August 1st Bitcoin Hard Fork - Segwit2X / So, what will happen on Aug 1st 2017?
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Well the basic story is that a majority of the bitcoin nodes will try to force the miners to implement a protocol upgrade proposal called BIP148.
They will try to do this to end the stalemate between the various parties in the block size debate which has stalled the evolution of bitcoin over the last year or so. Transaction fees are very high right now because of this.
This may play out in a couple of different ways but basically your main concern should be a possible chain split after a fork.
A chain split will result in two different tokens. This happened to Ethereum last year and it has happened to other cryptocurrencies too.
If you don’t control your keys during a chain split three main things may happen:
- Your bitcoin balance will stay the same and you will be able to use that bitcoin token as usual.
- Your bitcoin balance will be zero over night since your wallet chose the wrong chain.
- Your wallet provider will offer you a chance to keep your token balance on both chains or to choose one of them.
If you do control your keys you will have the same balance on both chains and you will be able to trade one for the other, effectively increasing your total bitcoin balance.
In the case of a chain split there’s a big chance that bitcoin will lose its value however. Either way, you’re better off knowing what you’re doing and in bitcoin there’s no way of faking that. Now go on and educate yourself! Google BIP148, Segregated Witness, cold storage, soft forks and hard forks! It’s your donkey that’s on the line!
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@lordoftruth
Samer
Where is best to keep the btc now?
Tether pins it to the value of US dollar, or just cold store it with you having the private keys and ride this out. On coinmarketcap, tethers volume is in the top five right now and all altcoins are taking an even bigger hit than bitcoin.
Oh maaan, you just cancelled appocalypsis that everyone was having fun being afraid of =)
You're super hero or fun-stopper? What do you think? =))))
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Also don't lose your keys and you'll be fine haha. If you want to keep your bitcoins 100% safe store them in a hard wallet and then all you have to do if you lose the software chains is download a new batch of the software and plug your hardware wallet in.
"In the case of a chain split there’s a big chance that bitcoin will lose its value however."
FUD!!! ;)
yeah a split is the worst case for everyone who owns BTC. Thats why the price will not increase until 1st August. As most investors are scared about a split. I bought some Litecoins as a insurance , because I think if Bitcoin fails , Litecoin will profit the most of that. So case1: no split: I make profi because BTC price will climb again case2: split: my Litcoins will make up the loss from my Bitcoins.
On long term charts it is even not watchable such dips.... technically I know of course what is going on.
Should we buy other coins and wait for the split just in case and then buy back Bitcoin later on after the transition split?
This post gets a 5.68 % upvote thanks to @lordoftruth - Hail Eris !
Thanks for clearing out some many question
If more people would know about this there would be no reason for everyone to panic and let the markets plunge...still, no worries here as this is all healthy progress in shaking out the ill-informed