As a form of currency, bitcoin is rapidly gaining popularity for being an alternative way to make transactions anonymously. However, a massive change in the cryptocurrency is coming very soon. And it presents those who have bitcoins with a dilemma. Do you either wait out the changes and risk having to deal with increased prices afterwards. Or do you instead buy your currency now and risk the prices going through the floors?
So what is going to happen to Bitcoin?
On the 1st of August, there’s going to be a fork in the banks of the Bitcoin servers. Two separate groups of miners will now begin to mine two different banks of bitcoin. This split, or fork, will see the blockchain which records the Bitcoin transactions divided into two parts, effectively creating two new crypto currencies, which turns the current format, Bitcoin Common, into two new segwit currencies, called Bitcoin Classic and Bitcoin current. This presents an unusual situation for people with bitcoins. If you have coins which have been collected during Bitcoin Common, you’ll be able to trade with both the Current and Classic Bitcoin variants. However anything you earn after that can’t be traded with the other versions. As the two will be running at different rates on two different blockchains.
So where’s the issue with this?
The problem at the moment is that when the planned fork in the data chains comes into play, every online wallet will do things slightly differently. They’ll either allow you spend your coins on one blockchain or another or maybe both. The question for people is then do they buy with bitcoins now, and then risk a complete crash as their bitcoins become unusable due to the split in the chain. Or do they wait and see what’s going to happen, and then make a move?
For most people, the best way to proceed is to wait it out, and then purchase anything you want after everything has settled down and calmed down. This means that you aren’t risking as much, which means that people with significant investments aren’t at risk of losing everything. If your bitcoins are not adequately recorded just before the fork, then they won’t appear on any system and will consequently be entirely useless to you. Therefore, waiting until you know where your coins have been moved to will allow you to purchase without a fear of losing everything.
Overall, it is recommended that anyone who is looking to make a Bitcoin purchase after everything has settled down and you know which blockchain you’re a part of. By doing this, your investments if you have any are safe, and you’re also ensuring that your bitcoins do not become lost during the split, which would render them completely useless. It is the much safer option to just simply wait for the split to happen and to settle down before you consider buying anything. This will keep you safe, and your money safe as well.