Receive all Bitcoinist news in Telegram! Worried about being stuck on the wrong side of a potential Bitcoin hard side chains bitcoin price? Bitcoinist explores what regular users and holders should expect. Although the scaling debate has been going on for years, never has it been so urgent as it is now.
However, this would be the first time that Bitcoin would go through a hard fork with supporters on both chains, a moment that could create two coins. This is due to the major philosophical split in the Bitcoin community related to the notion of what Bitcoin is and should be. Following the split, exchanges reacted by adding Ethereum Classic as another altcoin pair due to support for the original chain. Meanwhile users who held ETH funds on said exchanges also received the equivalent amount in ETC coins, which has managed to find its own niche in the crypto space since.
In retrospect, the chain-splitting was arguably a blessing in disguise as both camps got what they wanted while Ethereum price has recently surpassed its pre-fork highs. With supporters on both blockchains, it is likely that both would be kept alive, making the schism in the Bitcoin community official. Bitcoin holders would get to keep coins on both sides of the fork. Users: If you hold bitcoin and there is a HF, you will now own bitcoin on both forks.
You don’t need to do anything. Miners, however, are required to either choose a side or to split their hashing power on both blockchains. Bitfinex state that in the event of a chain fork, the BU chain will be listed as a new altcoin. This was corroborated by Director of Engineering at Coinbase, Charlie Lee, who said the Bitcoin Unlimited would indeed be listed as an altcoin under the likely BTU ticker. Bitcoin Unlimited as BTU, users would be compelled to follow suit.