Bitcoin Fork: Things You Should Do Before 1 August

1 August, 2017. If you are an avid Bitcoin user, you understand how  important this date is for Bitcoin. It is when Bitcoin developers, along  with miners and users will be conducting the first-ever soft fork on  the currency through BIP 148 – User Activated Soft Fork (UASF). The soft fork is more popularly referred to as the ‘Segregated  Witness’, whereby a new rule is implemented onto the Blockchain – in  this case, increasing block size limits on the Blockchain to improve the  speed of confirming Bitcoin transactions. If you use Bitcoin regularly, or have Bitcoin either in your wallets  or on exchanges, it must be noted there are things you need to do before  this soft fork occurs on 1 August. First of all, it is important that  you don’t panic as you observe the potential cyber-battle between the  communities who support and do not support this soft fork. This may  potentially affect the value of Bitcoin but we can never know for sure,  we can only speculate. The value may rise due to improved security,  faster transactions, etc., or it may drop. The potential cyber-battle between these two communities is bound to  occur on various social media, forums, and news agencies. It is  important that you stay calm amidst the arguments, doubts, and the  potential drop in Bitcoin’s value. Selling your bitcoins in panic would  not help anyone. If you think you would start to panic, just be sure not  to hold more than you are willing to lose while all this is happening.   

Blockchain Split?

However, this is not the real issue you should be concerned about.  The real issue is the fact that some wallet services might face problems  during and after the soft fork. This is in regards to some miners not  signalling support for the Segregated Witness, ultimately resulting in  the separation of the blockchain into two different networks, bringing  two very similar yet different cryptocurrencies much like Ethereum and  Ethereum Classic. Although, if majority of miners signal their support for Segregated  Witness on or before 1 August, the update will be activated flawlessly  and you wouldn’t have to prepare for anything at all. However, it is  always good to be fully prepared for something that you are not  completely sure about.   

Don’t Lose Your Bitcoins!

So far, no wallet services have given any kind of guarantee of what  is going to happen after the soft fork so be sure to stay updated and  move your coins to your own wallet where you have full control of your  private keys. It is important that you have full control over your own  private keys; otherwise, there is a risk of you losing your hard-earned  bitcoins. This can be done through using hardware wallets, paper wallets, and/or regular desktop or mobile wallets. Here’s a list  of some wallets which give you a full control over private keys. If the  chain ever splits and we end up getting two very similar yet different  types of Bitcoin – the new and the old – be sure not to purchase, sell,  or trade, any old or new bitcoins until the situation has been settled.  Keep up-to-date with Bitcoin news to ensure that it is safe for you to  transfer your bitcoins.   To sum it up, be sure not to panic and stay calm during and after 1  August, even in the event of the value of Bitcoin decreasing– this is  completely normal and the market will stabilise eventually – as we have  seen with Ethereum and its hard fork. Most importantly, remember to be  in full control of your private keys before the 1 August by moving your  bitcoins to your private wallets.

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