August 1st is almost upon us and the great Bitcoin “hard fork” is about to confuse the heck out of the casual cryptocurrency observer. Here’s what you should know:
Bitcoin just experienced a major milestone in its short little lifespan. The reward for mining a block (a block = a ledger of transaction data) was just cut in half from 25 bitcoins to 12.5 bitcoins.
Bitcoin was going to change the world until it wasn’t. But now it is again.
Oh sure, you’ve heard this before. Back in 2013, everyone was sure bitcoin was the next big thing.Then the world’s largest bitcoin exchange, Mt. Gox, imploded, and everyone was sure bitcoin was dead. Pundits tend to think that way: you’re It, or you’re not. The reality of it is a little different.