Bitcoin is the gold standard for cryptocurrencies. It’s growth in popularity has created a problem. With it’s current limited 1MB blocks, the speed, and scalability has decreased drastically with popular demand of BTC (Bitcoin Core).
Bitcoin Cash, implemented by BitcoinABC software, is run by a small group of miners that are promoting a new solution. They believe SegWit is a temporary fix to Bitcoins problems and that Bitcoin Cash will resolve this issue with an 8MB Block size. Developers are against this proposal due to the fact that increasing the block size to 8MB means spending more energy and money updating mining hardware. This may result in a small number of individuals controlling the Bitcoin network. Ironically, the Bitcoin Cash proposal may, in fact, be centralizing Bitcoin and this philosophy doesn’t align with Satoshi Nakamoto’s decentralizing structure. The best compromise here would be to increase the block size to 2MB by November and 4MB by 2018.
Up until a few days ago, BIP-91 was locked in and BIP-148 was essentially a contingency plan if 80% of miners failed to signal for BIP-91. It turns out a majority of the miners actually wanted to increase the block size, catching everybody by surprise.
What does this mean?
A hard fork may be upon us, creating uncertainty in the market. Moving Bitcoins from wallets and exchanges is risky and there are several ways to be prepared for August 1st to avoid losing your precious cryptocurrencies. Make sure your Bitcoins are off online exchanges and are safely stored in a hardware wallet. There are unmeasurable amounts of scenarios that could take place after August 1st and the best thing to do (in my opinion) is to remain calm, keep your coins safe and wait until all the dust settles before sending and receiving any amount of BTC.
What are your thoughts about Bitcoin Cash? What’s your strategy in preparing for August 1st? Let us know in the comment section below!
You may also like to read: Key Dates for Possible Bitcoin Split
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