New Initiative Advises Users To Maintain 100 Percent Control of Their Bitcoin
A new initiative designed to help Bitcoin users with the upcoming fork advises them to maintain 100 percent control of their Bitcoin, rather than keeping it in exchanges.
The reality is clear – most Bitcoin blocks hit the block size limit of 1 MB and are plagued by fees and slowdowns. The solution, though, is still up in the air as debate rages about how change should happen.
One solution, the user-activated soft fork (UASF) is scheduled to go live on August 1, while another competing group has threatened to split the chain if that occurs.
1August.org claims to be a neutral third party designed to help users understand and navigate the upcoming fork, and how to best protect their Bitcoin. Because a fork would create duplication, the best solution for users is to be able to transact on both chains, should a fork occur.
At this time, they are advising that users maintain 100 percent control of their Bitcoin, rather than keeping it in exchanges such as Coinbase or Bittrex. The only way to completely control Bitcoin is to be in control of your private keys on either a wallet application or a paper wallet.
As they continue to evaluate the situation, 1August has promised to continue informing users in an unbiased fashion.