We have been receiving messages from people about the August 1st rumours on bitcoin splitting. I believe that by the time you finish reading this article you will know what the August 1st rumour is all about
Basically, two different proposals have been stipulated for the upgrade of blockchain and mainly these protocols are essential in other to boost the security system of the blockchain. This protocol has been mandated sequel the incidence that happened with ethereum where the security system was bridged.
The two proposed proposals will affect the Bitcoin protocols, they are the User-Activated Soft Fork (UASF) and the User-Activated Hard Fork (UAHF).
In the UAHF, the proposal is meant to alter the bitcoin protocol by creating a new version of bitcoin software which will function on its own separate blockchain.
In the UASF which is also known as BIP148, it was proposed that the UASF will alter the bitcoin protocol by implementing new features into the bitcoin software though with the existing blockchain. This will also include the seg wit which is known as segregated witness, this is a technology that makes provision for a lot of transactions to be carried out on the blockchain network. It also enhances the security of the network.
More updates are coming from the Nigerian Bitcoin Community. Soon I will be telling you what Coinbase and others are saying about this.
Most importantly remember that your Bitcoins are safe. No need for Panics