What To Do With Bitcoin Ahead Of SegWit Activation

There is an air of uncertainty amongBitcoiners of what would become of their fate in the near future.

With the community approaching a significant decision date on the issue of scaling, the outcome of the consensus is looking more like an open secret as SegWit2x and SegWit Support has officially surpassed Emergent Consensus.

Bitcoin is still likely to split

However, the impact of the anticipated events of August 1, 2017, extends beyond just the expected improved efficiency of transactions within the Bitcoin network.

With significant opposition still in existence, a possible breakup is expected. This leaves room for a lot of uncertainty, leading to widespread speculation and predictions on what will become of Bitcoin and the crypto ecosystem in general.

Michael Vogel, CEO of Netcoins, affirms that SegWit2x and SegWit Support has officially surpassed Emergent Consensus, he identifies this development as a significant milestone.

It is important to have a backup plan

Vogel notes that August 1 will be the next important milestone, explaining that until SegWit is activated on the network, that's when Bitcoin users will have a first-hand opportunity to experience a scaling solution in action.

Vogel says:

“If SegWit activation alleviates the network issues we've seen in recent months, then the outcome will be an overwhelmingly positive one. However, in terms of protecting wealth, in Bitcoin (and any cryptocurrency) we're still in relatively early days, so it's important to have backup plans. Nonetheless, I continue to be bullish on Bitcoin and a strong believer in its core value proposition as a currency and store of wealth.”

Better to keep Bitcoins offline

Aleksandar Matanovic of EC District expresses his weariness of the drama surrounding Bitcoin scaling.

“I’m a bit tired of all the drama around scaling. Once this scaling is done, one way or the other, we will soon need another scaling.”

Matanovic notes that the reaction of Bitcoin users to scaling would depend on personal motives and their reasons for participating.

According to Matanovic, investors are probably worried about the fork, while speculators, on the other hand, must be excited about it because if there is one thing which is certain for the next couple of months, it is the volatility.

Hence, Matanovic suggests that the best approach in the midst of such chaos is to “keep calm, keep bitcoins offline and not selling any of them.”