All of the buzzwords such as, 'hard fork', 'SegWit2x', and even 'BitCoinCash', floating around has some stakeholders concerned.
It's clear now that there is a looming 'hard fork' coming August 1st, what isn't clear is what that means for those that have purchased Bitcoin.
The upcoming had fork, or UAHF, will split the blockchain into two spearate coins that have the same history at the time of the split. This means that
users that currently have those precious keys (if you don't, you should, that's a whole topic all together) to Bitcoins will also hold the keys to the
UAHF version of the chain labeled BitCoinCash(BCC). At the time, it's still unclear what the actual outcome of the split with be, but it most certainly
points towards some confusion.
What happens to my BTC
Users of Bitcoin after the August 1st UAHF will effectively have equal amounts of both BTC and BCC. BCC Futures are showing around a $400
trading point. This means that if things go as some are planning your BTC gained additional value thanks to the fork! Roughly 15% based on today's
numbers to be more percise.
That sounds great!
While this sounds great things are still largely unknown. BTC will utilize SegWit2x which is recieving some pushback
BCC is effectively an alt-coin that doesn't support SegWit2x. This could mean many things. There's speculation that
miners could get behind BCC and sway the hashrate thus increasing it's value. Some also believe that with current
buy-in and SegWit2x support BTC will remain king.
There's alot of speculation around August 1st and the future of Bitcoin and no one knows which direction it's heading
at this point. A safe bet over the next couple days is to heed our advice and hold on to your private keys until the dust settles.
There's always thrill seakers that will want to trade up until the split, just keep in mind that a majority of the exchanges and even
wallets, such as Coinbase, are closing up shop to maintain security and stability. In either case it looks like we're in for a bit of
a ride and everyone needs to be prepared.
Also, to provide a little more information view the following article from Coinbase