Bitcoin to stop functioning on August 1?

Bitcoin is going through another crisis caused by a divide among the developers arising die to the problem of scaling this crypto-currency.

The bitcoin confirmation scores might become unreliable for an undetermined period of time beginning with August 1, as announced at bitcoin.org. In short, this means that bitcoins received after that date might disappear or turn into types of bitcoin not acceptable by others.

– From August 1 till mid-November, we will be in uncharted waters. The scenario in which two clone-chains might appear in that period, the so-called chain-split, is not very likely, but still possible. Bitcoin will not die for the 141th time, but, if the chain duplication occurs, it will have a negative impact on the growth of the network and the price expressed in fiat money – explains Danilo Backovic of the Blockchain Serbia community.

Transactions in bitcoin are not irreversible from the start. Instead, they get a confirmation score, which is an indication of how hard it is to turn around or cancel a given transaction. It takes between several seconds and 90 minutes for a transaction to get a confirmation score.

Once the situation which will arise on August 1 is resolved, either confirmations scores will regain their regular reliability or two or more competing versions of bitcoin will be created. In the latter case, additional steps will have to be made so that users will be able to use bitcoin.

Bitcoin

Danilo Backovic

Blockchain Serbia

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