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[Crystal]

Warning : Potential Bitcoin Network Disruption by the end of July 2017
Warning : Bitcoin may experience abnormal price fluctuations by the end of july 2017
As you may know, on 1 august or even a day earlier (depends also on your time zone), the bitcoin blockchain might split into 2 types with an important hardfork for bitcoin . Websites using bitcoin, even some exchangers in Japan https://www.cryptocoinsnews.com/13-japanese-bitcoin-exchanges-will-suspend-services-august-1/ started to announce that will stop services for deposit and withdrawals between 30 july and 4 august.
My message to @Mr. B and the bitcoin users/fans to stop depositing/sending/requesting bitcoin during this period of time, because if someone has a pending transaction in the network, will risk to lose the bitcoins while splitting hardfork is in progress.
Therefore my advice for beermoneyforum admin and users is to stop paying/sending/requesting bitcoin during this period of 30 july-4 august.
Why so long ? Well, the major event is suppose to happen on 1 August but as a safety measure many websites will stop sending transactions in the network for longer time just to be sure the network had enough time to spread the update of the bitcoin network in the entire world.
Bitcoin payments should be safely resumed on 5 august when there is no risk to lose the bitcoins in the transaction.
Faucets and PTCs which makes users to claim bitcoin for ads or for a certain time of visit are safe to use , even with the instant sending claims to faucethub just avoid to request withdrawals to your wallets (sending transactions to the network during this time).
See also details explained here https://bitcoin.org/en/alert/2017-07-12-potential-split
@Mr. B you can flag the topic as announcement (because i can't or move it to cryptocurrencies section) and tell to BMF members (in case you want/need to pay in bitcoin sometimes) that your payments in this crypto currency will be temporary suspended during this time while the major update in the bitcoin network happens.

 

[BMF]

I've stickied this topic, thank you @******* for sharing such important news on BeerMoneyForum.com

 

[Crystal]

yes, thank you too for sticky, this news is very important, because this network update has potential risk of losing money during update progress if someone is sending a transaction to be confirmed . (transaction rejected)
You will find out these next days that more and more websites will temporary suspend deposits and withdrawal of bitcoin at the end of july.

 

[pikkuboss]

Why are they splitting it? What's the advantage of splitting it? I am thinking of converting my BTC to other cryptocurrency.

 

[Crystal]

The world won't end on 1 august, the bitcoin price won't drop to 0 even if the bitcoin divides into BTU and BTC (2 types of bitcoin) , there are still debates what to do on 1 august, what measure/update to apply as the best option to be everyone happy .
Bitcoin holders concern is a possible chain split after a fork. A chain split will result in two different types of bitcoin. This happened to Ethereum last year and it has happened to other cryptocurrencies too.
See this video , it should give most answers to everybody about definitions and what can possibly happen on 1 august.

 

[ipol12]

This has been alarming a lot of people. But in another community where I also work and pays via Bitcoin, they are saying that we should not worry about it that much. But they advised not to make transactions during the period. Still, skepticisms arise about what will happen during the Bitcoin split. But I'll just see and watch what will happen.

 

[Crystal]

Yes, very true @ipol12 ,some people are alarming to much, i prefer to be on the side where we keep calm and wait and watch will happen. The world won't end on 1 august, in fact i'm so optimist that i believe that bitcoin won't split , bitcoin will be cool after 1 august and this cryptocurrency will move on as the one and only BTC and keep shinning.
I'm sure that both dev teams of the bitcoin will make a consensus about on the best upgrade of the bitcoin, to not harm its value to much, and to not destroy all the years behind by damaging severely bitcoin's image with a bitcoin cloned unit BTU.
However, the main purpose of this topic is to make aware more people (bitcoin fans) about the upcoming event and to advise them to stay away to generate transactions (send or ask payments) during this time as a safety measure also as the bitcoin.org recommends this.
In the meantime i came across with this topic [Guide] ,detailed, with definitions,(just as the video link posted by me above) , which is worth reading it by the interested ones https://https://www.beermoneyforum.com//index.php?topic=2012799.0

 

[MyPl4yGr0und]

Will a split be like dividing the coin value among the two participants, in this case between BTC and BTU? Or will it be a division among colleagues and founders and among their loyal followers and investors, in which case would really create a negative impact on the cryptocurrency, since the least of the two would certainly suffer. I just hope it would be a good one.

