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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
The Problem:
Bitcoin takes too long and costs too much to process transactions. The time it takes to process a transaction is a result of the current block size, if you want your transaction to process faster, you’ll need to pay higher transaction fees. Unfortunately this has led to both slower transaction times as well as higher transaction fees.
The debate:
Segwit- Adjusts how much information is recorded in each block, this can be implemented as a soft fork, can be done quickly and will not split the blockchain. It is not a permanent solution, but some will argue that a permanent solution is not necessary at this time, rather we just need to improve transaction times.
If segwit is implemented, this opens the door for an additional improvement to the bitcoin protocol in the form of what is called the Lightning Network. You can learn more about this in my previous video titled “The Lightning Network- Opening the World to Streaming Money” I will provide a link to this video down in the description, so if you want to learn more about that please check it out.
Segwit Video: https://youtu.be/bKslHzOFex8
Lightning Network Video: https://youtu.be/kqwXEttuDg4
Bitcoin Unlimited- Increases the actual size of the blocks, thus allowing for more transactions to be recorded in each block. Since any increase of block size over 1megabyte would change the rules of Bitcoin, this would result in a hard fork. This would take much longer to implement and runs the very real risk of splitting bitcoin into two different coins, which will very likely result in a decrease of the price of each coin for quite some time before they can recover. When Ethereum hard forked, it took about one year for the price of ether to recover.
What are the ramifications if there is a hard fork of the bitcoin blockchain? There are many variables in this problem
First, will the online exchanges, hardware wallets and third party wallets support BTC, BTU, or both?
Will your BTC remain BTC? Will it be converted into BTU? Will you receive an equal amount of BTU for your holdings of BTC?
I should note that BTC stands for bitcoin core, which is the name of the long standing development team behind bitcoin. and BTU stands for Bitcoin Unlimited, the development team with Roger Ver at the head.
In order for you to make in informed decision as to what is the best way to prepare for this possible hard fork, I strongly suggest you investigate the stance of the company behind where you store your bitcoins. For example, if you keep your bitcoins on an exchange, your bitcoins will be subject to whichever side they choose to support.
If you store your bitcoins on a hardware wallet, you will also be subjected to whichever side they choose to support.
The Trezor and Ledger and KeepKey hardware wallets have all announced that they will support both BTC and BTU if Bitcoin Unlimited is implemented.
If you store your bitcoins on a local wallet where you control your private keys then you will receive an equal amount of BTU for your holdings of BTC. Which is exactly what happened when Ethereum hard forked and resulted in the creation of ether classic.
Most investors ignore the potential of cryptocurrency, crypto assets and tokens, because it's too much work to understand, so they default to the opinions of other "moron" experts.
Background music loud repetitive.
What does this mean if m holding bitcoin anywhere in wallet like BlockChain or nano s are you saying my bitcoin will automatically be broken into btc and btu?
I’m glad to have found your channel when searching about the decentralized crypto exchange, EtherDelta. Your content is super informative and easy to digest. Keep up the good work!
Good Lord you are beautiful…oh and thank you for your work.
this video is making me want to put all my money on Bitcoin!
Maybe I should just change my Bitcoin to Tether just to be on the safe side?
My heart forks a bit drowning in your green eyes and my mind segregates its wits 2x…
Do you have any friends who look as hot as you and have a youtube channel?? then good news for them they got +1 subscriber.
Thanks for explaining stuff in simple terms. Some channels make my head spin since i’m from a Finance background. You make crypto comprehensible for noobs like me. Thanks for the quality content ?
So hot.. <3 . I want to donate you a million XXX coins
What will happen when segwit2x is activated in Nov, will there be another hard fork and therefore new coin? If its a new coin will people get additional coins again????????????
Gorgeous!
Litecoin is your best bet during the Bitcoin fork. Let the fools lose their money when Bitcoin's value collapses. When the fork is over, buy up Bitcoin and Bitcoin Cash when it's cheap.
Wow she's super cold!! Ice cold!!
okay so local wallet.. does that mean paper wallet? Or does that mean an app like Exodus or electrum? is it just hardware wallets that are supporting both coins after a split?
Nice and easy to understand information about SegWit.
I ❤ u……
What that mean that you recommend keeping a local wallet, so YOU get both coins?
