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Traditionally, you offer a limited time where the old currency can be exchanged for the new currency, and after that date, anyone holding the old currency is sh
by michael_dorfman 15y ago
Traditionally, you offer a limited time where the old currency can be exchanged for the new currency, and after that date, anyone holding the old currency is shit-out-of-luck.
Note that the same scenario may apply (in some places) when new banknotes or coins are rolled out. Here in Norway, they periodically redesign the coins (and give them new sizes), and you have a certain amount of time to exchange your old ones before they are no longer considered legal tender.
- ezyang 15y agoNote that such an exchange is necessarily centralized.
- iwwr 15y agoYou can have several competing specifications, recognizing the old BTC balance and offering a new balance in a new spec. People (who can be) separate from the spec proposers may implement clients that connect both to the Bitcoin network and the alternates. Eventually, one (or maybe more) new protocols win out and trade move to the stronger protocols. BTC would be left as legacy and eventual discontinuation.