The Official CryptoCanucks Shop Is Now Live! Shop Now

Key Dates for Possible Bitcoin Blockchain Split

Jul 18, 2017 BitcoinBlockchainNews 3

Bitcoin’s price has dropped as low as 1851.66 USD and 2357.14 CAD within the last 60 days. With August 1st soon approaching, the trajectory of Bitcoin Core (BTC) is still questionable. Due to the fact that Bitcoin has no central authority, the mining community holds the power on decisions for future improvements as mentioned in Surviving Bitcoin’s SegWit Activation on August 1st.

Here are a few key dates to circle on your calendar for both miners and investors:

segwit-activation-key-dates-infographic-cryptocanucks-timeline
July 21st: Supporters begin using Segwit2x as BTC nodes are up and running.

July 21st – 31st: The cryptocurrency community patiently waits to see if more than 90% deploy SegWit2x consistently. If the answer is yes, BTC temporarily avoids a split, resulting in a soft fork update. To further complicate things, Lightning network will give BTC the ability to make micropayments, making day-to-day expenses like coffee feasible to purchase with BTC without having to pay high transaction fees.

July 31st: The last chance you will have to prepare for a potential split.

August 1st: User Activated Soft Fork (UASF) is active. This is the day to see if the large majority of miners come together as one community or split into two entities. If the majority of miners do not accept SegWit, UASF remains active as another coin begins to exist on both block chains in parallel resulting in a Hard Fork.

Bitcoin Unlimited (BTU) would be, what some miners believe, a more permanent solution. If a split occurs, miners should have decided which chain to follow and most likely choose the more profitable coin.

With all these speculations and uncertainties, approach BTC with caution. There are far too many important factors at risk for everyone involved which will likely lead to massive volatility in the market. Make sure to keep your existing BTC off exchanges and into secure wallets like BreadWallet. 

You can also find additional security measures about paper wallets here.

Make sure to subscribe to our newsletter for more information on the future of Bitcoin after August 1st.

Sharing is Caring

Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Jacques Y

Jacques is a founding partner and CEO of CryptoCanucks.com with a background in marketing and finance. He has a well-rounded foundation of knowledge in Investing, trading, blockchain and researching both Forex and the Cryptocurrency markets.

Join the Conversation. Leave A Comment Below.