What will happen to BTC on August 1st? -For Crypto Infants-
The technology which runs Bitcoin (Blockchain) will have changes in the way it works.
Due to rapid growth of Bitcoin popularity (High demand) and increase in transactions, these changes needs to be done in order to improve its work (otherwise BTC will crash anyway...period).
There were several offers to solve the problem. The most popular is SegWit (Segregrated Witness) - which offers the solution
by reducing the amonut of transferred information. Of course..Not everyone agree to that, and some people are against. Also, SegWit might have legal troubles due to cut in signature information (you don't want to hear about that..Me niether).
So, in simple words, on the 1st of August major player in BTC network (some exchanges, miners and blockchain network) will switch to SegWit protocol (new way of how Bitcoin blockchain transfers information), and some may change to another alternative project, or not change at all.
If it happens, (Not likely...so chill) will create "temporary softfork" which basically means that BTC blockchain will work temporary in different ways. Then the situation in bad position. BTC can split to two different coins, like that happened with Ethereum: Ethereum and Ethereum Classic. So you can end up with BitCoin and Bitcoin Classic.
It's unlikely to happen, but people don't want to risk their money and some people might cash BTC before August 1 (something familiar? Yeah...That is what goin on now), so huge market collapse some time in July will be happened. So PRAY!
!May The Force Be With Us!
Follwed will be follwed. Upvoted will be upvoted.
I hope nothing crazy happens
Hopefully not...
Thanks for the post.
What will happen to the value of btc when it split?
Will the dollar value split, and the price of both be equal or almost equal to their combine value?
Or will the combine price crash?
If this happened your bitcoin you will become two different types of bitcoin after the fork. You can make money from that as well. For an example Ethereum during the hard-fork, some actually sold all their Classics with profit. Logic states that when a coin forks into 2 different the value of each coin should become halved. Bot for BTC can not predict..
Great.
Thanks.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steemit.com/bitcoin/@lopenshaw/can-anyone-explain-in-simple-words-what-will-happen-to-btc-1st-of-august-2017-and-the-expected-impact-on-altcoins
Should we wait for BTC to go down and the buy a bunch then of the split coins?
If I were you..Yes. Hold you existing coins..Buy more at the dip at discount price. And remember everything is done for well being of BTC, so BTC will rise..period
I was hoping for one more dip.
IMO it will dip more around twenties of july
good
Think you should give some more detail about how the soft fork will change things for the better, moreso than just the one-line mention.
Yeah sure..I will..This is just a mention.
We all must hope for the best!
Yeah bro..
If people wouldn't put anything they can't afford to lose Into bitcoin then all will be right with the world. But same as every investment. The more diversified the better. Some of my savings is in the form of long term food supply, some in the bank, education, some hidden. Just makes good sense.
In other words...Don't put your all eggs in to one basket..:)
Not really afraid since it will happen inevitably anyways. No one should be afraid of the possible changes by August 1 since it will be for the development of bitcoin itself too, price wise it is only a short term effect but if you are holding for the long term then why bother? Aside from that, any changes by then could address the issue about the tx fees (finally)
@kenobi,
That's a very useful information! Thanks~
Thanks bro
is it really going to happen.. i don't have any idea.. hope for the best
According to latest news It is not going to happen