Bitcoin Unlimited "would change the rule of Bitcoin" …. this is not true at all. If something stays true to Satoshis original intentions than it is Bitcoin unlimited. BCU only increases the Blockchain size which was Satoshis original intention in the first place. Segwit2x will not only increase the size (to 2MB) but also has a different signing/verification process than described in Satoshis Paper. So if something is not true to the original it is Segwit. In the end people will use whatever suits them best. The market will decide. I want fast transactions that (almost) cost nothing. I believe so do most people.
You are so sweet
Sorry to say but your music is annoying. Would love to watch more of your videos but can't handle the music.
The music is lowkey mad distracting
Did you know 1 eye is bigger than the other?
What exactly makes the transaction fees so expensive?
Hi iv'e got a couple questions. Does btc and btu scenario only apply if bitcoin goes down the roger ver path of increasing the block size? And will we only have the original bitcoin if the network chooses segwit over increasing the block size?
Thanks,
Chirag.
Heres a tip guys … "Discover How I Get My Bitcoin For Less Than $80 USD Per Coin"… Not payin $1900 plus as of today 😉
Where can I get more info about 5:45 ? That seems weird
one thing mam if i store my btc in paper wallet ……so upcoming any kind of effect like hard fork, soft fork……my btc is safe or not..???
Let's get married and hard-fork Bitcoin until it rises higher 🙂
Interesting channel.
I just have one thing.
I think it is super annoying with the back ground music.
I can not listen to it more than few minutes.
Or is it only me.
Clear and simple Explanation! Subscribed!
Good & informative vid…. just please use less cuts and go outdoors or something instead of that dark room
stop begging
I'm just waiting until this fork on Aug 1st blows over before I start flipping btc and eth again. I mean I've done well in imarket exchange of cryptocurrency that in a matter of four months that I was able to actually profit enough to buy a 2017 Rav 4. I've also been mining as well on the side in which I use whatever I gain from it as my budget for the market exchange. Maybe I've just been really lucky and my luck is about to run out, but as long as you have a mind set to always buy low and sell high and never sell until it's profitable enough, you should do well in the flipping business. I'm not here for the long run and long time investments tbh; I just want to profit in as short amount of time as possible. However maybe I should look into actually setting aside some cash and invest in something like ripple in the future. Until then, I'll just keep on flippin until I can't flip no more
Thanks for your personal knowledge and insight. Why am I only now seeing you in this space? I watch 20 crypto videos a day. You are a breath of fresh air in this space and I have subbed. Personally, I would love a hard fork in BTC because of the price drop. I would just buy a lot more of both because I believe both would not only survive in their individual niche's but profits would be astronomical long term in both. Thanks again for all you do here in this space.
Well done
I enjoy your videos very much, I don't have much, so I can't afford to send a tip, but I'll upvote you on Steemit! My vote is worth about 30 cents! Every little bit counts!
YOU NEED TO LOWER THE MUSIC!
1:10
you are looking gorgeous…. nice vid.
so if I have a wallet on my pc are the coins at risk? or do I need to get them offline? if a split happens where/how do you get you're new coins?
All these videos are obsessed with explaining the technology behind these forks, but no one seems to be able to simply explain what to do and how to actually do it when this happens. I happy you understand the tech side. But what am I supposed to do with this info?
So for example if I hold my private Key. How do I select which side of the fork I put them back on, if that question even makes sense. I don't care about the name of some dude that is working on one of the sides of the fork. We need to know what to do and how to do it. Simple actions, not technical mumble.
Sad that the majority of people here are only focused on how hot she is and not that she knows her stuff
youre extremely beautiful too
Cryptocurrencies are too good to be true, a life savors to us all. A dream come true for the suffering world, a new frontier like when the internet was boomed back in the early 90s and allowed us to trade technology stocks through online brokers. Some big guys, as we don't know who they are, could be bankers or anyone manipulating crypto's and scare new investors. The ironic thing is that you can walk into a casino and lose your money and no one will care, including the Government. We need to keep hope alive in the Cryptocurrency system.
WOW…..just WOW!
Good advice would be to sell while you're ahead and buy back into a different currency while it's cheap. (NOT ETH)
You know what permanently solves these problems?
Ditching the ancient tech that was never meant to handle mainstream traffic and switch to new technology that can actually handle it! Why do people cling to this? Holding Bitcoin is like refusing to give up your landline for a cell phone.
All tech savvy people have known this and switched to Litecoin or Iota (while it's still rock bottom cheap). Btc is unrealistic to try to force into something it was never supposed to be. It's like trying to breed pigs with cats… it dun werk.
you are hot …….you almost pulled me away from Amanda B. Johnson……..but you are hot, no doubt about it (-: