OK, so I am just learning about this Bitcoin Fork issue that will happen on Aug 1st. Pretty scary if you ask me if you are not prepared and have your bitcoins stored at a safe place before its gone. I do not know 100% on what is going on but as what I know now, the Bitcoin Network will be split into 2. Some third party wallets like Bitpay and Blockchain will keep using the old legacy format while others have opted in to the NEW BIP47 network or chain. The new network will have less fees and will protect you more. There is no name for the new bitcoin. Right now they are calling it Bitcoin A and Bitcoin B. Basically there will now be multiple blocks.
You need to create your own private keys to protect your bitcoin. Once the fork hits, there will be a lot of confusing transaction that if things go haywire, wallets like coinbase will halt all transactions until they find a way to fix things. Confusing right?
SOURCE: from this video
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