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 Rumours that bitcoin miners managed to reach an agreement and avoid a "civil war" have proved exaggerated. On 1 August at 15:50 Moscow time, the bitcoin blockchain will split. An alternative cryptocurrency, Bitcoin Cash, will emerge. Ethereum World News writes about what investors should be prepared for. "The hardfork (fork, split) will happen because a pool of Chinese miners disagreed with the parameters of an update known as SegWit2x, which will increase the compute block from 1 to 2 megabytes. The dissenters are numerically outnumbered, but behind them are giant Chinese bitcoin mining "farms" - hangars lined with racks of GPUs "mining" the cryptocurrency. The computing power of the "rebels" is great, and it is simply not profitable for them to float in the same boat as the masses of small miners. The new blockchain-based currency, called Bitcoin Cash, will increase the maximum block size to 8 megabytes. However, the size of the block may...

 Why is this happening? This process is one of the main features of bitcoin that Satoshi Nakamoto never had time to explain, as well as why he limited the total supply to twenty-one million units. Some speculate that it is nothing more than a regular financial product, starting with a block subsidy of 50 BTC, which is halved every 210,000 blocks. Having a limited supply means that the currency will not be prone to depreciation in the long term. This contrasts it sharply with fiat money, which loses its purchasing power over time when new units come into circulation. It also makes sense to limit the speed at which participants can mine coins. Consider the fact that 50% was generated by the block at 210,000 (i.e. by 2012). If the subsidy had remained at the same level, all units would have been mined by 2016. The halving mechanism provides an economic incentive for more than 100 years. Thanks to this, the bitcoin system is given enough time to attract users, in order to develop a dom...

 How to run a full bitcoin node A full node can be useful for developers, vendors and end users. Running the Bitcoin Core client on your hardware gives you the benefits of privacy and security, and strengthens the bitcoin network as a whole. With a full node, you will no longer rely on anyone else to interact directly with the ecosystem. Several bitcoin-focused companies offer users a kind of "play-and-play" node. The pre-assembled hardware is delivered to the consumer, who only needs to turn it on to start uploading blockchain data. This can be much more convenient for less technically savvy users, but for the most part such solutions are significantly more expensive than setting up your own devices. In most cases, an old PC or laptop will suffice. It is not advisable to run node on your everyday computing device as this can significantly slow it down. Blockchain is constantly growing, so you need to make sure you have enough free hard disk space to download all your network...

What is a fork? Because bitcoin is open source, anyone can modify its software. You can add new rules or remove old ones to suit different needs. However, not all modifications are equal: some updates will make your node incompatible with the network, while others will be backwards compatible. Softfork Softforcing is a rule change that allows updated nodes to communicate with older nodes. Let's take the block size as an example. Suppose we have a block size of 2 MB and only half of the network decided to accept the upgrade, after which all blocks must not exceed 1 MB. Now the upgraded nodes reject blocks larger than the allowed size.  The old nodes can still accept such blocks or distribute theirs. This means that all nodes remain part of the same network, regardless of which version they use. A bitcoin update called Segregated Witness (or SegWit) is one example of a softfork. Through clever use of technology, it introduced a new format for blocks and transactions. The old nodes st...

 What happens if I lose my bitcoins? As the bank does not interact in any way with such transactions, you are solely responsible for the safety of your savings. Some people prefer to store their cryptocurrency on exchanges, while others tend to use various wallets. If you prefer to use a wallet, you should make sure you write down your Sidphrase, so that you always have access to your wallet in case of an emergency. Is it possible to undo a bitcoin transaction? Once data has been added to the blockchain, it will not be easy to remove and delete it (in practice, this is almost impossible to implement). This means that once you make a transaction, it cannot be undone. You must always double or better still triple check that you are sending your funds to the correct address. For an example of how a purely theoretical transaction can be reversed, see What is a 51% attack? Can I make money on bitcoin? You can make money from bitcoin as well as lose it. Most long-term investors buy and h...

 How do I buy bitcoin? How to buy bitcoins with a credit/debit card Binance allows you to buy bitcoins easily from your browser. To do that, you need to follow the steps below: Go to: Buy and sell cryptocurrency.  Select the cryptocurrency you want to buy and the currency you will be paying in. Login to Binance or sign up if you don't have an account yet. Choose your payment method. Enter your card details if necessary and verify your identity. That's it! Your bitcoin will be credited to your Binance account shortly. How to buy bitcoins on P2P market You can also buy and sell bitcoins on a P2P market. This allows you to buy coins from other users directly from the Binance mobile app. To do that, you will need to: Launch the app, go through the registration process if you don't have your own account and log in. Select "Buy and sell in one click" and then click on the "Buy" tab in the top left corner of the interface. You will be presented with several dif...