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It’s Business As Usual For CEX.Io On August 1
Cynthia Turcotte | Aug 01, 2017 | 11:00
Have you heard? CEX.io will be providing coin-splitting services to users on August 1! In the current volatile cryptocurrency market, CEX.io is offering clients a safe exchange to trade with Bitcoin and loads of added features that will ensure smooth sailing.
[Note: This is a sponsored article.]
Take a Deep Breath
Other exchanges may be filling customers’ minds with uncertainty in anticipation of the August 1 deadline and for the past couple of weeks, investors have been bombarded with speculative information about the future of various alternative coins and Bitcoin alike.
Questions such as which exchanges will give us Bitcoin Cash and where my investment will be safe, which exchanges will operate, are keeping consumers up all night. This has caused such havoc in the crypto community, that some coin holders have even gone as far as to sell off all their cryptocurrencies at a loss and have raised the white flag.
We Have the Answer
Of one thing, you can be certain – this is only the beginning of the exciting world of cryptocurrencies and CEX.io is leading the way! Are you ready? We are!
CEX.io is a leading exchange offering investors a safe and secure platform to buy and sell Bitcoin. By using advanced order-matching algorithms backed by a unique trade engine, CEX.io guarantees the safety of your assets and data.
Those who prefer CEX.io enjoy advantages such as strong security against DDoS attacks, convenient payment options, services in 99% of countries around the globe, cross-platform trading via website and mobile app to name a few. CEX.io also boasts advanced reporting capabilities, including downloadable reports and real-time balance.
Other unique features include competitive commissions with a 0% trade fee for makers, legal compliance with UK registration, MSB status in FinCEN and strong relations with banks.
Good News for CEX.io Customers
Many investors are opting to keep their coins offline in a PC-based wallet out of fear of what might happen if they leave their coins on an exchange. We have good news for CEX.io customers – CEX.io will operate in full!
We have been working tirelessly in preparation for any events that may occur on August 1, 2017, and will support any type of fork – soft, hard, crooked or straight!
There is no need for panic as we will be providing coin-splitting services to users. For the full announcement, click here.
What’s Happening on August 1?
Everyone’s beloved Bitcoin is getting a Segregated Witness on August 1, 2017. In a nutshell, this follows the BIP 91 proposal (Bitcoin Improvement Proposal) enjoying an overwhelming 90% of all hash power. In the other corner, miners have been implying their intent to trigger SegWit (Segregated Witness) activation.
This would mean that BIP 148 would become obsolete and August 1 would be a day just like any other. However, no one is 100% certain of what will go down on August 1 but we are well prepared for due course of action.
Fork has happened. Now awaiting first block from Bitcoin Cash. Regardless of opinions, this is very exciting/fascinating day in cryptoland.
— Erik Voorhees (@ErikVoorhees) August 1, 2017
Miners vs. Community
The one cannot exist without the other. Miners and organizations or communities run the bitcoin network and both are crucial to the prosperity of the crypto world. The problem Bitcoin has been facing for a while now is that it is slow and expensive. It’s far behind the standards of other forms of payment technology and this needs to change.
Bitcoin’s network, which is built on a blockchain, takes a long time to process transactions and the more you pay in transaction fees, the sooner your transaction will be processed. Users are opting for SegWit, which they hope will enable the blockchain to hold more transactions and result in transaction fees going down.
Of course, miners make money on these transaction fees and are calling for the implementation of SegWit or the Soft Fork along with SegWit2x. They hope this will scale the network for a longer term and increase the block size from 1MB to 2MB.
Sounds great, right? Yes, the network will be faster but every miner in the network will have to upgrade their hardware and software. This will be extremely costly and smaller miners will simply disappear from the network.
What Do I Do Now?
There are two possible outcomes of this event:
- August 1 will be another day at the office for Bitcoin and its users. The process will run smoothly and we can all get back to buying and selling, or
- A chain split may occur should miners support various software. We will then see two Bitcoin blockchains. Bitcoin holders will have coins on both chains.
Buy Bitcoin Now!
Bitcoin prices have been lower than usual these last couple of days in anticipation of August 1. The markets are down significantly and now is the ideal opportunity for buyers to invest in Bitcoin.
On July 27, the price of Bitcoin was somewhere in the neighborhood of $2 500. Some speculate that the price may even go down as far as $2 000. Analysts are expecting the price of Bitcoin to soar in the weeks following the implementation of BIP 91.
If a store had items on sale, one would make a beeline to buy items at a much-reduced price. The same applies to the current state of Bitcoin. NOW is the best time to get into the cryptocurrency game by buying Bitcoin or to enhance your savings by buying more Bitcoin. We will probably never see Bitcoin’s price got this low again!
Hold on to your seats folks as the battle for Bitcoin rages on. Whether you’re a developer or miner, this moment in time is sure to be one for the history books!
In closing, it is imperative to choose the right partner in the cryptocurrency world in order for you to prosper. Stick with the best, opt for CEX.io!
Are you at all concerned about the possible chain split on August 1? Have you bought more Bitcoin in anticipation of the event? Let us know in the comments below.
Images courtesy of CEX.io, Zach Copley/Flickr, Shutterstock
