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July 18, 2017, 09:49:34 AM |
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[bHello As I promised with you guys ,that I will provide information about bitcoin fork. I will try to make you understand in layman language ,so that it will be easy for you to understand. 1. Currently the transactions takes lot of time to complete, say you send 1 bitcoin to john and he was estimated to receive the same with 30 minutes ,now the same coins takes more than 5 hours or more and the transaction fee is very high. E.g if you have a free space of 100mb in your mobile ,and your friend sends you vedio of 101mb, The thus vedio clip will be in cue until and unless you will get free space of more 1 mb, the same is happening currently with transactions Space is little and transactions on hold are double ,triple or more than it. Therefore the mining companies holds a meeting onto it,so that the issue will be sorted out 80% of miners decided to activate Segwit and 20% of miners go for bitcoin unlimited So what is Segwit and Bitcoinunlimited and what will be its impact on Bitcoin. 1. Segwit In short Segwit is a software which will provide more space for transactions Let if miners got 10 transactions before ,now Segwit will provide 100 transactions , my personal experience says it will run for 4 to 8 years smoothly and the transactions will be done immediately and fee will be also low You can say it soft fork also. 2 . Bitcoin unlimited At the other end some miners wants to activate Bitcoin unlimited like bitmain(mining company) If this will happen there will be no problem further in transactions and the fee will be also very low as compared to above ,but But bitcoin unlimited itself means to split the bitcoin , If bitcoin unlimited will activate it will have devastating impact on bitcoin So surely the value of bitcoin will go very low
The testing of Segwit had been started from today at the time of writing ,if the miners will succeed in this process ,then you don't need to worry of it , Because the price will then surely touch to 4000 dollars And if the miners will not be able to succeed the Segwit Then there is no alternative other than splitting the bitcoin Some important Notes ,you must Note down
As we all of us Donna know what will happen so for your precautionary messures 1. From 27th of July 2017 , the miners will be engaged in Up gradation ,so don't send bitcoins to any address,it's merely possible that you will not get your coins back. 2. Don't buy bitcoins until 3rd August 2017. 3. If you bitcoins in your wallet ,transfer them into paper wallet or hardware wallet Or You can convert your bitcoins into any better altcoin like HTML COIN . b]
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