Have you watching fluctuations in bitcoin?
What to do now? If bitcoin go on loose its value.
Let me clear you guys everything.
Some or a lot of us now a days facing Unconfirmed Transactions in bitcoin or now it takes more time to get confirmed. In past where it was taking some minutes now its taking more than hour to more than week to get confirmed. Why?
This is all because of size of block is got increased.
Bitcoin is based on blockchain that we all know. Our transactions are stays inside these blocks with our signature. Now a days transactions in bitcoin are rose up in thousands of multiple times. And this affecting blocks which are now going over-packed.
What is SF (SOFT FORK)
Lets take a example, we are using android or apple based phones mostly. After some days or weeks our OS Developer sends us msg that upgrade your smartphone to use new features. This happens because they find out bugs to fix it or launching new features which are better than older one.
Same like this Bitcoin Developers now found this problem of late or unconfirmed transactions. For this now they need to take temperory or permanent action to fix this. In this they need to reduce size of blocks so they can process lots of transactions in one block.
Now they come up with new idea.
They will keep transaction in block without signature and form a new supporting extra block with signature which will travel with main block. They think this will help to go transactions lighting fast again.
But,
What if this solution gives us temperory relief?
What after that?
HARD FORK
Like at start days of Ethereum. They will have to split bitcoin in two. Ethereum got split into two coins "Ethereum" and "Ethereum Classic". The original coin kept as a "Ethereum classic" and now we are running behind "Ethereum" which is new one.
There will be no option with them to split bitcoin in two parts. Lets assume they will part it in two coins "Bitcoin" and "Bitcoin X" (imaginary)
IMPORTANT :
If bitcoin splits in two our each bitcoin will get parted in two coins as per new rule of company developers.
How to keep our original coins safe?
There are two options.
- Keep your bitcoins in hardware wallet. This will keep safe your coins in original form and after SF OR HF we can trade it again on out favourite platform.
Keep it offline.
- Buy any alternative coin (altcoin) from exchange like Blocktrade or Bitterx (specially steem) and keep it with you till these guys get settle with there new action, SF or HF. Then convert it again to your bitcoin or bitcoin X (in case of HF) whichever​ has bright future or value.
From 31st july to 7th august this things going to happen so i personally request you not to do any kind of transaction in this period to prevent loss or unconfirmed transactions.
Thank you. Steem on.