The big day is fast approaching and I have heard a lot of different opinion about how the price in bitcoin would be affected but below are few things I’ll like to people to know. For people that have their bitcoin stored in exchanges and can’t control their private keys it is better to move all your fund from exchanges into a wallet that you have control of the private keys, if you aren't in control of your private keys the following may happen during a chain split:
- Bitcoin balance in your wallet might end up to be zero since might have chosen the wrong chain
- Your balance might stay the same
- Your wallet provider will offer you a chance to keep your token balance on both chains or to choose one of them.
For people who have read this far and are still wondering what this is all about, I’ll explain some few terms and state what it is all about
- SegWit: An optimization proposed by Bitcoin Core developer Pieter Wuille at the end of 2015, SegWit increases the volume of transactions that fit into each block without raising the block size parameter. Specifically, it also removes transaction malleability, an issue that once resolved could lead to a number of network improvements.
- A block size increase: The change, long-proposed as a scaling solution, simply involves updating the software rules to allow for 2MB blocks. A few alternative bitcoin implementations (Bitcoin XT, Bitcoin Classic and Bitcoin Unlimited) emerged with the goal of increasing bitcoin's block size parameter. But none have yet reached the necessary threshold of support.
Click here to check for the supporter of SegWit
This can’t be fully explained in this article but you can get a better answer here
My honest Opinion
Cryptocurrency is here to stay and nothing can be done to bring it down as we have seen over the last couple of days’ bitcoin has dropped below $2000 due to the reasons explained but I strongly believe that for people like me and many others this is this best time to rack in on more bitcoin cause once this phase is gone bitcoin will be mooning.
I hope you enjoyed this, drop a comment and let’s discuss about the issue