User activated soft-fork (UASF) SEGWIT for bitcoin improvement proposal it will be live on that date.
A possible chain split (RISK)
There will be two bitcoin
BIP bitcoin-the new bitcoin
Legacy bitcoin-old bitcoin

if at any point on or after august 1 the BIP btc chain become the chain with most accumulated (POW)
both BIP btc nodes as well as legacy nodes would switch to the BIP btc chain.
the legacy btc chain should be discarded, resolving the situation.
it would have been a temporary split.

This means that the legacy bitcoin can quite literally disappear if the BIP btc chain over takes the legacy btc chain(Old btc)
therefore,it's not recommended that you buy or accept any old btc

What to do on August 1?
1.) Make sure you don't have any BITCOINS on Exchanges or any Custodial wallet (Coinbase)
2.) Make sure you own your own wallet where you control your private keys.
3.) Do not send transactions for few days or weeks after the fork happens.
4.) One it's known exactly what happens when the fork is live, make sure to use correct wallets to store correct coins.

Be patient and hold tight