risk that the Legacy BTC chain can be overtaken and be discarded like this. After these three days, Bitmain will officially launch Bitmains Bitcoin to the public if three circumstances are met. Additionally, Bitmain writes that there will be a new protocol limit on sigops, which, in short, should counter some potential attack vectors on bigger blocks that could otherwise significantly slow down propagation times. Moreover, use of the term hard fork is questionable in this context as well. If a majority of miners (by hash power) does not signal support for SegWit through BIP148 on August 1st, but at least some do, Bitcoins blockchain will split in two. Bitcoin Core development team. Miners could start mining on that chain at any time. All you need to do to be able to access your BCC is control your bitcoin (BTC) private keys on this day. From a broader Bitcoin and scaling perspective, the chances of BIP148s success may have actually increased, due to this announcement. Bitmain refers to its announced hard fork as a uahf or User Activated. Update: There is now also more than one way in which Bitcoin can "split".
Or more precisely, August 1st will see the launch of a new coin, "Bitcoin Cash (BCC or "Bitcoin ABC (ABC that gives all current bitcoin (BTC) holders the equivalent of their holdings in these new coins. Update: Even in the case of a smooth upgrade, it looks like Bitcoin Cash will still emerge. This outcome also remains to be seen. On top of the Legacy BTC chain being discarded or the 148 BTC chain withering away, there is another big risk: replay attacks. Bitmain announced it will create Bitmains Bitcoin exactly 12 hours and 20 minutes after the uasf activation, though this is configurable. At least not until it is clearer to everyone what the post-fork situation looks like. Instead of paying someone only in 148 BTC, you may unintentionally send Legacy BTC as well, or vice versa. Technically, at least, Bitmains hard fork would be better described as the creation of an entirely new coin that shares a common history with Bitcoin. You can find more information about that here, and you can find software downloads here. And while August 1st will see the launch of a new coin, Bitcoin Cash (BCC this coin should include strong replay protection. If you hold bitcoin right now, you will hold both 148 BTC and Legacy BTC after the split.
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