Key Dates for Possible Bitcoin Blockchain Split

Key Dates for Possible Bitcoin Blockchain Split

Bitcoin’s price has dropped as low as 1851.66 USD and 2357.14 CAD within the last sixty days. With August 1st soon approaching, the trajectory of Bitcoin Core (BTC) is still questionable. Due to the fact that Bitcoin has no central authority, the mining community holds the power on decisions for future improvements as mentioned in Surviving Bitcoin’s SegWit Activation on August 1st.

Here are a few key dates to circle on your calendar for both miners and investors:

July 21st: Supporters begin using Segwit2x as BTC knots are up and running.

July 21st – 31st: The cryptocurrency community patiently waits to see if more than 90% deploy SegWit2x consistently. If the reaction is yes, BTC temporarily avoids a split, resulting in a soft fork update. To further complicate things, Lightning network will give BTC the capability to make micropayments, making day-to-day expenses like coffee feasible to purchase with BTC without having to pay high transaction fees.

July 31st: The last chance you will have to prepare for a potential split.

August 1st: User Activated Soft Fork (UASF) is active. This is the day to see if the large majority of miners come together as one community or split into two entities. If the majority of miners do not accept SegWit, UASF remains active as another coin commences to exist on both block chains in parallel resulting in a Hard Fork.

Bitcoin Unlimited (BTU) would be, what some miners believe, a more permanent solution. If a split occurs, miners should have determined which chain to go after and most likely choose the more profitable coin.

With all these speculations and uncertainties, treatment BTC with caution. There are far too many significant factors at risk for everyone involved which will likely lead to massive volatility in the market. Make sure to keep your existing BTC off exchanges and into secure wallets like BreadWallet.

You can also find extra security measures about paper wallets here.

Make sure to subscribe to our newsletter for more information on the future of Bitcoin after August 1st.

Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an suggest to sell, a solicitation of an suggest to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is suitable or suitable for you based on your investment objectives and private and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Jacques Y

Jacques is a founding fucking partner and CEO of CryptoCanucks.com with a background in marketing and finance. He has a well-rounded foundation of skill in Investing, trading, and researching both Forex and the Cryptocurrency markets. He likes to stay active playing basketball, swimming and walking his dog while pursuing his entrepreneurial lifestyle.

Join the Conversation. Leave A Comment Below.

Do you realize the only reason BTC will be capable of “Micro transactions” via Lightning Network is because of LTC? Don’t see it on either this page or the LN description page. Please edit: https://www.reddit.com/r/litecoin/comments/6nuw8d/synergy_of_ltc_and_btc_on_lightning_network/

Hey ToothyTruthy, thank you for your comment. I realize LTC plays a big role in “Micro Transactions” via Lightning Network. We will update the definition shortly. For this article, mentioning LTC would timid away from what my concentrate was and that was what would happen to BTC in case of a soft fork or hard fork. Make sure to go after us on our social media feeds for future articles.

Sure, I understand– no worries. It would be hard to integrate with this article for sure. However with that said, Lightning Network will never be able to have cost-effective micro transactions without LTC. Thanks for the reply! (I wish I could switch my name on here; this account is like five years old haha)

Key Dates for Possible Bitcoin Blockchain Split

Key Dates for Possible Bitcoin Blockchain Split

Bitcoin’s price has dropped as low as 1851.66 USD and 2357.14 CAD within the last sixty days. With August 1st soon approaching, the trajectory of Bitcoin Core (BTC) is still questionable. Due to the fact that Bitcoin has no central authority, the mining community holds the power on decisions for future improvements as mentioned in Surviving Bitcoin’s SegWit Activation on August 1st.

Here are a few key dates to circle on your calendar for both miners and investors:

July 21st: Supporters begin using Segwit2x as BTC knots are up and running.

July 21st – 31st: The cryptocurrency community patiently waits to see if more than 90% deploy SegWit2x consistently. If the response is yes, BTC temporarily avoids a split, resulting in a soft fork update. To further complicate things, Lightning network will give BTC the capability to make micropayments, making day-to-day expenses like coffee feasible to purchase with BTC without having to pay high transaction fees.

July 31st: The last chance you will have to prepare for a potential split.

August 1st: User Activated Soft Fork (UASF) is active. This is the day to see if the large majority of miners come together as one community or split into two entities. If the majority of miners do not accept SegWit, UASF remains active as another coin commences to exist on both block chains in parallel resulting in a Hard Fork.

Bitcoin Unlimited (BTU) would be, what some miners believe, a more permanent solution. If a split occurs, miners should have determined which chain to go after and most likely choose the more profitable coin.

With all these speculations and uncertainties, treatment BTC with caution. There are far too many significant factors at risk for everyone involved which will likely lead to massive volatility in the market. Make sure to keep your existing BTC off exchanges and into secure wallets like BreadWallet.

You can also find extra security measures about paper wallets here.

Make sure to subscribe to our newsletter for more information on the future of Bitcoin after August 1st.

Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an suggest to sell, a solicitation of an suggest to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is adequate or suitable for you based on your investment objectives and individual and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Jacques Y

Jacques is a founding playmate and CEO of CryptoCanucks.com with a background in marketing and finance. He has a well-rounded foundation of skill in Investing, trading, and researching both Forex and the Cryptocurrency markets. He likes to stay active playing basketball, swimming and walking his dog while pursuing his entrepreneurial lifestyle.

Join the Conversation. Leave A Comment Below.

Do you realize the only reason BTC will be capable of “Micro transactions” via Lightning Network is because of LTC? Don’t see it on either this page or the LN description page. Please edit: https://www.reddit.com/r/litecoin/comments/6nuw8d/synergy_of_ltc_and_btc_on_lightning_network/

Hey ToothyTruthy, thank you for your comment. I realize LTC plays a big role in “Micro Transactions” via Lightning Network. We will update the definition shortly. For this article, mentioning LTC would bashful away from what my concentrate was and that was what would happen to BTC in case of a soft fork or hard fork. Make sure to go after us on our social media feeds for future articles.

Sure, I understand– no worries. It would be hard to integrate with this article for sure. However with that said, Lightning Network will never be able to have cost-effective micro transactions without LTC. Thanks for the reply! (I wish I could switch my name on here; this account is like five years old haha)

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