Question ‘for the rest of us’, August 1

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Hi guys!

I'm your ordinary bitcoin hodler who's sitting on a few coins as an investment, spending a few here and there (but restocking) and otherwise loving the overall vision of bitcoin.

For the life of me I can/do not understand what's happening on August 1 except that essentially two parties can't agree on which protocol to continue with. I don't really need an indepth explanation of this, but what are the consequences for the 'regular user' of bitcoin?

What will this mean for someone like me, holding a bit of coin in jaxx / electrum?

What about the 'wide' consumer, average joe in Japan, or the people of venezuela, and so forth. What exactly is happening and what precautions or actions should we be taking so that we retain the value of what we have?

Won't a hardfork be a potential catastrophe for ordinary people using bitcoin off their phone wallets etc. as a method of payment now that it seems to slowly become widely adopted?

submitted by /u/inphenite
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247 Bitcoin

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