Bitcoin BIP 148. What's a newb to do?

cosmiccowboy (48)in #bitcoin • 8 years ago

BIP 148

OK, I'm a total newbie to Alt coins and I just learned that a soft fork has nothing to do with silverware. After placing my order for my first Bitcoin at an exchange I find out that there is a soft fork planned for August 1st that could possibly lead to a situation where Bitcoin holders could lose their Bitcoins.

Bitcoin Improvement Proposal (BIP) 148 is a User Activated Soft Fork (UASF) that requires that miners signal for Segregated Witness (SegWit). It really sounds like I know what I'm talking about here, but's that's because I copied and pasted that line from this article.

I also understand there is infighting between groups, mostly between US developers who support BIT 148 and miners in China who prefer a hard fork approach to improving Bitcoin.

What's a newb to do?

Of course I don't want to lose my one and only Bitcoin, so what to do? I guess I could trade my Bitcoin for Etherium just to avoid the uncertainty. If everyone did that I suppose Bitcoin value would approach zero.

The article I sighted above also states:

Bitcoin Core full-nodes comprise more than 95% of the Bitcoin network and are susceptible to CVE-2017-9230. BIP 148 upgraded nodes would fix this security vulnerability.

Don't be scared though since this serious CVE bug and security vulnerability is being intensively reviewed by the technical community. If you run and rely on the most recent version of a Bitcoin Core full-node then you should be 99% safe (but for the 1% chance)!

The UASF will result from a fork of Bitcoin Core and BIP 148 coins that will be listed by Bitfinex.

To be clear, you will need to be running two full-nodes: (1) legacy Bitcoin Core and (2) BIP 148 enforcing Bitcoin Core fork. We assume you have an understanding of best practices as outlined in the Glacier Protocol.

Ha ha! Sorry to say, I have no understanding!

So far I guess I'll just exchange my Bitcoin (once I get it) for Etherium to avoid any complications?

What's a newb to do?

I'd be curious to hear your ideas, opinions, and clarifications.

Thanks in advance!