WHY ARE ALL ALTS DOWN NOW? WHILE BTC IS RISING? 🤔

hilal71 (27)in #bitcoin • 7 years ago

Summary of upcoming hard fork

✔️ What is SegWit2x?

Doubling of the size of Bitcoin blocks (Hence the 2x)
This can cause faster confirmation times which can potentially lead to a greater adoption rate.

✔️ Why is this important?

Processing speed and costs are fundamental in user adoption and usage- no one wants to wait too long to get a bank transfer!

There are many proponents and opponents of this fork, but from the inception of hard forks - the main issue seems to be centred on the immutability of the blockchain: in that it needs to be consistent and not constantly in flux.

✔️ Who are the main stakeholders?

Bitcoin Mining Pools
Bitcoin Developers
Bitcoin Users
Cryptocurrency Exchanges

✔️ What happens in a hard fork?

The current blockchain could be split into two separate blockchains, with the same history but a different future. Whether or not there is a split is heavily dependent on miner consensus and preparation to abandon the old chain.

✔️ How does this affect holders of Bitcoin?

If you are holding much of your portfolio in BTC on selected exchanges, you may find that if the fork happens, you will have the same amount of it in the name of the new currency (possibly Bitcoin Gold) You can treat this as a new cryptocurrency and trade it on the open market.

⚠️ Most importantly, what should i do now in times like these to gain more profit?

Since alt coins seems quite "red" or starting to be. Similar to the previous fork, i think you should hold your assets in BTC for now since it is getting bullish for BTC and bearish for ALTS (for these few weeks). And when you get your Bitcoin Gold, sell for profits (dividends)

#segwit2x