Is August 1 the Death of Bitcoin?
As we all know bitcoin will be undergoing a soft fork on August 1, 2017. Under Bitcoin Improvement Proposal(BIP) 148.
First let us define a Soft Fork
DEFINITION of 'Soft Fork' (Investopedia http://www.investopedia.com/terms/s/soft-fork.asp)
In terms of blockchain technology, a soft fork (or sometimes softfork) is a change to the software protocol where only previously valid blocks/transactions are made invalid. Since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. This kind of fork requires only a majority of the miners upgrading to enforce the new rules, as opposed to a hard fork which requires all nodes to upgrade and agree on the new version.
(Image from investopedia)
Should I be worried and get all of my bitcoins in one place where I control the private keys? Or should I trade it to altcoins like litecoin for the time being?
What will be the likely scenarios that will happen after? I think the worst case will be a Bitcoin chain split where in there will be two different blockchains. One with SegWit and one without as similar as to what happened to Ethereum(ETH) and Ethereum Classic(ETC). What are your thoughts on this and what do you think will happen after August 1? 148 BTC or Legacy BTC?
What do you recommend doing before August 1?d I trade it to altcoins like litecoin for the time being?
What will be the likely scenarios that will happen after? I think the worst case will be a Bitcoin chain split where in there will be two different blockchains. One with SegWit and one without as similar as to what happened to Ethereum(ETH) and Ethereum Classic(ETC). What are your thoughts on this and what do you think will happen after August 1? 148 BTC or Legacy BTC?
What do you recommend doing before August 1?
Image Sources:
https://tonyarcieri.com/the-death-of-bitcoin
I suspect we will have some turmoil at the start of August. There will be wild swings in the price and two chains will appear. Core/UASF supporters will claim "the other side" has failed to honour something-something-lots-of-handwaving, and once Segwit is locked in many miners will switch back to a recent version of Core, thereby blocking the miserable 2MB increase that is a waste of time. A brief battle will ensue, followed by a big block chain becmoing dominant. Sustained DDoS attacks will begin causing more uncertainty in the market. Blockstream will accuse $ENEMIES_OF_CARLOTTA of blocking bitcoin's growth, and we all know the SOP from here.
Change is a good thing, it's about time for bitcoin.
Yes, it takes so long for bitcoin transactions to go through nowadays, It needs to scale and keep up with competition. These changes will be for the betterment of cryptocurrency.
LOL, nice gif :)
No, this is absolutely necessary for the growth of Bitcoin, it will help immensely in the long run.
Yes I think it would immensely help bitcoin to scale in the long run. But do you think the soft fork will cause a chain split?
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