On 1st Aug 2017, Bitcoin will be undergoing user activated fork.
*Why does this happen?
-Blocks becoming too big that results in high fees, lower transaction processed thus slower transaction.
- Many solutions were proposed to solve the above issues but since there is no official group of people holds the power to make a decision for Bitcoin and different developers have different views on how to improve Bitcoin system.
-Users also have different views on which developers they should support. Thus, this fork will happen.
-Not only Bitcoin is affected, altcoins will too be affected.
*PROS
- Create a opportunity for risk takers to stock up "Cheap (or maybe not) altcoins.
- Alteration of certain coins to the "right" price.
- When there is "crisis", there will be opportunity.
*CONS
- Causes panic selling, causing price of coins to drop (Price for Bitcoin increase in this case, probably due to "free coins" BCC?)
- Uncertainty lower the overall confidence of people holding Crypto.
- Bitcoin price and volume expected to drop.
Basically a good example of such case is the Ethereum and Ethereum Classic split.
My Opinion
I am betting that altcoins price will rocket after everything is stablised when people change thier BTC & BCC to altcoins due to uncertainty of the direction it will head, one reason why BTC price is high is because of greed for free BCC. My question is what if 1 BTC + 1 BCC = Less than what 1 BTC worth now? Is it still worth while to hold BTC just to get "free BCC"?
If I were given Bitcoin Cash for holding Bitcoins, I would change my BCC into Ethereum and other more stable altcoins how about you? I would like to hear opinions from you guys. Leave comments on what you will do or ideas you have below!
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Regards,
William