BITCOIN FORK - 1st August 2017
Credit: youtube/KennBosak
Followers of BITCOIN will know that on the 1st August 2017 there is a large group of Bitcoin users that plan to initiate a User Activated Soft Fork (UASF) and are pushing for an upgrade to Bitcoin code (BIP 148).
Earlier on I was scanning the youtube channels and came across this simple to understand short video which helps explain the Fork.
In essence the Fork will split Bitcoins into essentially two coins, however both coins will maintain their record on the Blockchain.
No doubt the volatility in Bitcoin recently seen will continue to 1st August and run over until things settle down.
It is a great short piece and credit to KennBosak for the content in the video.
Thanks for reading/watching.
Stephen
URGENT!! If you have bitcoins on Coinbase you need to remove them RIGHT NOW!
Coinbase has said that in the event of a chain split, they will not allow access to coins on the smaller fork. This means if a fork succeeds even with only 10% support, you will lose those coins on that chain.
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Damn. Thanks for sharing that. Doesn't seem like a smart idea on coinbase end
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should we move bitcoins to steem then?
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Love this!
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Shared on twitter. Stephen
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I hope that a hard fork does not happen as it will inevitably cause some chaos as the community tries to adjust. Since many other Cryptocurrencies prices tend to move similarly to Bitcoin, this chaos could extend to the entire crypto space.
Veteran of crypto will be able to push through, but newer adopters may be scared away. My hope is that the changes will be pushed through in such a way that it reinvigorates interest in cryptocurrencies and shows the resilience of their users.
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I'm waiting for this weekend and probably next Thursday when the markets be in the red, I'm about to load up 🙌🏼🙌🏼🙌🏼
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Only time will tell if this will be smooth sailing or a coaster ride from hell. 👌
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I was hoping for bitcoin not to fracture but is it certain it will split?
Let's hope not many replay attacks play out because of this.
Thanks for this useful video Stephen
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I keep hearing about using bitcoin core. I don't know why, but I hope that is not totally necessary.
I do however hold the private keys to my wallet.
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cool! Great content @stephen, which scenario could happen for eth after segwit2X is implemented for bitcoin?
thanks for the answer and i am following you now and upvoting you!
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Heres going things start doing a U turn and get us back on track, but then I haven't a clue about Bitcoin lol really wish It would make sense to me :)
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If you ask me, we will be just fine. Sure it will have impact but in the end we will get back on our feet again.
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This was refreshingly easy to understand :) I will look into more of his videos. Very good information!!!
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Thanks for posting this. Good summarization. Resteeming
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