The bitcoin August 2017 scaling issues are something I’ve been asked about a lot lately. While I am by no means an expert on the scaling issue or the proposed solutions – I have done a lot of research on the subject and have enough of an understanding to know that certain precautions can be taken to secure my bitcoin holdings (that are outside the TCC). This post is not for those “experienced bitcoiners, miners, etc.” – it is for those of us new to cryptocurrency that may have bitcoin in online exchange wallets.
BITCOIN AUGUST CONCERNS
There may be some turbulence for the Bitcoin network beginning August 1, 2017. Personally, being that I live and breathe the technical world, to me it represents “growing pains” of a new, emerging technology and is not “scary”, nor does it detract from my fascination of cryptocurrency. That said, there are steps I have taken to ensure that all I have to do is wait out the “growth” and react according to the ultimate outcome – without losing any bitcoin. If you’re unsure why you should take steps to ensure security of your bitcoin, you might visit Bitcoin FAQs for a quick review in addition to what I cover in this post.
If you are new to bitcoin and have only a small amount in a reputable exchange or wallet, if you don’t understand what’s going on (and don’t want to learn), just avoid sending or receiving bitcoins after 7/31/2017 until it is all over. That could be anywhere from hours to weeks, but most likely 1-2 days based on what I’ve learned.
Some feel that bitcoin August BIP148 will be a non-event for most users, and I did read this… “if enough exchanges support it, miners will activate SegWit and the value of your holdings goes up. If not, all exchanges will force a BIP149 in January anyway” – but who knows! That’s part of the excitement, I suppose 🙂
Chances are, your bitcoin will be safe. However, if you don’t do anything to move your bitcoin to a wallet where you control the private keys, you may not be able to quickly react to any opportunities that may arise from this whole thing.
I hope this post is helpful. It has taken me several weeks to research and digest an overwhelming amount of available information on the subject, and I will continue to watch, read and update BitcoinPam.com followers with anything relevant learned, to the best of my ability. If I have made any errors, please let me know by using the contact form – so they can be corrected 🙂