chance that you need to acknowledge 148 BTC in any case, you have to run a BIP 148 full hub as a wallet. You can discover more data about that here, and you can discover programming downloads here.
On top of the Legacy BTC chain being disposed of or the 148 BTC chain wilting without end, there is another enormous hazard: replay assaults.
If there should arise an occurrence of a chain-split, exchanges on both sides of the fork will seem to be indistinguishable. On the off chance that an exchange is gotten by both 148 BTC and Legacy BTC hubs — for instance, in light of the fact that the collector of an exchange retransmits that exchange — the exchange might be legitimate on both chains. This is known as a "replay assault."
Accordingly, spending coins toward one side of the chain could make you unintentionally spend the proportional coin on the opposite side of the chain. Rather than paying somebody just in 148 BTC, you may inadvertently send Legacy BTC also, or the other way around. 148 BTC and Legacy BTC are at first "stuck together."
The most ideal approach to avert replay assaults is basic: Do not send any exchanges. At any rate not until the point that it is clearer to everybody what the post-fork circumstance resembles.
After the Chain-Split
If there should arise an occurrence of the BIP 148 UASF, it is somewhat difficult to state what "after the chain-split" really implies.
On the off chance that the 148 BTC chain gets more amassed evidence of work, it ought to be the main tie to survive, and the split would be finished. Every one of the 148 BTC would then essentially be bitcoins (BTC) once more.
In any case, if that doesn't occur quick, and regardless of the possibility that the 148 BTC chain shows up non-dynamic, a chain-split could, at any rate, wait for some time. Excavators could begin mining on that chain whenever. All things considered, the 148 BTC chain can in principle dependably wipe out the Legacy BTC chain.
Furthermore, there are likewise conceivable situations where the two chains — 148 BTC and Legacy BTC — coincide. Likewise, even a situation where more than two chains rise can't be removed from the condition. In these situations, you will have coins on both (or all) sides of the fork.
In any case, as said, it will be precarious to spend coins on one chain without coincidentally spending the comparable on the other(s). What's more, the terrible news is that part these coins can be somewhat unpredictable. (It will require crisply mined or twofold spent coins.)
The uplifting news, be that as it may, is that a few trades will probably set up coin-part administrations and deal with the vast majority of the intricacy behind the screens. You'd simply need to send your bitcoins to a trade, and the trade will acknowledge your record for 148 BTC and Legacy BTC. (They ought to try and replay the exchange for you to ensure they in fact get both your coins.) At that point, in the event that you need, you will have the capacity to offer or exchange your coins.
In the event that the split continues, there ought to be wallets for both coins soon enough. Obviously, you may need to redesign your current wallet or download another wallet if and when this happens. This result additionally stays to be seen. Try not to acknowledge any exchanges on your wallet before this is clear.
Advance specifics on what to do after a coin-split will be reported on Bitcoin Magazine (and probably on bitcoin.org and different wellsprings of data) if and when a coin-split happens and we have a superior comprehension of the post-fork circumstance.
Along these lines, to Recap ...
Control your private keys.
To be erring on the side of caution, maintain a strategic distance from any exchanges on and soon after August first. (How "not long after" relies upon what happens.)
On the off chance that there are as yet two chains when the tidy settles, split your coins into various wallets.
Cheers :)