Bitcoin May Vanish After July 30 Due to “Chain Split”
Bitcoin traders have been warned not to trade from July 30 to August 1 as bitcoins they receive may vanish due to possible “chain split.”
According to Bitcoin.org, “On Tue Aug 01 2017 05:30:00 GMT+0530 (India Standard Time), the Bitcoin block chain may experience what is known as a chain split. This is when a portion of Bitcoin’s nodes run software that another portion of nodes are not fully compatible with. As a result, some nodes may propagate confirmed transactions that other nodes may not accept or recognize. This may result in unreliable confirmation scoring for an unknown length of time. This means that any bitcoins you receive during this period could disappear from your wallet or be a type of bitcoin that other people will not accept as payment, until the situation is resolved.”
But the good news is, “Once the situation is resolved, confirmation scoring will either automatically return to their normal reliability or there will be two (or more) competing versions of Bitcoin as a result of a split block chain.”
Bitcoin traders have been suggested to stop accepting bitcoin payments after July 30 until things go normal.
If you are storing bitcoins on an exchange or website that does not allow you to make a local backup copy of your private keys, I recommend you to transfer your bitcoins to a safer exchange which will provide you this facility.
It’s also possible that blockchain split won’t occur but traders should avoid any bitcoin transaction on July 31 and August 1 to avoid possible loss.
More Bitcoin and Cryptocurrency News:-
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- 4BC Network Compensates Members By Transferring Coins To BitShares
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- South Korea To Allow Bitcoin Firms For International Money Transfer
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