What happens to your coins in a hardfork? Programmer explains.

hey what up guys welcome back to my blockchain channel and today we're going to talk about what happens to your coins when a hard fork occurs will you lose your coins will you have two different coins with the same amount is it dangerous to do transactions during a hard work there is so much information and some of the information found online is a bit misleading so that is why I'm making this video to make it more clear for you guys so what will happen with your bitcoins for example if a Bitcoin hard for occurs the simple answer is nothing let me show you how it works you have requested it for me to have visual aid so today we have some visual aid so let's imagine that this is a blockchain this is the original Bitcoin blockchain and we have blocks here like this also say that in this first block you received 100 bitcoins so our means received and this doesn't need doesn't have to be bitcoins this could be a theorem or some other blockchain this is just a blockchain and so in this block you had a transaction where you received 100 bitcoins or ethers or whatever blockchain you are on and so in this block you receive 200 and in this block you received 100 so here after the third block you have totally of 400 coins and then a hard fork happens what does it mean it means that we I hope you see let me just okay so a hard fork happens and this means that we just copy and paste everything that was before the hard fork to a new blockchain so as you can see we had 100 200 and 100 here so we just copy paste it to the new blockchain 100 200 and 100 so this means that you have now 400 coins in the first blockchain in the original Chane but you also have 400 coins in the new blockchain and all of the transactions that happen after the hard work or not would not be visible in the other blockchains so let's let's have an example if you send 50 coins on the first blockchain after the hard work you would have three hundred and fifty coins on the first auction but you would still have four hundred because this 50-50 only happened here so if you send a hundred on the second block chain you would have 300 left here but so yeah everything that happens after the hard work is not visible on the on the other blockchain so if you receive or send coins after this red line here it will not be visible here and will not have an effect here and the same thing if you do something here it will not be visible here and so guys as you understand if you have some bitcoins or some coins in other block chains and the hard work happens you will have the same amount of coins here and here and everything you do after the for it will be in two different block chains and so the changes you do here will not be visible here and vice-versa so we have covered like the technical aspect of how actually it works and in practice you you don't need to do anything except updating your client if you have like a local local wallet however guys it's important to note that if you have your coins only on an exchange or somewhere else online maybe on coinbase you don't really have control over what happens to your coins maybe your online online as you said exchange or we restore your coins maybe they decide to not support this new blockchain for some reason or maybe they don't give you the coins in both both of the blockchain maybe they only give you the continue in the new blockchain and keep this these coins for themselves however the most reputable and the most serious serious exchanges and coin storage sites like going based not sure what you call them like coin Bank sites they will give you access to both of the abductions if they are serious however you don't really have any control over over this so if you want to be 100% sure that you will receive coins in both of the block chains and you want to have the control of handling your coins yourself you should do a local wallet or a hardware wallet and handle your coins yourselves so now we've covered the exchange problem that can occur and also exchanges might might block all of the deposits and withdrawals when a hard work occurs because they need time to adjust technically they need to make sure that their users can accept both blockchains if they are serious and they need to upgrade their own software and make sure everything works so that is the reason why they might block all the deposits and withdrawals during a short period of time after the hard work so let's talk about what happens to the price I mean if we have a Bitcoin blockchain like this the original one and then a new happens how much will this be worth and how much will this be worth everything depends on how many people switch to the new blockchain if this will be the majority blockchain I think that the coins here will will quickly lose value because they they will be worse in every in every way they will be they will have longer transaction time they will have their there will be they will be less secure because most of the hashing power went here and the the rib will be few fewer people accepting these old coins so in my view this blockchain would have most of the value however it could be the case like in a video my video in classic that the old chain still survives and have some value and has some value but most probably the old chain will lose its value and so you will have in terms of value you will just have the same number of coins and they will be worth approximately the same as they were back here and those old coins will be worth worth around the zero would be my guess however we saw with idiom classic if you don't classic is still alive and they are worth more than zero so it could be the case that you will have some value left in those coins that you can sell off however the majority of the value would be in the new coins if the majority go to the new chain yeah guys what else what else to do so yeah recover it how it works technically we covered what happens if you have your funds on an exchange and now we've also covered the price what do you think guys do you think Bitcoin blockchain will be able to hard work in such a way that the majority of the users upgrade because bitcoin is such a large blockchain nowadays it the biggest blockchain in the world and I'm not sure how if this will go smoothly I'm really not sure it will be very interesting to see and that is why people are worried about a hard for it because we don't really know how the network will react what effect this might have and if this doesn't go smoothly it could be the case that both of these coins will go down in value because now the network is divided into several parts and people feel that their bitcoins are not secure secur but not as valuable because the whole network is in jeopardy because we have split into two block chains so you really need to be careful when the hard work happens as a blockchain developer for example Bitcoin core developers they are really careful and when they're thinking about this and they should be then they should be because making the majority of the network to upgrade could be a challenge so we'll see how that plays out if they now decide to do a hard work so do you think this will work smoothly for them or do will they have problems leave your comments in the comment section below guys and if you are a new viewer and you like blockchain you like Bitcoin materials you like technology as a whole you like programming you should definitely subscribe guys because you will find this channel interesting I myself am I'm a software developer and I post videos every single day guys today we talked about what happens to your coins when the hard work occurs and I'll see you guys tomorrow

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