News

AUGUST 1ST - BITCOIN FORK

Date: 2017-07-31 09:41:18


Due to the long debated upgrade of the blockchain network to BIP148. This upgrade is likely to create a fork (an upgrade that introduces a new rule to which is not compatible with the older software) in the Bitcoin Network known as Bitcoin Cash (BCC).


It is therefore expected that from August 1st, there will be two versions of Bitcoin, with two separate Blockchains.


How would this work?


It is expected that after the blockchain split, Bitcoin cash will be incompatible on the bitcoin core blockchain as these will now be recognized as two separate cryptocurrencies, independent of each other. Although it is said that 1 BCC (at the time this article was written) is currently sold at $289.14 (0.10447300 BTC).


How does this affect me?


Most wallet providers and exchanges have indicated their support for Bitcoin core while other has expressed their support for Bitcoin Cash, although a few have stated that they would support both versions of Bitcoin.
In a situation where your wallet provider choose to support only one of the versions, it means that you would have that version of Bitcoin, which will be incompatible with the other version.

Some exchanges have stated that whether or not they support Bitcoin Cash, they will ensure that you can withdraw your bitcoin after August 1st.


What do Bitcoin experts’ advice?


Many bitcoin experts advise Bitcoin users not to panic or withdraw their bitcoin because of the upcoming event. However, it is advisable to transfer your Bitcoin to a cold storage, or paper wallet, where they will be safely stored offline and you will have a private key to control your bitcoin and decide what version of bitcoin you want, irrespective of any wallet provider’s decision on what version they support. 


Most experts advise Bitcoin users to avoid trading Bitcoin on the 1st of August, as they may experience delayed confirmation and due to the uncertainty of the blockchain.


What does 9jaCASH think?


We advise that you visit the website of your wallet providers, to find out what version of bitcoin they are willing to support and decide your next line of action.
However, if you decide to withdraw your Bitcoin, we trade at an excellent price and we are available to serve you.