Bitcoin Hard Fork – Risk of losing Bitcoin in November? – Programmer explains





IMPORTANT: The opt-in replay protection explained in this video has been removed by segwit2x devs since the publishing of this video! Do not use the replay protection described in this video as it’s been removed and is no longer relevant.

Bitcoin is going to experience yet another hard fork in November. Whenever such a fork happens the network becomes vulnerable to replay attacks.

What is a replay attack and how do you protect your funds during a hard fork? This is the main topic of today.

Jimmy Song https://medium.com/@jimmysong

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33 replies
  1. Stock Pro
    Stock Pro says:

    1 BITCOIN is now $8,240: Anyone who is not investing in Bitcoin now is missing a tremendous opportunity because Bitcoin price will hit $250,000 by 2020 if 7 years trend continues, I will teach you how to mine bitcoin and use hardware to profit greatly on Bitcoins/ Binary options trading inbox me to start earning 1 Bitcoin weekly, my trading system will convince you! only serious people please

    Reply
  2. Paul Duyn
    Paul Duyn says:

    If you want a crypto fork, and use the new blocks, update the your wallet. It’s only software and we’re used to updates. Don’t send “ a small amount” to a random address.

    Reply
  3. solution777
    solution777 says:

    Great explanation! While the technical aspects of this are valuable in being able to predict the direction that Bitcoin is going, the simplest indicator is …."How much money am I making?"

    Reply
  4. Serge Campeau
    Serge Campeau says:

    This is nonsense. If wallets will not make the difference between both versions of the coin, how will it be possible to store them in the same multicoin wallet? How are we going to get the equal amount of the new coin if it's not on an exchange?

    Reply
  5. Joe Aguiar
    Joe Aguiar says:

    Great video, thanks Ivan for the details…it's really appreciated. Did anyone catch this statement on the Jimmy Song article? At the top, it says "Note: This replay protection scheme has since been reverted! Please make sure you DO NOT use the protection scheme from this article for anything as you WILL NOT be protected before or after the 2x hard fork."

    Reply
  6. maumex
    maumex says:

    hi ivan! I am new at crypto just entering today. If you were in my shoes, would you wait to the fork to happen before buying Bitcoin? Or do exactly the opposite and buy now before it keeps going up? Thanx in advance!

    Reply
  7. DevilDog369
    DevilDog369 says:

    Segwit2x is driven by bankers, is funded by Mastercard funding a way to erase bitcoin so that they can control all the transactions. This will turn into every other financial catastrophe that we are now dealing with int todays world of financial crisis.
    It is simple, DO NOT !!!! work with Segwit X2…………..Our world is in such financial catastrophe because of bankers, you need to take the power back in your own control, Decentralization is where the power is, do not mistake that !!!

    Reply
  8. Lulie Lawry
    Lulie Lawry says:

    the history shows hackers CAN destroy the entire system. Security is the mst imporatnt feature so if the fORK involves suer secuity , ts worth it. Am I thinking about this correctly? Thanks!

    Reply
  9. Raymond Vries
    Raymond Vries says:

    I'm about to purchase my first BTC. If I understand it correctly I should wait until after the hard fork, in that way I should not face any issues since I'll be starting on the segwit2 chain

    Reply
  10. Petar Stefanov
    Petar Stefanov says:

    I think that it is possible for Bitcoin to suffer with this hardfork…Problem is that Bitcoin price is 7.5k while segwit2x is 1.7k which means that if Bitcoin suffers, you can lose the 7.5 and stay with 1.7k or a loss of 5.8 k current prices…NOw that would be a smart way of making a price correction so that more participants can enter the game..

    Reply
  11. tj nichols
    tj nichols says:

    hey Ivan, for the upcoming B2X fork, can I just put all of my bitcoin onto coinbase and they will credit me with the additional b2x after the fork? is this the easiest way to get the free b2x?
    after fork with everything on coinbase- could I just send all of my bitcoin to a paper wallet in 1 giant sum and then send my b2x to another wallet? I'm missing the point for the need to send a small amount to the 3Bit address…

    (also, I had btc during the btg fork but I don't know how to claim my btg. my btc has been in a paper wallet pre fork and still. how can I claim my btg?)

    Reply
  12. Marcelo Roitman
    Marcelo Roitman says:

    Thanks for this great video! That's a classic scenario when greed and ignorance are meeting. I have friends buying Cryptos without any minimal knowledge what is a block chain! GREED and IGNORANCE, I'm sorry about them.

    Reply
  13. Asmat Khan
    Asmat Khan says:

    So the bottom line is after Segwit2x hard ford Bitcoin is going to be very insecure investment and potentially it could destroy the future of Bitcoin forever and permanently.

    Reply

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