Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef

Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828dc34383271a500003b

Find me on Steemit: www.steemit.com/@heiditravels
Twitter: @blockchainchick
Instagram: @hheidiann

If you’re looking for an app that tracks the price of BTC & ETH and many other coins, check out the CoinView App: https://play.google.com/store/apps/details?id=br.com.freeflowt.coinview

Donation Addresses:
Bitcoin (BTC): 16gwMprXw5ss8Nk23CU8Jc6XtVf7KYF621

Ethereum (ETH): 0xac5223209791820b4c37f6f6b4b5d249d25d55ac

Dash: XuvS5TzRSRGbNZM2va9KXYxF6QBqQ4tVQp

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.

source

50 COMMENTS

  1. 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?

  2. 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!

  3. 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 ?

  4. 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????????????

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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!

  11. 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.

  12. 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.

  13. 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here