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OJT
Okay, I am a bit of a newbie with this, having only begun in the world of cryptocurriences in June. But I've successfully gained in my understanding of this thanks to numerous insightful publications and many posted videos by some of Steemit's most knowledgeable members.
I will admit, it hasn't always been easy. In fact, I've had to learn things the hard way (like most of you I'm sure). My most painful experience (to date) was losing a relatively small chunk of Bitcoin over the last hardfork fiasco with Bitcoin Cash. Permit me to explain.
Heading the advise of the "pros," I made sure to acquire a "hard" wallet for my cryptos. I'd begun by using Electrum on my Linux Ubuntu laptop, but soon after discovered Exodus, and began using that instead for its ability to store a variety of coins.
When the hardfork arrived in August I thought I was prepared. I had all my satoshis off the exchanges, and off my computer's harddrive as well. By the time the fork happened, I had diligently watched a number of videos and read all the instructions I could find from Ledger and others on "How to Claim Your Bitcoin Cash."
Trouble is - Nothing worked! Try as I might, no Bitcoin Cash materialized. I put it aside because my Chrome app for Bitcoin didn't even look as some of those I'd seen in the videos. Figured I'd wait and try this again later...
When I DID return to it, (on the day of my birthday I might add), I tried again, but THIS time... All of my Bitcoin disappeared! Try as I could, nothing showed up in the Bitcoin Cash wallet, and nothing re-appeared in the Bitcoin wallet as well - no matter what I tried!
I've got NO idea what I did, but I must have sent the BTC to a wrong address - perhaps to the Bitcoin Cash address by mistake! Oh well, "OJT" we used to call it... "On the job training!"
So in the weeks that followed I didn't give up. I've diversified a larger stake into BTC, ETH, EOS, XMR, LTC & NEO. I've begin using the Manero wallet for XMR, and the Neon wallet for NEO. Everything else I made sure to send to Exodus. But I didn't get back to my Ledger wallet until AFTER the first Segwit fork.
Inadvertently - in my haste (before Ledger timed out!) I sent a few bucks worth of BTC to the Legacy chain. But then I noticed the instructions in the app that Ledger recommends sending BTC to the Segwit chain for lower fees and faster confirmation times. The Legacy chain is differentiated with a prefix "1" in the address, while the Segwit address begins with a "3".
Ok, so I sent a few bucks more to the newer Segwit address...
The Plot Thickens
Now I see there'll be another TWO forks! The first, on October 25th, calls itself "Bitcoin Gold." From what I can determine with the published information I can find for now, is that this fork is being done to allow CPU mining - "Returning the ability to mine BTC to the users." The next hardfork will occur sometime in November and this one will be "Segwit2x."
Now I don't know about you folks, but all this "hardforkin'" around isn't making Bitcoin any easier for the general public (or wallet & app developers for that matter) to actually USE Bitcoin for what it was intended. It kinda reminds me of the government swapping out our MPCs with hardly a notice in Vietnam. (Those of you vets that were there may remember all that - I know, it's dating us!)
(Credit: sgtr7.com)
And now, based upon my recent missteps and losses, I have countless questions that arrise. Bear with me - I'm certain many of these are "newbie," inexperienced questions, but here goes:
What happens on October 25th? Since my BTC, both Legacy & Segwit versions on Ledger Nano S, (and I assume all those sitting in Exodus are still of the "Legacy" variety since my receiving address there begins with a "1"), what will happen then? Will Ledger, Exodus or even Electrum have a separate "wallet" for the new Bitcoin Gold?
What would happens if I send my "Segwit" BTC from Ledger to Exodus? Is this like, "When Worlds Collide" and two galaxies merge? I expect they won't co-exist very well since Exodus doesn't have a "Segwit" wallet category.
How will we verify that we own BTC to claim Bitcoin Gold (BTG, or whatever they'll call it)? Where can it be secured in a safe wallet?
And What About Sedwit2x?
According to the Bitfinex exchange:
"As the proposed consensus protocol Segwit2x project appears likely to activate, we have elected to designate the Segwit2x fork as B2X, for now. The incumbent implementation (based on the existing Bitcoin consensus protocol) will continue to trade as BTC even if the B2X chain has more hashing power."
Should I transfer all my BTC "Legacy" coins to my Ledger Nano S "Segwit" wallet? Can I move them back to my Exodus wallet as long as there aren't any BTC remaining with the "1" prefix?
These are all questions I'm posting here since my Steemit community has the most Crypto "gurus" that I know.
How Many Bitcoins Do We Need?
It is sure a lot easier stackin' silver. When the "Morgans" changed to "Peace" dollars and then to silver "Eagles" later on, they still stack together in my box! A heck of a lot easier!
Any suggestions or clarifications would be greatly appreciated!
