What To Do With Your Bitcoin Ahead of Segwit Activation on 1st August

The bitcoin community seems to be rife with much uncertainty ahead of the Segwit activation on August 1, 2017. There is a bit of angst among Bitcoin holders about the cryptocurrency’s future. Will the Bitcoin blockchain split or not? That is the question.

With the decision date fast approaching, the outcome of a consensus on the issue of the currency’s scaling seems to be already let out of the bag. It is widely known by the community that Segwit2x and Segwit support has officially surpassed emergent consensus.

Despite this, bitcoin is still expected to split. The aim of the consensus goes beyond just achieving improved transaction efficiency for the bitcoin blockchain. There is still a sizeable opposition going against the grain of consensus. This has catalysed a lot of uncertainty in the community due to an expected consequential blockchain split.

It is however imperative that the consensus reached by way of support for Segwit2x and Segwit is not glossed over. It is actually a significant milestone chalked by the wider bitcoin community.

But…, it is important to have a backup plan. It will be smart to have your bitcoin stored in a safe wallet of some sort. This is because the improved blockchain efficiency can only be put to test after August 1, 2017.

Michael Vogel, CEO of Netcoins says “If SegWit activation alleviates the network issues we’ve seen in recent months, then the outcome will be an overwhelmingly positive one. However, in terms of protecting wealth in Bitcoin (and any cryptocurrency), we’re still in relatively early days so it’s important to have backup plans. Nonetheless, I continue to be bullish on Bitcoin and a strong believer in its core value proposition as a currency and store of wealth”

“It is better to keep Bitcoins offline” says Aleksander Matanovic of EC District. He expresses is weariness about the ongoing drama surrounding Bitcoin’s scaling. “I’m a bit tired of all the drama. Once this scaling is done, one way or the other, we will soon need another scaling”.

He says despite understandable concerns that investors and Bitcoin holders might have during this period of scaling talks, he advises the community to “Keep calm, keep bitcoins offline and not selling any of them”