Bitcoin Independence Day Could Users Tip the Scales in the Scaling Debate?

by Franco on July 16, 2017

Coindesk: Bitcoin Independence Day Could Users Tip the Scales in the Scaling Debate?

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We’ve been letting people we know, based on all the journalism, research and opinions from experts in the cryptocurrency and bitcoin space, we felt July would end up being a time to buy bitcoin as we expected its value to correct and decline, pending the August 1st 2017 developments in the UASF BIP148 scaling debate.

We felt as it gets closer to August 1st, people would take profit and go to cash, gold or other assets and sell bitcoin and we thought it would have a sharp decrease in the value… which we also believe will prove to be an excellent opportunity to buy more bitcoin at significant discount.

Here’s what an article out of Coindesk has to say as to why July has seen so much volatility and sell off of bitcoin heading into August…

From Coindesk. Click to see original article in full.

“V for Vendetta” GIFs, “Walking Dead” references, images of tornadoes – even bitcoin’s infamous ‘BearWhale’ has returned to welcome an approaching attempt to upgrade bitcoin.

While there have been many efforts aimed at improving the digital currency’s protocol in recent years, few have attracted as fervent a following as bitcoin improvement proposal (BIP) 148.

Drafted in an effort to rally the community behind a process called a user-activated soft fork (UASF), the proposal is distinguished by being less reliant on gaining support from network miners. In fact, BIP 148 is the UASF with the shortest timeline to launch – and it’s activating on the 1st August.

While some reject the growing support for BIP 148 as a kind of populist uprising, others believe it will lead to users having better control over the direction of the protocol. As per usual, opinions are split.

Because the change aims to circumvent what some consider a decision by miners not to signal support for Segregated Witness, a scaling solution preferred by Bitcoin Core developers, some have dubbed the upgrade date ‘Bitcoin Independence Day’.

Alphonse Pace, a developer and supporter of BIP 148, told CoinDesk:

SEE MORE: Bitcoin’s Independence Day – Could Users Tip the Scales in the Scaling Debate?

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