Bitcoin is said to be updated on August 1st. The Bitcoin Foundation is having other opinions about the future of bitcoin than the miners. The Bitcoin Foundation is an American nonprofit corporation. It was founded in September 2012 with the stated mission to "standardize, protect and promote the use of bitcoin cryptographic money for the benefit of users worldwide. The miners believe that they control the bitcoin network. There are miners with huge warehouses that are mining 24/7 and when you mine bitcoin, you are confirming transactions. So if all miners would stop mining no transactions would be confirmed and no new bitcoins would be made. So they do have a certain amount of power on the bitcoin network.
🔹 Chances:
A certain amount of the network has to agree on segwit being implemented. The exact number differs from 58% to a 95% so we don't know what the chances are here. This part of the network needs to agree on segwit being implemented and they do this by giving the thumbs up for two weeks. There is only 40% on the network at the moment that is giving the thumbs up and this is not a very good sign. This is why many people believe that a split/fork is going to occur because the majority of the network cannot get an agreement on the scaling and transaction improvements.
🔹 Mining:
The reason why the miners have a great amount of power on the bitcoin network is because bitcoin is not centralized. There is no "board" or group of people in expensive suits that pull the ropes on the bitcoin network so it all comes down the the network users and miners. Now we all know that mining bitcoins becomes harder and harder and more computing power is needed to do this so bitcoins are also becoming more scarce. This is a reason to believe that the price will continue to rise.
🔹 Results of the split:
If the blockchain will split it could have some major affects. One of the reasons people believe in bitcoin is because there is only a certain amount to be made. But if the blockchain splits there will be twice as many bitcoins in the world. This is not what investors want.
So if the blockchain will stay in one piece the price will definitely skyrocket along with most of the altcoins. If it does split most altcoins will probably follow the bitcoin price action so if bitcoin is going to crash than the majority of the market will probably follow. Also keep in mind that there will be two types of bitcoin and we could compare this with Ethereum and Ethereum Classic: Ethereum classic went up from $1,- to $19,-. That's a huge increase. So we believe that the price of the new bitcoin would skyrocket in case of a split. So the split will create new opportunities for major profits as well.
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