Bitcoin News 31 July 2017 – Bitcoin Scaling D-Day, Protect Your Private Keys

Bitcoin news today and the dominating story is that today is D-Day, the day before the Bitcoin upgrade and potential fork which will create the much discussed, Bitcoin Cash. Some businesses have decided not to support Bitcoin Cash but either way, clients need to make alternate arrangements ensuring they control their private keys vs the business or exchange having control.

 

 

 

 

In an article posted by Bitcoin.com, there are two cardinal rules for the time during the SegWit upgrade and potential split in the blockchain creating two coins:-

 

“Rule 1: Protect Your Private Keys

The most important thing to remember: do not keep your coins on a custodial wallet. This will ensure you will have access to your bitcoin after the fork. Make sure you store your coins in a wallet where you KEEP THE PRIVATE KEYS

Rule 2: Do not Transfer Bitcoin During or Immediately Following the Fork

Users should not to do any Bitcoin transactions — send or receive coins — during or directly following the fork. All users should wait until two or three days after the fork before sending funds (maybe longer depending on network stability). This is important because the network may be unstable and vulnerable to attacks during this period. However, any vulnerabilities cannot be easily exploited if users are not sending funds around.”

 

We will all be watching the events unfold as we move into August and the final activation of SegWit on the 23 August 2017. The result – A scaled Bitcoin and possibly a new coin called Bitcoin Cash.

 

 

Other News Headlines:-

 

Blockchain Patent Applications Almost Double in Q1 2017: USPTO Data – In 2012, the number of applications related to Blockchain and virtual currencies was only 71 rising to 469 in 2016. As more businesses are realizing the benefit of blockchain technology, innovating, there will no doubt be many more patents filed.

 

EU proposes account freezers to prevent bank runs – Bitcoin to the rescue? Many people believe that the bank will look after their money however, with proposals like this from the EU, it highlights the fact that we need another way to ensure our money is safe – the people of Cyrus will agree after their money was frozen during 2013 when the country was close to economic collapse. This is when Bitcoin can step in as it is proven itself as a store of value and electronic cash. Once again, make sure you control your PRIVATE KEYS!  

 

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