I'm pretty new to the cryptocurrency world and what I have seen in the past days, everybody is talking about BIP 149, SegWit2x and other terms that I really don't understand. As far I can understand that bitcoin will split into 2 separate currencies: BTC (Legacy old) and BCC (Bitcoin Cash or Bitcoin ABC -it's the same, right?-) after 1 August UTC 12:00 am. People say that I should withdraw all my coins into my Electrum Wallet before 1 Aug. That's what have I done.
After the split, everything will be cloned and people will have both BTC and BCC. If you had 1 BTC, after the split you will have 1 BCC as well. So... what to do after that? Will ever BTC exists? Will people have the possibility to trade with BTC and with BCC as well? If these are 2 different currencies, that means if I make a transaction with BCC (send) then it will be transfered in BTC as well? Will the 2 currencies "synchronize" with each other? (I don't know if you can understand what I'm trying to say).
- Bitcoin price has dropped. Should I invest more FIAT into it before 1 Aug?
My suggestion is that you move your coins out of an exchange. Make sure you get a hardware wallet or a desktop wallet like Exodus or a paper wallet. More your coins your coins to those wallets. Do this in the next two days, then sit tight and wait. Do not do any transactions for atleast a week after Aug 1. Personally, I am sitting out for the next 3 weeks if the split happens.