Doomsday? What is going to happen with bitcoin today?
Hello!! I hope you all doing fine. Here i'm gonna tell you what exactly going to happen with Bitcoin today.
WHAT'S GOING ON????
- Blocks are becoming too big resulting in high fees , low transaction throughput, and slow transactions.
- Multiple solutions were proposed to solve this scaling issue. Unfortunately there wasn't a single one that was selected by everyone.
- Several smaller Bitcoin alternatives were released in past however on 1st of august important fork will happen.
- That fork is going to affect Bitcoin and other Altcoins.
WHAT'S THE PROBLEM WITH SPLIT????
- Chain split creates a high risk situation which may be (or may be not) affect the price of Bitcoin.
- As other coins are dependent on Bitcoin, this uncertainty is going to affect other coins also.
- Bitcoin's price and volume are expected to drop due to this split. A well known example for us of this is the split of Ethereum and Ethereum Classic split(ETH price fell from $20 to $10).
WHAT'S GOING TO HAPPEN TODAY????
User Activated Soft Fork(UASF) as described in Bitcoin improvement proposal 148(BIP 148) will go live. Any Bitcoin blocks that do not signal support for Segregated Witness(SegWit) will be rejected. Most of the miners shows support for SegWit however if this support will not be high enough then Bitcoin will split in two parts.
So at this time we can just hope that the coin doesn't split and there will be only one Bitcoin.
Let's see...
Some confusion above. 3 different things underway.
UASF (BIP148) for segwit on main bitcoin chain did activate without any issue. This was at 1200 UCT Aug 1 ( 6PM USA EDT Jul 31)
UAHF (Bitcoin cash) is in progress. The main bitcoin chain has continued, the last block in common is 478558. As of this writing there is not yet any new block mined on the bitcoin cash chain.
Segwit implementation is still upcoming on the main BTC chain due approx Aug 8-10 depending on hash power remaining on BTC.
see my other post for more details: https://steemit.com/cryptocurrency/@dylan.schickel/bitcoin-chain-split-bitcoin-and-bitcoin-cash
At this time i can say firmly that formation of Bitcoin Cash(BCC) is certain but it won't affect hugely on current price of bitcoin which is likely to surpass $3000 mark soon.
checkout this : https://steemit.com/bitcoin/@joshidwarkesh/bitcoin-price-prediction-august-2017