What does August 1st mean for me?

[OSUBucks12]

Hello guys and gals.

Somewhat new BTC owner here. Ive been reading about the potential hard fork on August 1st. With today's news I just read, it seems like it is definitely going to happen.

http://bitsonline.com/bitmain-plans-hard-fork-august/


How does this effect me and my coins that I own? What do most people want the Aug. 1st result to be? and Why are they doing this?


 I have a small amount of BTC on Coinbase right now. I have my nano ledger s on its way.

Any help advice or information is appreciated.

[1715523020]

1715523020

[1715523020]

1715523020

[bamboylee]

The most important thing is too keep your bitcoins away from exchanges before that day and some time after that. You must put it in a wallet where you control the keys. This way, if ever a hard fork happens or not, your bitcoin is safe. If a hard fork happens, then there is a split and you will have equal value of the two resulting coins. Otherwise, business as usual.

[aso118]

The most important thing is too keep your bitcoins away from exchanges before that day and some time after that. You must put it in a wallet where you control the keys. This way, if ever a hard fork happens or not, your bitcoin is safe. If a hard fork happens, then there is a split and you will have equal value of the two resulting coins. Otherwise, business as usual.

That definitely will be the first step. Make sure you are in control of your coins.
The second step is to decide which coin to back. Supporters of both forks will dump the 'other' coin. You wouldn't want to be caught sleeping. 

[YuginKadoya]

If this would truly be happening then we should contain our bitcoin into a safe wallet that we are the ones hat really know the keys because it can be very crucial if the BIP 148 would really gonna split the coins apart, but I think there is a great deal they are doing this and we need to be prepared and be aware well it can surely make bitcoin more faster, secure, and fees are much smaller if that would be the effect on August 1 then I think it will definitely benefit us all.