If you hold Bitcoins, you must read this before August 1st

Everyone involved with cryptocurrencies​ is talking about 1st August but what exactly is happening and what do you need to do to protect your investments.

This day is very important not just for Bitcoins but for all other cryptocurrencies since all coins are interlinked in one way or another.

First, let's talk about the potential outcomes; since no one disagrees​ on the need to scale the Bitcoin network to make it faster and reduce the transaction fees, there has been a lot of debate on the best solution to scale the blockchain​ network.

On the 31st July, ​the SegWit2x is planned to take place however, this will only happen if 80% of the miners started signaling the support for this new update and this change will introduce the Segregated Witness then a block size increase to 2MB on the 1st Nov.

This update may result in splitting the Blockchain into two blocks which is not favorable by​ the big amount of Bitcoin users and holders hence, the 1st of August is also planned as the activation day for the UASF – User Activated Soft Fork- also known as BIP 148.

Since all these changes are all happening at the same time on the Blockchain network no one knows what will be the exact outcome, here are​ my 5 devices​ for you to protect you investments.

1- If you hold your Bitcoins on an exchange, move them immediately to a hard wallet such as Nano Ledger S, Trezor or alternatively to a paper wallet to​ have a full control of your​ private keys.
2- If the Blockchain network splits into two then effectively you will have the same amount of coins on both Blockchains, ​therefore, make sure you claim your coins with the same private keys.
3- Transfer your coins at least 1 to 2 weeks before the 1st Aug because there is a possibility that the exchanges freeze withdrawals prior to the activation day.
4- Only move your Bitcoins back to the exchange once you see the outcome of the change.
5- Take this opportunity to buy good Altcoins on a discounted price because they will all drop in price although the change is happening only on the Bitcoin blockchain, personally, I will load on Antshares, Steem, Stratis and Litecoin if they price drops significantly.

Let me know what is your plan in the comments below