What To Do With Bitcoin Ahead Of SegWit Activation

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However, the impact of the anticipated events of August 1, 2017, extends beyond just the expected improved efficiency of transactions within the Bitcoin network.

With significant opposition still in existence, a possible breakup is expected. This leaves room for a lot of uncertainty, leading to widespread speculation and predictions on what will become of Bitcoin and the crypto ecosystem in general.

Michael Vogel, CEO of Netcoins, affirms that SegWit2x and SegWit Support has officially surpassed Emergent Consensus, he identifies this development as a significant milestone.

It is important to have a backup plan
Vogel notes that August 1 will be the next important milestone, explaining that until SegWit is activated on the network, that's when Bitcoin users will have a first-hand opportunity to experience a scaling solution in action.

Vogel says:

“If SegWit activation alleviates the network issues we've seen in recent months, then the outcome will be an overwhelmingly positive one. However, in terms of protecting wealth, in Bitcoin (and any cryptocurrency) we're still in relatively early days, so it's important to have backup plans. Nonetheless, I continue to be bullish on Bitcoin and a strong believer in its core value proposition as a currency and store of wealth.”

Better to keep Bitcoins offline
Aleksandar Matanovic of EC District expresses his weariness of the drama surrounding Bitcoin scaling.

“I’m a bit tired of all the drama around scaling. Once this scaling is done, one way or the other, we will soon need another scaling.”

Matanovic notes that the reaction of Bitcoin users to scaling would depend on personal motives and their reasons for participating.

According to Matanovic, investors are probably worried about the fork, while speculators, on the other hand, must be excited about it because if there is one thing which is certain for the next couple of months, it is the volatility.

Hence, Matanovic suggests that the best approach in the midst of such chaos is to “keep calm, keep bitcoins offline and not selling any of them.”

[CrewKitten]

Apparently there was already a hard fork back in 2010 (I wasn't around at this time) and everything went smoothly. Hopefully, it will be the same with SegWit.

[nominee]

My head is so mixed up becaue of this segwit activation and the further processing of this implementation. Will there be any hard fork?

[BitcoinNewsMagazine]

Get thee a hardware wallet and move your bitcoin from exchanges before Aug 1. Then don't make any transactions or move your bitcoin until the dust settles.

[CrewKitten]

I don't have a backup plan. My Bitcoins will stay where they are now and I will hope for the best - because I don't know all oft he technology behind it to get involved I just trust in the developers to do what is right for the future of the coin.

[BitcoinNewsMagazine]

I don't have a backup plan. My Bitcoins will stay where they are now and I will hope for the best - because I don't know all oft he technology behind it to get involved I just trust in the developers to do what is right for the future of the coin.

If you do not have possession of the private keys to your bitcoin you are trusting some one else to make the right decision in case of a fork. You may be limiting your options by doing nothing.

[mrcash02]

Get thee a hardware wallet and move your bitcoin from exchanges before Aug 1. Then don't make any transactions or move your bitcoin until the dust settles.

What are the risks to let the Bitcoin in exchanges and investments in relation to the SegWit and fork events?

[BitcoinNewsMagazine]

Get thee a hardware wallet and move your bitcoin from exchanges before Aug 1. Then don't make any transactions or move your bitcoin until the dust settles.

What are the risks to let the Bitcoin in exchanges and investments in relation to the SegWit and fork events?

I think a hard fork is unlikely, but in that off chance you are trusting an exchange to follow the fork you prefer, or even to properly split your bitcoin if two forks persist. Moving your bitcoin to a hardware wallet so you control the private keys and can decide for yourself is good insurance. No downside other than the cost and possibly a significant upside.

[Coffee_Lord]

Get thee a hardware wallet and move your bitcoin from exchanges before Aug 1. Then don't make any transactions or move your bitcoin until the dust settles.

TL;DR Buy a mercenary army to protect your gold. Then, stop, drop, and roll. Because all your Bitcoin will be on fire.

[gentlemand]

I will be doing sod all. I believe people are rational enough not to make choices that wind up in chain splits. There's been vast amounts of threats and noise in recent years. Nothing's come of it so far. I don't think this'll be any different.