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?
I think that statements like "Bitcoin will split" are wrong.Bitcoin doesn`t split,the blockchain splits.
If the split happens,BCC will soon become worthless,due to the lack of supporters.People would want
to sell their BCC as soon as possible and the price will colapse pretty fast.
Everyone is free to HODL their BCC,after the split.Nobody would lose anything,unless all the people panic and make some wrong trading decisions.
You are absolutely right except on one point, BCC sure has stronger support than you think. There is a strong political game/power being it, no wonder exchange are getting ready like crazy.