1st August; SEGWIT2X AND BIP148 CONFLICTS: HOW BEST TO BE PREPARED
A FORK IN THE BLOCKCHAIN PREPARATION
As we all know or have been duly informed,
1st August 2017 is bound to be a historical day for anybody who is even remotely associated with the blockchain technology.
Bitcoin Core’s trump card, Segregated Witness (SegWit), has declared that they would be rejecting any Bitcoin blocks that do not signal support for them. The BIP148 draws together a segment of Bitcoin users who are in full support of the UASF (User Activated Soft Fork), which brings us to our literal fork in the chain, for there is a chance that this will lead to a block-chain split on August 1st.
If SegWit doesn’t obtain the support of the majority of miners (counted by hash power) through BIP148, two types of bitcoin tokens will begin to exist in the market. For the comfort of organized nomenclature, purely for our referring purposes, let the coins on the soft fork, created by BIP148 be New BTC and the other half, Old BTC (The old version) without making things complicated for a newbie with.
HOW TO PREPARE FOR THE DAY?
This chain split could be the best or the worst thing for you and your bitcoins, depending on how you wade through these rocky waters. The better half of the tale is that each bitcoin would be effectively copied to both the chains, the worse half however is that this coin split can be risky and might even lead to a cyber breakout. So if you’re not too careful, you might lose funds (which is precisely why we are here to help you).
KNOW THIS :
A chain-split can create high risk situations like cyber battles between the two sides, BTC Exchange Rates dropping by large amounts (maybe even to zero) and this might lead to your subsequent loss of funds. Know the amount of loss you can sustain, and be utterly sure of the value in bitcoins that you are willing to lose.
Your opinion will be duly appreciated.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://itsblockchain.com/2017/06/19/how-to-get-prepared-for-segwit2x-and-bip148-secure-your-bitcoins/
Congratulations @bitdude! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPThank you this was very helpful
It's part of the total package of being in this esteemed community Steemit