Let me talk briefly on the quote below :
"The battle for the future of Bitcoin is heating up. Two opposing camps, one consisting of miners and the other of developers, are struggling to work out an ideological rift that could lead to a civil war that splits the cryptocurrency in two as soon as August."
This was carved out from a crypto blog and I decided to bring it down for you guys to ponder and be cautious of its message.
This started from the rift between its miners and developers as the former wants BTC block to be extended for better transaction while the later wants data off the network in order to reduce the influence of miners and to make BTC more enterprise-friendly just like Ethereum.
We all know what's booting up regarding bitcoin fork. If we don't, let me straight things up. Bitcoin fork simply means splitting original bitcoin into 2 - original bitcoin and its replica (... any name for it doesn't matter). I guess BTC core and BTC unlimited - Don't hold my word for it.
This started from the rift between its miners and developers as the former wants BTC block to be extended for better transaction while the later wants data off the network in order to reduce the influence of miners and to make BTC more enterprise-friendly just like Ethereum.
Both has a point, but let's not dive into that right now. Let's talk about us - the investors.
What effect will BTC fork have over our money (BTC this time)? That's the 1 million dollar question.
The answer is simple... Your BTC may either be moved to a part or be split into 2. More explanation right? Let's say you have 10btc for example. If BTC splits, 50% maybe original BTC while other becomes its fork (not that in the kitchen)... Just like what happened to Ethereum.
Ethereum splits into Ether (ETH) and Ethereum Classic (ETC), but I could say that the split favors ETH than ETC, judging from their market cap and value vis-a-vis USD.
The paragraph above scares me if it happens to BTC. You know why? Let me ask you these: What happens if your money falls under the unfavored after the BTC split? What happens to the loss if the unfavored BTC value crashes extremely?
Now, this is my advice and a solution to avoid such sad situation. Get out your BTC, convert it into fiat before its too late and wait to see things turns out better before diving in again. That's 1.
2. Get your BTC and convert it into Altcoin with better and strong market cap and trade with it pending stability on BTC battle. I prefer this, because it's a win-win solution. You have your decentralized currency intact (but in another form) and earn on it.
Well, August is near, let's do the needful (☝), keep our finger crossed and watch the drama. Nobody can tell, BTC may not split. Wow, I'll be happy to see that happen.
Pending August BTC battle result, I'll update you on better Altcoins to invest upon. It's a long-term investment, I must warn, but it worth the wait.