We are now exactly 24 hours away from Bitcoin Hard Fork (August 1st 12:20pm, NOT am)
On August first 12:20pm the bitcoin network will hardfork, with BTC on one side, and Bitcoin Cash (BCC) on the other. Many posts have warned about what this means for Bitcoin owners. In short, if your control your private keys you will own both coins, if not, it will depend on the plateform you are using: Coinbase for example said it would not support Bitcoin Cash.
If you want to learn more about what this HF contains and what it is about, here is a good video by @ivanli explaining it in an understandable fashion even for a newcomer.
What will happen to BTC in the next few days?
There are a lot of possibilities as to what will happen. Since BCC uses the same algorithm as BTC, the initial low difficulty* will surely motivate miners to temporarily mine BCC for a quick profit. The profitability of this operation will depend on the price of BTC and BCC.
*: addendum: "intial" isn't the correct term since the actual intial difficulty will be the same as BTC difficulty, which is very high and takes into account the total global hashpower for the BTC algorithm. However after a few days of difficulty adaptation, there will be an incentive for miners to mine BCC, as long as it doesn't crash miserably
As always, crytocurrencies are susceptible to market manipulation and this HF will be no exception. BTC opponents say they will sell their BTC for BCC, and BCC opponents say they'll do the opposite; for the moment this is only talk, we will see what will happen, I'll remain neutral on the subject.
What I am worried about, and honestly the only thing I actually care about, is Segwit implementation and its potential disruption. As you can see in my previous article, Segwit has the potential to be implemented as soon as August 24th. For now support for segwit is 100%, but some reluctant miners might see the HF turmoil as an opportunity to try and stop signalling segwit support; this is why it is particularly important for UASF nodes to keep signalling BIP-148 which will reject non-segwit signalling blocks. I will be keeping an eye on Segwit support, and you can too here: https://coin.dance/blocks. So far, so good.
Lets see what happen , we all are waiting just watch what will change the market behaviour
Very informative article, thanks for the value-add! Have upvoted your article.
Can you explain what the 'Emergent Consensus' means?
Thank you very much! 'Emergent Consensus' is a proposed bitcoin protocol just like segwit and others. It proposes to allow for variable block sizes (currently the block size is fixed at 1MB, BCC will be 8MB, and in 3 months there will be debate about BTC going for a fixed 2MB size). The name can be confusing because in Bitcoin and due to its decentralized nature, basically every protocol, including Segwit, requires "consensus" to be implemented, while "Emergent consensus" is not a consensus at all, it is a protocol. Emergent consensus is actually pretty far from being implemented, if ever.
we are all excited!
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