Eric Larcheveque is Co-Founder and CEO of Ledger. A Serial entrepreneur since 1996, Eric founded several companies ter Europe. He got interested ter Bitcoin te 2013 and launched Lade Maison du Bitcoin — a French Bitcoin center ter Paris, before co-founding Ledger.
Te the last days of July 2018, the Bitcoin miners have unanimously determined to signal for Segregated Witness, ending a years long scaling debate discussion. However a few participants determined to reject this decision and create their own Bitcoin fork, Bitcoin Metselspecie (also known spil BCC, Alfabet or UAHF).
Spil a result, all Bitcoin holders will be granted a fresh duplicated Bitcoin Metselspecie balance (literally airdropped free money) if the fork activates — this postbode and the go after ups will describe how you can best secure this fresh balance, then determine to trade it, hold it or sell it spil you wish.
If you don’t care about free money (ter the form of a fresh BCC balance, omschrijving to your pre-fork BTC balance), you can zekering reading here — your regular Bitcoin balance is safe and you don’t have anything to do.
Otherwise you’ll need to zekering transacting when the fork activate then perform a few operations to split your assets and assure the safety of your fresh free funds.
The fork is supposed to activate on Unix timestamp 1501590000 (1st of August 2018, 12:20 pm UTC), providing all participants have access to a synchronized and reliable time source.
If your Bitcoin funds are on a Ledger hardware wallet devices, you will automatically get an extra BCC balance (same amount than your BTC balance) after the activation of the fork. Our Chrome app will provide ter time a BTC/BCC selector.
The replay problem
When two chains fork, they share a common history — thus any transaction valid on one chain can also be valid on the other chain depending on the rules of both chains. Even if both chains are not connected to each other, it is trivial for a third party to do so.
Therefore you have to be careful and split your assets before transacting — otherwise each transaction you perform could end up duplicated on both chains, which is not what you desired to do te the very first place.
Splitting basically just means sending your assets to a different address on each side of the fork — once split, each asset is independent and not vulnerable to replay attacks anymore.
Avoiding replays from Bitcoin to Bitcoin Specie
Transactions containing the immobile string “Bitcoin: A Peer-to-Peer Electronic Contant System” ter an OP_RETURN are prohibited on Bitcoin Contant chain until block 530000, creating a ordinary way for all wallets to generate transactions that cannot be replayed on the Bitcoin Contant chain.
However this comes with several drawbacks :
It clutters the Bitcoin blockchain with large OP_RETURN outputs for no specific reason, generating larger transactions and bumping up fees for everybody else ter the process
It is not applicable for transactions already containing an OP_RETURN (used by notarization services, Colored Coins, Counterparty Assets and other high level applications), since only a single OP_RETURN output vanaf transaction is valid
This scheme requires you to trust that the rules will not switch on the Bitcoin Contant chain, which is kleuter of a gamble today spil its mining power is unknown and its difficulty can be reajusted every few hours.
Avoiding replays from Bitcoin Specie to Bitcoin
Avoiding replays from Bitcoin Metselspecie to Bitcoin is slightly more complicated for wallets which have to support a signature scheme similar to BIP 143, but ensure that the transaction will not be replayable on the Bitcoin chain spil it uses a specific HashType.
Optimal splitting strategy
The optimal splitting strategy, when supported, is to split from the Bitcoin Specie side spil it doesn’t influence the Bitcoin blockchain and offers higher non replayability ensures.