Well I'm not expert but apparently everyone is online. There seems to be a culture of unnecessary panic online which is nothing new at all. Now i'm new to the Crypto world and I have tried to get my head round some of the fantastic coins out there. I as many people heard a lot about Bitcoin coin but did nothing dismissed it as nothing more than a magic banana that would disappear.
I am kicking myself now as I go to my 9 to 5 with the burden that if i had only...
So why I people panicking about the 1st of August. Why do people think the bubbles going to burst and all our money is going to disappear.
As far as I can work out Blockchain (technology which runs Bitcoin) will have changes in the way it works. Due to growth of Bitcoin popularity and increase in transactions, changes needs to be done in order to improve its work. Change is the only way to ensure long term success. Now I have read that there were several offers to solve the problem. We only need one. The most popular seems to be SegWit - This offers the solution through transferred information reduction. Sounds great!
Now Segwit does sound a bit like a swear word but it actually means Segregated Witness. This again sounds like the title of a new Hollywood blockbuster. Now the problem is not everyone agrees that SegWit will save the day, some people are against.
As far as I can make out this is down to money. Also, SegWit might have legal troubles due to cut in signature information (that's is also still debatable). So, generally speaking, on the first of August, some exchanges, miners and Blockchain network will switch to SegWit protocol (new way of how Bitcoin Blockchain transfers information), and some will change to another alternative project, or not change at all.
So then come something call folking. Another swear word ? That will create "temporary softfork" which basically means that Bitcoin Blockchain will work temporary in different ways. It creates dangerous situation, where Bitcoin 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. This I would suggest is unlikely to happen. When a coin splits then how do you decide which is the real Bitcoin and which is not. One will keep value the other wont.
I understand people don't want to risk their money and some people might cash Bitcoin before 1st August 2017. Does this mean that we are going to see a market collapse some time in July.
The next question I had was well who decides what happens to Bitcoin. They have billeted Mining pools across the networks and More than 84% of the Bitcoin hashrate, i'm assuming the miners are signaling the support to the adoption of Segwit. Im almost sure, all the hashrate will be supporting that before August 1st. So, it will NOT split.
Ok that's great..! But what will most likely happen with the price of Bitcoin? People are thinking of selling a majority of their portfolio, turn into dollars and buy it all back after the 1st August.. Also lot of people are more and more convinced that price of Bitcoin will have another good correction.. I have seen videos that Bitcoin will make 1 million dollars! is that reallytgoing to happen?
I personally am going to keep my Bitcoins. As far as I can see the much needed upgrade is just going to add to the success of the coin. I guess we should see what happens over the next couple of weeks. Although I missed the boat at the begging if half of what I have read comes to be then, just one bitcoin will make life a little more secure in the next few years.
Just some food for thought, I am absolutely no expert. There will always be room in the Cyrpoto Currency market for this Grand Daddy of the Crypto World. HOLD ON TO YOUR COINS....