Dear Friends,
If you heard about Bitcoin....or invest in Bitcoin then you need to know what the impact of bitcoin Hard Fork on your bitcoin
Why Bitcoin Hard Fork?
Bitcoin is in crisis now. Something needs to be done but there is no common agreement to resolve the crisis.
Whats is the problem, you may ask.?
Bitcoin is too popular but it cannot handle the volume and weight of transaction going through the network.
"Bitcoin transactions are processed in so-called "blocks" that involve complex cryptography to verify and set the transactions. But as the currency grows and more and more transactions take place, the one megabyte size limit on blocks that is built into the system is becoming an issue, causing delays in processing transactions. A purchase might take hours to confirm, making it unwieldy for real-world use."
There are two options to resolve.
Splitting is necessary as they cannot co exist together.
Bitcoin Unlimited
Pros:
Miners and Nodes can vote on increasing block size
Miners can control bitcoin network
Miners can control effectively setting transaction fees
Cons
Controls by miners and nodes on bitcoin networks
miners may set higher transaction fees once 21 billion Bitcoin has being mined.
30% exchanges supported
Segregated Witness
Pros
more decentralised
double the transaction per second capacity
digital currency as no control from central bank
80% supported by exchanges
Cons
viewed as temporary solution
only double the transaction.
Overall Impact:
How to protect yourself!!
If you like this tips , please upvote and resteemed and share with your friends.
Thank you.
Enjoy yourself.
