hi
there
its sohel ,
Last week we thought that we had seen the light at the end of the Bitcoin tunnel with the news on Thursday when BIP91 was locked in and Segwit was announced as a definite Go-Ahead.
Sadly, that wasn't the end of the scaling debacle.
In the following days more and more news circulated about the possible UAHF (user-activated hard fork) known also as Bitcoin Cash (BCC).
This was a proposal that came at first as a precautionary measure against the UASF Bip148 - a controversial proposal that didn't receive a necessary majority and seemed to have been avoided.
However, in the past day it was confirmed that despite the Segwit lock-in success, the minority opposing Segwit are still going to go through with their hard fork and will start mining Bitcoin Cash on August 1st.
This comes as a surprise to many, the general consensus was pro-Segwit, so we are now facing another week of Uncertainty in the market and possible price dip. The market already responded with panic earlier today and the price went down by 10% in what seems to be a bearish trend which could last up to a week until we pass the forking date.
As I point out in my latest video post, to make the most of your Bitcoin you should make sure that you store it away from the commercial, centralized wallets and all exchanges such as Coinbase, Xapo, Coinpayments, Payeer, Payza, Poloniex, Bittrex, C-Cex, and many more.
Make sure your Bitcoin is in a wallet to which you own your private keys, have these stored safely and keep an eye on the market for the coming days.
Once the blockchain is forked (split) you will have the same amount of coins on both versions of the Blockchain, therefore you will have a profit from the new coin (BCC) which is currently trading at around $450 on some Chinese exchanges.
It is most likely that BCC will remain seen as an Alt Coin and will never reach the status of Bitcoin, so keep your focus on BTC (which will remain the main Bitcoin, post-Segwit).
Coinbase already explained in this blog that they will not support the fork (BCC) and will keep to the main BTC which is what most companies and exchanges and commercial wallets will do too.
As of yet, BCC is not a popular choice and did not receive much support in the Bitcoin community, so it will be a long while before we see its price going anywhere.
Bitcoin (BTC) however, should regain its value once Segwit is activated and we will be seeing it reach new highs very soon. Patience is key now.
