With most miners now supporting Segwit (BIP 141) through the New York agreement’s (Segwit2X) signal BIP 91, it is more and more unlikely that BIP 148 will be triggered on August 1st. Unlikely but always a possibility because if some miners actually stop signaling BIP 91 before August 1st and the percentage supporting the NYA agreement drops to less than 80%, before August 1st, BIP 148 will be triggered and a hard fork becomes likely.
This is why the next 36 hours are going to be important in defining the future of Bitcoin and Cryptocurrencies in general. We wrote earlier about Bitcoin and Ethereum’ price movement and referred to it as the “Calm before the storm” for it is an important event and the scale of it is substantial to say the least. So the price just moving sideways is very intriguing right now.
Moreover, the pressure won’t get lifted by August 1st as some might think. Let’s say the ideal scenario of 80% of miners or more are still signalling BIP91 on August 1st and Segwit is triggered through Segwit 2X. There are still concerns of how the whole Segwit2X fork involving the modification to the Block size is going to unfold and that’s happening in the period from late October to mid November. So that’s another 3 month and a half of potential high volatility.
This is when we think it’s important to remind our readers of why it is crucial to know and understand any product they decide to invest in. If you know Cryptocurrencies and understand that this is a fairly new ecosystem, you should be comfortable at the prospects of the current and upcoming volatility in the price of Bitcoin and Cryptocurrencies in general. You would know that technical and security challenges will be the bumps in the road and would very often represent great buying opportunities. They also represent one if not the most important risk associated to investing in Cryptocurrencies, and you should be fine with that as long as you are doing your part in keeping yourself informed about what’s happening.
In short, investing in Cryptocurrencies is a textbook example of a high risk high reward investment and to see what that high reward looks like, just look at the evolution of the price of Ethereum for instance or the price of Bitcoin. In fact, earlier this year, InvestingHaven called the Bitcoin chart one of the most amazing charts in the history of markets, and for a reason. You can read the article here and consult their publication about what investors need to know regarding the upcoming Bitcoin fork here.
For UASF BIP14 Lock-in period and Countdown, here is the link to follow.
To understand SegWit related Terminology, read the following article compiled by our research Team.
If you hold any Bitcoin, make sure you back up your private keys and visit your exchange to know what their procedure will be for the lock-in period. Some exchanges might be closed around the 1st of August.