The Bitcoin fork is upon us and changes are expected for the blockchain network. Here is a timeline of what’s to come:
August 1st, 00:00 GMT
This is the expected time for the BIP 148 launch. Since the Bitcoin network is already enforcing BIP 91, this should be a non-event. BIP 148 will not split the network and Bitcoin will continue as is.
August 1st, 12:20 GMT
Bitcoin Cash will launch and miners that are mining Bitcoin Cash will create a new transaction block greater than 1 MB in size, which will fork the Bitcoin network.
If less than 16% of Bitcoin’s current hash power transitions to Bitcoin Cash, the first transaction could take over an hour. This shouldn’t affect the Bitcoin blockchain. If 17-50% of hashing power moves, the first transaction could take between up to 20 minutes and an hour. This will slow down the Bitcoin blockchain just a little. If 50% of the hash power is mining Bitcoin Cash, the first block will likely take less than 20 minutes, which could slow down the Bitcoin blockchain significantly.
If Bitcoin Cash has relatively low hashing power, we can expect some difficulty adjustments at this time. This is not a safe assumption as miners will likely be switching between Bitcoin and Bitcoin Cash, depending on which one is more profitable at the time.
SegWit should lock in on the Bitcoin network around this time, depending on how much mining power moves over to Bitcoin Cash, and how much new mining power is added. Once locked-in later this month, the code will be activated, effectively upgrading the main Bitcoin blockchain to support larger-capacity transactions.All trading involves risk. Only risk capital you’re prepared to lose. The information above is not investment advice.