Many Bitcoin owners have been monitoring the situation of the upcoming Bitcoin fork since May. Some casual Bitcoin casino players or sportsbook bettors might be in the dark as to what is happening to the popular cryptocurrency.
Days before the fork is about to occur, the Bitcoin Improvement Proposal or BIP 91 is already locked in. Thanks to BIP 91, Bitcoin owners will have less to worry about when Aug. 1 rolls by.
To understand why most people in the Bitcoin community were worried about the coming fork, it is important to know SegWit2x. SegWit2x is a proposal that will activate the Segregated Witness or SegWit. It will also increase the Bitcoin network block size to 2MB from 1MB.
The 2MB block size improves the Bitcoin network by doubling the transaction capacity. Miners can benefit from collecting more fees per block. The improvements on the Bitcoin network can increase adoption of the cryptocurrency which will increase its value.
In order to activate the SegWit, BIP 148 will come into play. On Aug. 1, there will be two full nodes that will appear. These are the legacy Bitcoin core and BIP 148 core.
This is done by requiring miners to signal for a SegWit by setting the version number for each block mined. Doing so would mean that the miners are ready to enforce the rules. Miners can still my blocks which do not support SegWit. They simply avoid mining non-standard blocks that spend SegWit transactions. Miners must also avoid building blocks on top of these non-standard blocks.
When August 1 comes, the nodes that enforce BIP 148 will reject blocks that do not signal SegWit readiness. This includes any blocks on top of it.
The worst case scenario that can happen on Aug. 1 is a chain split if miners do not activate SegWit. Bitcoin users that are using legacy clients and not the BIP 148 client might lose their Bitcoin or the value of their Bitcoin significantly goes down.
Recently, BIP 91 has already been released and locked in before August. This BIP changes the Bitcoin network’s transaction network by using Segregated Witness which will increase the data cap of the transaction blocks.
The implementation of BIP 91 saw a sharp drop in altcoin prices this month. However, the majority of mining pools are backing BIP 91 to help jump start the upgrade of the network. This helped in avoiding a split in the Bitcoin network. With BIP 91 locked in place, many are now optimistic at seeing a better Bitcoin than before. This can be seen with Bitcoin prices surging upward after July 21.
There is still a possible fork that can occur on Aug. 1 where a User Activated Hard Fork will create a new type of Bitcoin called BitcoinABC or BitcoinCash. However, only a small group of miners are planning on backing this fork. Currently, most Bitcoin exchanges, as well as some Bitcoin casinos like mBit Casino, will only support the current Bitcoin network as normal. Essentially, player’s Bitcoins are safe in their casino account and has a low chance of its value dropping since most miners are already backing BIP 91.