BITCOIN NEWS ALERT:
Under Bitcoin Improvement Proposal (BIP) 148, Bitcoin will be undergoing a user activated soft fork on August 1, 2017. Miners may hard fork after 12 hours of Segwit.
There are three possible outcomes of the soft fork, although the exact outcome is unknown as the outcome will depend on the actions of the nodes on the network.
In a worst case scenario, BIP 148 could cause Bitcoin to chain split into two separate blockchains, one with SegWit activated and one without.
Long term Investors are advised to move their bitcoins from exchanges to personal wallets like hardware wallets or paper wallets.
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.
So basically without going into all of the technical details of how this may all play out there really isn’t much you can do except sit back, wait and see what happens.
But there is two things you can do to help protect your investments! - Move any Bitcoin you hold into personal wallets (which you control the keys for).
- Remove all your Bitcoins from the exchanges!
Do not plan to trade between the 30th July and the 3rd August, 2017.
Worst case scenario, we will end up with orphaned blocks and missing transaction. If you trade within an orphaned block you may loose any Bitcoin sent/received.
SOURCE: image here
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It's causing bloody chaos hopefully it will end well. Cheers mike
I really like this post ,, bitcoin is the only one
Caution for anyone holding Bitcoin for sure. Could be a buying opportunity. Who knows!
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Thank You - @blueorgy
thanks @blueorgy
Thank you for the information! Resteemed it so that others may have some insight into this.
Taking note of this steemlinks thanks!
Just moving all mine to strong altcoins such as steem, litecoin, and .... ripple :P just to see how many peoples heads I can get to explode as I wait for the ripple hate.
On your number two of the list, balance can go to zero since your wallet chose the wrong chain.
Is that a possibility if your stored off line with private keys?