IMPORTANT INFORMATION REGARDING BITCOIN FORK
Hello
As I promised with you guys ,that I will provide information about bitcoin fork.
I will try to make you understand in layman language ,so that it will be easy for you to understand.
As you may have noticed in last few months that the transactions takes a lot of and the transactions fee is very high as it was not a CAse some 1 year ago.
To sort out this complicated issue
Therefore the mining companies and developers holds a meeting onto it,so that the issue will be sorted out
80% of the community decided to activate Segwit and 20% of community go for bitcoin hard fork.
So what is Segwit and and what will be its impact on Bitcoin ?
1. Segwit
In short Segwit is a software which will provide more space for transactions
Let if miners got 10 transactions before ,now Segwit will provide 100 transactions ( before segwit our trasaction holds key and signature ,but the segwit will distribute them into 2 parts so that there will be no hassle on transactions) .This is an temporary settlement for transactions issue, my personal experience says it will run for 4 to 8 years smoothly and the transactions will be done immediately and fee will be also low
You can say it soft fork also. And this will have almost no effect on price or bitcoin itself ,though the price may touch to 5000 dollars
2 . Bitcoin Hardfork
At the other end some miners and developers wants to activate Bitcoin hard fork ( in other words hard fork means to split the Bitcoin into 2 parts whether it will be bitcoin unlimited /core or something else like we have Etherreum and Ethereum Classic) like bitmain(mining company)
If Bitcoin Hard fork will be activated .what will be its impact on our bitcoins which we hold in our exchanges ,like we have here in India Unocoin and Zebpay
The simple answer is this that if you hsve say 10 bitcoins in your wallet
Your bitcoins will be splitted into 2 coins automatically,
The exchangers have to follow the decision of developers and miners of bitcoin in any how case
The testing of Segwit had been started from today at the time of writing ,if the miners will succeed in this process ,then you don't need to worry of it ,
Instead the price may touch to 5000 dollars
And if the miners will not be able to succeed the Segwit
Then there is no alternative other than splitting the bitcoin
So what should we do Now.
As we all of us Donna know what will happen so for your precautionary messures
1. From 27th of July 2017 , the miners will be engaged in Up gradation ,so don't send bitcoins to any address,it's merely possible that you will not get your coins back.
2. Don't buy bitcoins until 3rd August 2017.
3. If you have bitcoins in your wallet ,transfer them into paper wallet or hardware wallet so that you will not be effected ,whatever will happen with bitcoin
Or
You can convert your bitcoins into any better altcoin
of your choice like HTML COIN .(preffered)
Or
If you are at very good margin in bitcoin ,you can sold them ,and if you are in loss then itzz better to follow the above 3 mentioned points
Further if you have any question or if you need any help , ask me please
Thanks
Ashfaq Bhat