Hey everyone, so i was trying to get more info on BIP 148 and i couldn't really find an answer on my questions.
I found this really good article from BitcoinMagazine written by Aaron Van Wirdum
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/
So what should we do?
Paper Wallets?
Take out everything from exchanges?
Are we going to have two separate Bitcoins?
Will Bitcoin lose its value?
How will BIP 148 affect cryptocurrency world?
I'm looking for an open discussion and your thoughts on that subject as August is right around the corner.
Thank you all for participating!!!
I've just started looking into this myself . . there is a lot of conflicting information out there. The key take away for me in that article is this: "If you hold bitcoin right now, you will hold both 148 BTC and Legacy BTC after the split."
Next, what I'm going to do, is before the fork, (if that is what happens) I will move ALL of my btc into a wallet where I will receive the other tokens created by the fork. This is just my beginning thoughts on this, so they are likely to change as we get closer to the date and I have more information.
But it raises a lot of questions: How will this effect the price of btc if everyone is attempting to move their coins off of the exchanges? How will it effect the price of the alt coins? Which btc chain will be considered the "true" btc? Will many people dump their alts for btc to capitalize on the fork? Because I've read elsewhere, that it could be either of the chains.
Oh crap man, you really got me thinking now lol
Thanks though. It's something I'm going to really need to ponder for the next few weeks.
Following you now! :)
that's what i'm saying... again we are getting only speculations, what we need is answers
On August 1st the bip 148 UASF (user activated soft fork) will happen so be prepared and make the right decisions. The only way it doesn't happen from my understanding is if the miners signal for Segwit before August 1st, which I don't think will happen. This UASF is not a bad thing since we need to speed up confirmation and transaction times. With Bip 148 we get Segwit and lightning network in the future. This makes bitcoin better, faster and more efficient as a payment system. So what to do? Buy as many bitcoins as you can before August 1st because if your trading on an exchange after that date and think you're going to be picking up cheap coins on limit orders you could be getting the wrong bitcoins or the bitcoins that the exchange picks as BTC. This could be legacy bitcoins or bip 148 bitcoins. So far not many exchanges have signaled catering both. If the market choses bip 148 coins and not legacy coins or vice versa you could get a raw deal. Take the bitcoins off the exchanges and put them in a cold storage wallet where you control the private keys. Paper wallets can work as cold storage or you can buy a trezor or ledger wallet. There are many ways you can do this. There is no way to really know which way bitcoin will trade prior to and after August 1st. It could crash or it could double in price. If there is a split and you have your coins in a paper wallet then you will have 2 coins. Think of it like a stock split but with the potential market cap of both coins to be worth more than before the split. Since you have 2 coins you can trade the coin you don't want for the coin you do want in the future and potentially have more bitcoin. In my opinion the bitcoin that the market choses will be the one with Segwit and lightning network (bip 148).
let's hope for the best