 

[Crystal]

Will a split be like dividing the coin value among the two participants, in this case between BTC and BTU? Or will it be a division among colleagues and founders and among their loyal followers and investors, in which case would really create a negative impact on the cryptocurrency, since the least of the two would certainly suffer. I just hope it would be a good one.

When ETH has divided a year ago into ETH and ETC, the price of the ETH has dropped with only few cents . The ETC started with a 0.75$ price.
If the bitcoin will split into 2 coins, BTC and BTU (bitcoin unlimited) , my estimation is that the same thing from ETH will happen to bitcoin on price. I mean the BTC might drop in price for not much time but it will recover and the BTU might start at a price of around 5$ . BTU will grow in price but very slow just as ETC and BTC will continue to grow and glow in its all mighty splendor . BTU will become an insignificant altcoin. (possibly useful for the traders only)
But thats my opinion.

 

[MyPl4yGr0und]

When ETH has divided a year ago into ETH and ETC, the price of the ETH has dropped with only few cents . The ETC started with a 0.75$ price.
If the bitcoin will split into 2 coins, BTC and BTU (bitcoin unlimited) , my estimation is that the same thing from ETH will happen to bitcoin on price. I mean the BTC might drop in price for not much time but it will recover and the BTU might start at a price of around 5$ . BTU will grow in price but very slow just as ETC and BTC will continue to grow and glow in its all mighty splendor . BTU will become an insignificant altcoin. (possibly useful for the traders only)
But thats my opinion.

It's what I've been thinking also. I'm not that familiar with digital currency or crypto coins and I don't know the workings behind it, but it's really a worldwide phenomena. A digital product more precious than gold, and yet you can't own it, can't even hold it or is it? Since the division of the ethereum, the prices has skyrocketed ever since.. And so, I hope the same things happens with bitcoin, but the price would certainly drop than normal since investors would begin to doubt it's stability.
But even then, Bitcoin will still be part of the cryptocoin world. Cheers!

 

[ipol12]

Yes, very true @ipol12 ,some people are alarming to much, i prefer to be on the side where we keep calm and wait and watch will happen. The world won't end on 1 august, in fact i'm so optimist that i believe that bitcoin won't split , bitcoin will be cool after 1 august and this cryptocurrency will move on as the one and only BTC and keep shinning.
I'm sure that both dev teams of the bitcoin will make a consensus about on the best upgrade of the bitcoin, to not harm its value to much, and to not destroy all the years behind by damaging severely bitcoin's image with a bitcoin cloned unit BTU.
However, the main purpose of this topic is to make aware more people (bitcoin fans) about the upcoming event and to advise them to stay away to generate transactions (send or ask payments) during this time as a safety measure also as the bitcoin.org recommends this.
In the meantime i came across with this topic [Guide] ,detailed, with definitions,(just as the video link posted by me above) , which is worth reading it by the interested ones https://https://www.beermoneyforum.com//index.php?topic=2012799.0

Indeed! That's why I am not worrying about it. Bitcoin will still be on top among cryptocurrencies. So I will just relax a bit. Have my Bitcoin sit for a while. And I will go back to transaction days after the said split.

