August 1st And The End Of Bitcoin?

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About: Winklevoss Bitcoin Trust ETF (COIN), GBTC, Includes: BTC-USD
by: Martin YK Li
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Martin YK Li
Cryptocurrencies, tech, long-term horizon
Summary

Under Bitcoin Improvement Proposal (BIP) 148, Bitcoin will be undergoing a user activated soft fork on August 1, 2017.

There are three possible outcomes of the soft fork, although the exact outcome is unknown as the outcome will depend on the actions of the nodes on the network.

In a worst case scenario, BIP 148 could cause Bitcoin to chain split into two separate blockchains, one with SegWit activated and one without.

Before we get started, let me try and define some very important terms, which I hope will make it easier for me to fully convey what exactly is going to happen on August 1st.

Hard