Post
Topic
Board Bitcoin Discussion
Re: Chain split
by
HeRetiK
on 13/07/2017, 10:38:30 UTC
Can anyone give  a short answer about what the chain split is I have had a read around but still learning what everything means

I also have over £2,000 in bitcoin would like to know.

Thanks

That means that there's a chance that there will be 2 or more versions of Bitcoin in case that miners can't reach a consensus on which version of the Bitcoin protocol to use in the future.

For you right now that means: If you have your coins in cold storage or a desktop wallet, don't worry. Just sit the critical timeframes out (ie. don't do transactions), worst case you'll have Bitcoins on both (or more) sides of the chain. If you have coins on exchanges or an online wallet, it may be a good idea to withdraw your money to a local wallet, or at least do some research on how your exchange / wallet provider has planned to handle a possible chain split.

Here's a more detailed article:
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

I hope it helps.