So What's up with BTC on August 1st 2017?

Everywhere you turn in Crypto World everyone is talking about August 1st. What to do, what to do.

I've read several article that are supposedly "the whole story behind the BTC scalability choice" and each one I read says a different thing. I'm not sure if that is because they really don't know what they are talking about, or if it is because things continue to change and by the time one article goes to press times have changed enough for the next article. It seems to be a little of both.

I distill it down to this. There was great, warranted fear that consensus would not be made and there could be a real ugly hard fork of BTC this Summer. Well the very good news is that did not happen. Consensus was reached and Segwit is in the process of being implemented. BIP 91 kicked in last week.

So that leads us to August 1st and "Bitcoin Cash", or BCC. On August first is is very possible a portion of the BTC crowd will enable a fork of the code leading to BCC. Because consensus was met, I believe this will NOT be disruptive, and the market appears to agree with me. It's why we see the BTC prices back up to their highs.

It's also why we don't see BTC racing to even higher highs. There is still uncertainty in the market and markets don't like uncertainty. Once 8/1 comes and goes without a hitch I think we'll see BTC take off and hit new highs, very possibly hitting $5k by the end of this year.

BTC has held up amazingly well. The same can't be said for Alt coins. Alt coins have been crushed by the correction. They were just starting to recover but it feels like they won't do that until the 8/1 date has come and gone. Only time will tell but with only a couple days left, I think that's what we are going to see.

I can tell you what I am doing. I want to take advantage of BCC if it does happen. So, I have moved most of my Alt coins to BTC and I've moved most of my BTC out of exchanges and into my KeepKey and my PC based wallet. Coinbase for one has stated they won't support BCC so if you have BTC at Coinbase you have no chance of taking advantage of BCC should it take off.

My personal opinion is 8/1 should go smoothly. That doesn't mean we won't see some hiccups, but overall I think this dreaded thing that BTC has been wrestling with for more than 2 years now is about to come to a close and I have good confidence that it will do so with a happy ending - which is far from what I would have said a few months ago.

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