 

[Crystal]

@MyPl4yGr0und bitcoins are just bytes (rewards) for finishing some mathematical algoritm calculations with special hardware devices called miners (such as ASICs) or with a computer processor or a graphic card with high computational power.
When solving a block of calculations, that miner receives a reward of 12.5 BTC ((it's like lottery because the final calculation could be got randomly by anyone in the world if mining (solving calculations) , the farms with hundreds of miners has higher chance)).
This 12.5 BTC reward is bringing/creating/popping the new bitcoin units . The rest of the bitcoin in circulation are just old bitcoin rewards of 12.5 BTC each, in total, transacted .
You ,me and anybody else can't own bitcoin as a physical object/good . These bytes are in the system. To get (mining) such bytes , people around the world are using electricity power to keep running these miners or computers or graphic cards in order to complete these mathematical algorithm calculations (tasks). What kind of calculations ? honestly i don't know right now and i don't care . These bytes of rewards ,due to electricity power consumed to get them, are priced/valued in fiat money (dollars,etc) in order to pay bills for the electricity used (or buy food, or to recover the investment, etc). By selling these obtained bytes you get fiat money dollars, etc.
Due to high price of these bytes of rewards (bitcoin) , governments are trying to make citizen to pay taxes but they can't mostly because bitcoin is not a money form neither a physical object .
however the U.S.A IRS has named bitcoin "property" and with a petition to the Coinbase exchange, is trying to track all the bitcoin held/transacted/profits by american citizen between 2013 - 2015 on the Coinbase website to pay taxes for the profit obtained from purchasing and reselling it.

 

[MyPl4yGr0und]

@******* That's a lot, I mean tons of info there. It would take me weeks to finally digest it. He he.. But there is this thing called a cloud mining (I think they are mining the rain.. just kidding), but yeah, there is. And lots of people are really scammed by it, since they say it's not possible or like "where is it, your mining farm or rigs?"
So that's the reason, that's why most mining rigs are located in places where the temperature are almost negative, to save from electricity. Now I know.

 

[SUPER SINGH]

I hope this split will be worth and good for all of us as i am still a new kid on the block for crypto currencies and in the process of learning about it. Thanks for such an important update.

 

[MyPl4yGr0und]

@SUPERSINGH Actually, for people new to cryptocurrency, if ever the value of BTC goes a bit down, it would be good since you can have more for the worth of your money. But those who have invested so much in it, I think it's the reverse, since they would be losing money especially if they have bought it at a higher price. It would also level the playing field, since altcoins would now be able to compete, at least. And the altcoins owner might, just might, be able to see their investment growing.

 

[Christopher]

How about the cyrptocurrency trading like trady.io is this affected?

 

[Crystal]

How about the cyrptocurrency trading like trady.io is this affected?

As i specified in the main topic about faucets , PTCs, applies for other types of websites too as long as you don't send bitcoin or ask for a withdrawal at the end of july period of time. Your dormant bitcoin on your account are not at risk to vanish from the network if you don't ask or send bitcoin which requires a transaction to be confirmed by the miners.

Do you think there is a safe way to send and deposit during this period of division

No. Bitcoin transactions must be approved(confirmed) by the miners in the network.

Is there a possibility of not dividing during this period?

Yes. Bitcoin dividing/split it is a possible result of the update but it is not yet sure now what will happen to bitcoin after 1 august.

 

[SUPER SINGH]

@SUPERSINGH Actually, for people new to cryptocurrency, if ever the value of BTC goes a bit down, it would be good since you can have more for the worth of your money. But those who have invested so much in it, I think it's the reverse, since they would be losing money especially if they have bought it at a higher price. It would also level the playing field, since altcoins would now be able to compete, at least. And the altcoins owner might, just might, be able to see their investment growing.

I can understand friend, But it's good to invest for long time, if we need to earn a larger chunk of money.

 

[nyc3650]

From what I learned from Blue Chips splitting occasion in the past. It doesn't really affect much on those earlier stakeholders who already owned it. Conclusion is that, it is easier for commoner to own them but still at small amount because commoner have tight pockets.

It would be different to say for other coins if it happened such because it have not fully passed over 50% of reaching the mainstream yet. Unlike BitCoins, merchant started to accept it more and more now. Even developed countries started to plan out something for easy access for withdrawal into local currency.

 

[typz0]

Thanks for the news!