The Bitcoin Thread

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Hamster

Hamster

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etienne_marais said:
I think there are limited services which will pay out fiat for anything else than BTC (and in some cases a handful of other coins) and also limited products/services to be bought with other than BTC. This can easily change I suppose, but it keeps BTC alive at the moment I.M.O.
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Hmmm, good point this
 
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balrog

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jacosmit said:
Mmm, Bitcoin to see a hardfork. For those that understand this, please explain?
View attachment 438390
https://www.cryptocoinsnews.com/bitcoin-scaling-agreement-officially-met-segwit-2mb-hard-fork/
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My understanding: Segregated Witness (SegWit) is a software solution that will increase the number of transactions that can be handled on the BTC network. Currently it is something like 3 TPS (speaking under correction). This should be relatively quick and easy to implement, but the bulk of miners must signal their approval before it can be activated.

A hard fork is to move from 1MB to 2MB sized blocks. Allowing more transactions per block, thus also assisting in increasing the throughput of the BTC network. With a hard fork, 2 blockchains exist after the fork is implemented. The fork with the most amount of mining power SHOULD prevail. if all goes well, only one chain will survive, that will continue as BTC.

If (like what happened with ETH and ETC), there is significant amount of hash power on both chains after the fork, you basically end up with 2 x BTC chains and thus tokens. Hopefully this does not happen.

After a hard fork, you will have tokens on both chains (in equal amounts). If one chain dies (as it should under normal/optimal circumstances), only one coin will prevail and all will be as before. In the worst case, you have doubled your BTC, but the value of both coins should (in the beginning at least) sum to the value of the original coin before the hard fork.
 
Fulcrum29

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Hamster said:
Or interest will wane and most will move onto the next cryptocurrency. What makes you so sure the demand will remain (or increase) if there are alternatives?
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Bitcoin is the granddaddy. It has a steady roadmap and the devs has released a new technology roadmap earlier this year. It is mostly an optimisation plan, but importantly to reduce storage and bandwidth usage. It is not that the digital currency is stagnating, improvements allow scalability and better implementation.

Every alt coin, unique or not, will need to pursue advancements, otherwise it will be nothing more than a pump and dump. Bitcoin is doing its best to increase capacity to retain its leading support.

Ethereum, well, how long will it remain impartial and decentralised. This may impact its worth, though they do have large corporate support which also supports DAO. DAO has its own discrepancies, being hacked and so on… Smart contracts are a great idea though and has many appliances in the market.

I don’t get why many so many people are comparing Bitcoin to gold, as a storage medium, a vault one may say. The more it is being developed, the more the opportunity to apply it to the market.
 
jacosmit

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Cool! Thank you for the explanation. Yes, so what happened to LiteCoin a few weeks ago basically.
 
RaptorSA

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Thor187 said:
Hence bitcoin is not ready to scale yet in its current form. A few forks ahead.
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What is your opinion on what to do when the split happens in a few months?
I'm thinking, play smart and let some money in it grow until the split. Pull money out.
Wait for things to settle then buy back in when -hopefully- the prices have tanked again...
Not sure... I'm a n00b at this.
 
Thor

Thor

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RaptorSA said:
What is your opinion on what to do when the split happens in a few months?
I'm thinking, play smart and let some money in it grow until the split. Pull money out.
Wait for things to settle then buy back in when -hopefully- the prices have tanked again...
Not sure... I'm a n00b at this.
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So many opinions.

This is what I am doing.

Sell 50% of my bitcoin next week Monday.

That will go into ethereum.

Then after the split depending what the bitcoin price does will depend what my next move it.
 
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balrog

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Remember that the hard fork (and even SegWit) is not yet a done deal. Especially the hard fork will take AT LEAST another 6 months to happen. Probably 10-12 months. So keep checking the news sites and don't do anything rash.

Research.
 
skeptic_SA

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Is anybody able to assist with a step by step (idiots guide) of exchanging BTC to ETH using the Luno app?
 
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