----- Time for uncertainty is expected for the world of virtual currencies.-----
One of the most mentioned things these days in the forums of Bitcoin and in general in forums of criptomonedas is the 'first of August'. However, not everyone knows what this day means for the world of virtual currencies and why it is so important.
The most apocalyptic are announcing that this day will be super-horrifying and that we have to get all our money out of this coin (and even others). Otherwise, we will lose everything (or rather, a large part) of our money.
But nothing further from reality, because what happens that day (which we will see) does not have to have a negative impact on the currency. What we do know for sure is that this 'apocalypse' is impacting negatively on both the BTC and other currencies.
All about Ethereum, the fashionable virtual currency that is eclipsing Bitcoin
That is, those who have BTC are being harmed by the apocalyptic ones that announce to hype and saucer to remove all money urgently. Currently, daily falls of 30% are seen in many of the currencies. In part this downward movement is due to the stampede that many users are striking when withdrawing their funds invested.
What happens on August 1
What happens on the first day of August is that the coin is going to fork. But it is not a 'soft fork', but it is a 'hard fork'.
Difference between soft and hard bifurcation
A bifurcation, for those who do not know it, is an update of the 'rules' of Blockchain, the technology behind cryptones. The difference between these terms is that the first one (soft fork) is an update that does not affect the operation; A hard fork, on the other hand, implies accepting the changes we want or not if we want to continue with the official development.
We are facing a period of uncertainty and with great volatility
Two coins, two roads
One can be more welcome than another and therefore one could collapse and the other multiply its value. But that can not be predicted. It is the union of the decisions of the millions of people who use the coin that causes one value to rise and the other to fall.
That is why it is said that it is better to sell all the Bitcoins before August 1 and either buy other Cryptodivisas or wait until this date passes to put the capital into the new currency or the BTC. Therefore, the BTC is declining and at the same time other currencies are undergoing changes. There are a lot of people moving coins and the other fleeing as far as possible from these markets until the thing calms down.
What happens if a hard fork is made
Making a hard bifurcation implies that if the entire community does not support the movement, there will be a long period of instability and uncertainty. That is why it is a very risky move.
The explanation for why it is not known which currency will be best received is because the average community is divided in that the present problem (Bitcoin's limited capacity to carry out many transactions at the same time) must be solved by reducing the size of transactions; While other people think that it must be solved by increasing the number of transactions per block.