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Finally, Ethtrade.org gave their statement about “Bitcoin Fork” that is about to happen!

Today, many people are getting prepared for the SegWit or so called soft fork that is about to happen. SegWit should be completed by August 1st and if not a hard fork or Bitcoin Unlimited may also happen which means it could split the blockchain into two. It could be more complicated to adjust with if that happens. But let’s see what Ethrade has to say about the current situation.

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SegWit and Bitcoin Unlimited in Layman’s Term

Hey, guys! I know I promised this to be posted in the┬ámorning, but I wasn’t able to and I’m sorry about that. Anyway, I’m here to discuss what is SegWit (which means Segregated Witness) and Bitcoin Unlimited in layman’s term.
I know you’ve been reading a lot about it recently since they said the deadline for the implementation of either this two would be on August 1st. This has been a topic for years now, so I’m sure that this has been studied well by the people and community who are trying to implement this solution.
Just to inform you guys, what I’m about to share is my own understanding about the things I have read about, so if you could share some deeper thought about it feel free to do so by dropping a comment below.

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What’s with August 1st and Bitcoin?

The news about August 1st for Bitcoin seems to be a very big issue at the moment. I’ve been reading about news and articles about it, but I’m a bit confused until now.
I’m using Bitcoin for a while now and as a casual user, I never thought of the difference of it from other fiat currencies. To tell you guys this is my understanding about Bitcoin ever since: It is a digital currency, that uses private keys that protect my privacy when transacting; it has an open ledger for visibility of transactions whether it has completely been processed or not; It has limited supplies that can have a higher price when demand is going up; It is not literally mined by miners (just like gold), thus transactions made are being completed by the miners(which is run by high powered computers) for some sort of reward from miner fees or somewhat called transaction fees; lastly It’s something that I can use to trade and make money. That is all ever since.

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