Subject: Bit Talk Edition 88
Bit-Talk Newsletter Edition 88
We're All About Bitcoin

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Important Information About Bitcoin
Remember, We've Never Been Here Before!

I can't tell you what is going to happen with the Bitcoin scaling debate. No-one has the answer. The scaling debate is now approaching its D-Day (that is Deadline Day). The decision, one way or another, needs to be made and even now, when we are so close to that all important 1st August deadline, nobody really has a clue about what is going to happen.

There are 3 possible scenarios that I will give you in absolute simple detail before I direct you to the technical stuff.

1) Nothing really happens at all. Enough of the key players decide to go the same way and things pretty much go on as always until, a little later in the year, the Bitcoin block size increases. There is no Blockchain split and only one version of bitcoin goes on into the future until some other bright spark stirs it all up again. Then, a few days after 1st August, we all end up wondering what all the fuzz was about.

2) There is, somehow, no consensus at all and the Bitcoin Blockchain splits into two and two versions of Bitcoin start to exist. One of them over (hopefully) a fairly short period of time does not get any real support and dies. You, as a holder of Bitcoin have a short period where you hold both coins and then one of them ceases to have any value and disappears. If, as is likely, the original CORE Bitcoin continues and is the one to survive then it all eventually goes back to normal and moves from strength to strength.

3) There is no consensus and two separate Bitcoins emerge and both survive (exactly as happened with Ethereum when Ethereum Classic emerged and both altcoins went on down a separate path.

So, where's the danger? Well for that, I am going to refer you to the latest communication from Bitcoin.org (the guys from Bitcoin Core). Please read this carefully so that you know what to do around the potential split date:

Where Should I Keep My Bitcoin?
Once again, let me remind you that I do not have all the answers here. My personal belief is that there will be sufficient consensus in the end to make a split in the chain very unlikely but that is purely my opinion.

If your wallet provider has indicated that they are ready for Segwit, or for BIP148 or Segwitx2 then the chances are good that they are supporting the "both wallets" approach and are ready for whichever Bitcoin (in the event of a split) becomes the dominant force.

The danger for us all is, of course, spending (making a Bitcoin transaction) that is ultimately carried along the chain that eventually dies a death (if there is a split) and those transactions will eventually cease to exist. That is the worst scenario and, of course, will affect the recipient of a transaction more than the sender.

If you want to be certain about the safety of your Bitcoin then you need to hold and control both your private and public wallet keys. So, for example, Bitcoin sitting in an exchange wallet where you do not have that key control is clearly more vulnerable than it is in a wallet where you have control of both keys. I believe, Blockchain.info wallets are OK, but that is a bit of a guess with a sprinkling of hope. 

Personally, I have the bulk of my Bitcoin offline in a Ledger Nano S wallet. That, for me is the safest option. If they are offline, then I cannot possibly use or transact upon what ultimately may become the wrong chain as we move forward. The problem with The Nano S wallet is there is a waiting list to get them but I have been making enquiries about this and, right now, there are some available for immediate delivery at e-Bay.

Here is the link to those if you want to totally protect your Bitcoin by taking them offline. And before anyone asks, NO THEY ARE NOT MY OWN COLLECTION OF NANO S WALLETS (but I wish they were)

In Conclusion, From Crisis Comes Opportunity
I sincerely hope that this all proves to be a storm in a tea cup but if it isn't we have to look at the potential opportunity here.

One way or another we are going to end up with good old Bitcoin back to normal but stronger from the experience with the ability to deal with more transactions at a faster pace. But the element driving for Bitcoin Unlimited could win out to a degree in the end and create a second Bitcoin. If that happens, you will end up with your original Bitcoins and some new ones. 

I wish I had held Ethereum in larger quantities when the Ethereum blockchain split because then I would be holding a reasonable amount of Ethereum Classic along with my other Ethereum. 

Should Bitcoin split and permanently become two coins then I will simply have a bit of both. One of them will eventually become the powerhouse Bitcoin and the other a somewhat poorer neighbour. Either way that for me is an opportunity. How would it be if you could buy Bitcoin again at less than $1,000? I would like that and so would many others.

The other impact is that should the split occur it will send cryptos generally tumbling in value I believe (one or two may remain unaffected though) this also gives us great buying and trading opportunities.

I think we should move forward without fear and allow whatever happens to happen without worrying too much about it. Make sure your Bitcoin is as safe as it can be during the possible transition. 

Most important of all, try not to make any transaction using Bitcoin for a few days in and around the 1st August, from maybe 27th July until the dust has settled and you are getting clear messages about all being well again. I'm not going to sit here worrying, you shouldn't either.

CHECK OUT THE BLOG!

I recommend you keep an eye on the Bit-Talk blog as it covers a lot of ground with what is happening around the world to impact upon Bitcoin.

You can go directly to my blog by clicking the link below. 

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John Duncan, 1st Floor, Barclays House, Gatehouse Way, HP19 8DB, Aylesbury, United Kingdom
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