The word around the Bitcoin circle is that a hard fork may be aimed at the blockchain soon. Wait. What the what does cutlery have to do with cryptocurrency? Clearly, some us – myself included– need to do some research.
Hard Fork Defined
Put your fork down. Apparently, it’s got nothing to do with any of this. Think “fork in the road”. According to some much-needed guidance from bitcoin.org, the definition of this occurrence is “A permanent divergence in the block chain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules”.
Basically, this is a rejection of changes. The new continues on the new road while the old refuses to accept it and splits off permanently.
What You Should Do
There is nothing you can do to stop the hard fork from happening. Overall, this doesn’t mean much to you in terms of your Bitcoin balances, however, it might.
Bitcoin.com published an article, which reads, “Bitcoin holders who possess their private keys will have access to assets on both chains after the split event occurs. So, if you “keep your money” in a local wallet on your computer or on your phone you can just stay put and watch the fork happen.”
“If you hold money on a bitcoin exchange, then it will be up to the exchange’s discretion on how they choose to disperse both token assets to customers. Most of the well-known industry exchanges have already pledged to support both assets if a blockchain split event takes place.”
If you have concerns or are interested in getting a more in-depth understanding, we recommend reading the article in its entirety.
Sources:
‘This Happens to Your Coins During a Bitcoin Hard Fork and Possible Blockchain Split’, bitcoin.com, March 20, 2017
jumboscampi
7 years ago
Full Member
I've used Bitcoin many times now to make a deposit on the online casinos. It works well but I don't like paying the fees that are charged and you have to be careful what the exchange rate is when you buy Bitcoin from a seller. I had one seller after he had all of my personal information close the sale, reopen it, and...
I've used Bitcoin many times now to make a deposit on the online casinos. It works well but I don't like paying the fees that are charged and you have to be careful what the exchange rate is when you buy Bitcoin from a seller. I had one seller after he had all of my personal information close the sale, reopen it, and he changed the exchange rate on me and you don't know it until the sale is finalized. But, for the most part, Bitcoin is convenient to use and allows the online gaming person to make smaller deposits.
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jade
7 years ago
Super Hero
This is the reason they are saying Bitcoin has been so unstable? So, eventually there will be two block chains, but nothing to worry about. Some funds will follow the older block chain and the rest will continue on the other path made up of, for whatever reason, updated nodes. Just a reminder, for those people that...
This is the reason they are saying Bitcoin has been so unstable? So, eventually there will be two block chains, but nothing to worry about. Some funds will follow the older block chain and the rest will continue on the other path made up of, for whatever reason, updated nodes. Just a reminder, for those people that always want instant access to their bitcoin and keep money in a wallet that is currently on an exchange. In the event of a hard fork, it can take time for these exchanges to decide on their course of action. During that time, yes, your bitcoin is safe, but will probably be frozen until new protocols are put in place.
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2Late4Me
7 years ago
Hero Member
I have noticed a big change in my Wallets. In the beginning, I was not charged fees for sending and receiving between Bitcoin Wallets. Recently, I have been charged fees and/or forced to send amounts other than what I requested. Also, I have several balances from other sites, i.e., Dice, Faucet. I have attempted to cashout...
I have noticed a big change in my Wallets. In the beginning, I was not charged fees for sending and receiving between Bitcoin Wallets. Recently, I have been charged fees and/or forced to send amounts other than what I requested. Also, I have several balances from other sites, i.e., Dice, Faucet. I have attempted to cashout and for some reason, the requests has not taken place or still accumulating in the balances. However, I'm still in the newbie stage and just might be missing or not understanding.
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zuga
7 years ago
Admin
no wonder bitcoin been so volatile in the last few weeks.
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judasgoat
7 years ago
Sr. Newbie
i think a hard fork wont happen, they will just upgrade it.
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WaroftheGods
7 years ago
Full Member
Bitcoin is so volatile that by the time you deposit into a casino, it could be worth an amount so drastically different, how do you even know if you're getting paid out the proper amount or not, with that being said, I like bitcoin for that reason alone, buy low and selling for more weeks or months later can be pretty profitable...
Bitcoin is so volatile that by the time you deposit into a casino, it could be worth an amount so drastically different, how do you even know if you're getting paid out the proper amount or not, with that being said, I like bitcoin for that reason alone, buy low and selling for more weeks or months later can be pretty profitable if you're careful
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SassyGirlMe
7 years ago
Full Member
I made a few bitcoin purchases and I did not like any of the varies platforms I used. In the end I just feel like I could have done better, but where is the question.
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