Quote:
Originally Posted by IntheNow
Just cashed out bitcoin on Coinbase to bank account. It said they are experiencing delays and will take longer than normal. Looks like money will hit my bank on Thursday. But also noticed popup on coinbase saying they will be temporarily shutting down buying/selling of bitcoin on July 31 bc of potential fork in bitcoin blockchain (or something like that?). Anyone know what that means or what is going on?
From what I've read, it comes down to how they are going to increase the size of blocks that the miners mine so that BTC continues to be as fast as possible now that it is getting so large and to keep a large backlog from building up like what happened in May. There are two schools of thought of the best way to do this thus causing the fork. With one group going one way, and the other going a different. Causing there to be two different kinds of BTC.
The fear is/was that with the fork occurring people would be left with two different kinds of BTC and it would mess up exchanges /crash the market. Thus why coinsbase is halting buying and selling until everything is cleared up.
Bear in mind, this is only what I understand to be true from what I've read recently. I could be wrong/not completely understanding what I read.