Beware of Bitcoin s possible incompatibility with some major services

Summary

A subsection of the Bitcoin economy including vooraanstaand businesses such spil Coinbase, Xapo, and BitPay have signed an agreement to adopt and implement a contentious hard fork of Bitcoin sometime te November. A hard fork is a rearwards incompatible switch to the Bitcoin network. This hard fork is not supported by the majority of the Bitcoin users and developers and is therefore a contentious hard fork. By adopting this hard fork, wij believe the volgers of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with Bitcoin.

The signatories of this agreement wrongly believe that the currency created by adopting this contentious hard fork will eventually become Bitcoin. Therefore storing any BTC on services such spil Coinbase, Bitpay and Xapo is strongly not recommended. By storing BTC on thesis services, you could find that after the hard fork, your BTC has bot renamed to something else or substituted entirely with the fresh altcoin. The best way to ensure that your BTC is protected is to download the latest version of Bitcoin Core and transfer out any BTC stored on services that are a signatory to this agreement. Wij have listed the businesses supporting this contentious hard fork at the bottom of this document.

For users who aren’t ready to install Bitcoin Core and go through the lengthy set up process, wij recommend a wallet such spil GreenAddress, Electrum or TREZOR. Avoid using web wallets like blockchain.informatie. However users should only use thesis wallets to store their coins and never perform transactions until well after the hard fork. Any transactions you make on the Bitcoin blockchain can also be replicated and “replayed” on the altcoin chain. If the coins on the contentious hard fork have any value, there will be methods you can use to “split” your coins and have access to them. Pay toegevoegd attention to major Bitcoin communication channels and media shortly after the fork so you stay informed.

Mobile wallets

Miners te Bitcoin are responsible for transaction ordering through putting transactions into blocks, and collectively creating a chain of thesis blocks. Most mobile wallets depend on blindly trusting the longest chain produced by the miners te order to securely send and receive transactions. There is considerable mining power supporting the contentious hard fork. A majority of miners have pledged to support the contentious hard fork, therefore the longest chain spil seen by most mobile wallets may not be the true block chain. Spil a result of this, spending money from a mobile wallet during a hard fork is dangerous. You will be vulnerable to many attacks spil your wallet is not aware that the miners are cracking the overeenstemming rules on the longest chain.

If the contentious hard fork has failed and the majority of miners have cracked their pledge to support the hard fork, it is safe to proceed using mobile wallets, however you should check numerous sources of Bitcoin news such spil this webstek, /r/bitcoin, and the Bitcoin Forum to make sure that it’s safe to proceed using your particular wallet. Spil a general rule, you should not perform any transactions during and shortly after the hard fork.

After the fork

Blocks may be slower shortly after the hard fork and your transactions will take longer to confirm. You will have to pay a higher transaction toverfee if your transaction is high priority and you want it confirmed ter the next block. You should attempt to get any significant transactions done a few days before the hard fork date. A lotsbestemming of websites and programs will likely speelgoedpop up around the time of the hard fork suggesting to split your Bitcoin so you can have access to both your BTC and to the fresh altcoin created by this contentious hard fork, you should exercise caution spil many of thesis services are likely to be scams attempting to steal your bitcoin. Spil the hard fork has very little replay protection, most transactions you perform on the Bitcoin network will also be valid on the hard fork network. You should keep this te mind when transacting.

Some services may proceed to present and name the altcoin created by this contentious hard fork spil Bitcoin. Users should be aware that this fresh currency is not Bitcoin. Bitcoin can only be switched with the terrific overeenstemming of the entire Bitcoin community of individuals, miners, developers and economy. Even when there is breathtaking overeenstemming, unless te an emergency, a hard fork should have at least a year notice period to give enough time for users to upgrade. This hard fork being adopted by the signatories of this agreement achieves none of thesis things. It is a rushed and hasty upgrade which only has minority community support and has bot accurately rejected by users and the technical community. Spil this fresh altcoin is not Bitcoin, Bitcoin.org will not list wallets and services that present this altcoin spil “Bitcoin” or “BTC” to their users after the hard fork. Thesis services have exited the Bitcoin system te a contentious manner and therefore are no longer useful to our visitors.

The following companies and services have pledged to adopt the contentious hard fork:

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