July 31st at 8pm EST could be the end of bitcoin, at least in its current form…
That is the so called ‘deadline’ that the supporters of the increased blockchain file size have set. They believe that the situation of long confirmation times for transactions needs to be resolved quickly, by doubling the amount of transactions that can be confirmed in one block. After this deadline, the ‘supporters’ miners’ will no longer accept the ‘old’ 1MB blockchain ledger, instead opting for their 2MB resolution.
What does this mean?
This means that we could end up with 2 different forms of ‘bitcoin’ … and mass confusion as some vendors accept 1 form of the currency and others accepting another form. No-one will know whether their coins are worth anything, or what they can be used for any more. The admins of Bitcoin.org (a community run site) have released this statement:
On Tue Aug 01 2017 01:00:00 GMT+0100 (GMT Summer Time), the Bitcoin block chain may experience what is known as a chain split. This is when a portion of Bitcoin’s nodes run software that another portion of nodes are not fully compatible with. As a result, some nodes may propagate confirmed transactions that other nodes may not accept or recognize. This may result in unreliable confirmation scoring for an unknown length of time. This means that any bitcoins you receive during this period could disappear from your wallet or be a type of bitcoin that other people will not accept as payment, until the situation is resolved.
Essentially.. DO NOT make any transactions from 8pm EST on July 31 until ‘stabilization’.. or risk losing your bitcoins
Of course.. this is a sort of ‘doomsday situation’ – much like the Millenium Bug , although the situation above seems all the more probable..
As a precaution, Cryptosphere.world will ensure we have enough of each cryptocurrency in the faucets (as we usually exchange based on demand) to last at least a few days, whilst the Bitcoin network stabilises, (or crashes completely!)
We will also be providing live updates on the website from 7:00pm EST on July 31st, as we witness the future of Bitcoin.
What do you think will happen to Bitcoin? Discuss in the comments below!