Bitcoin, SegWit2x and everything you need to know about 1st August @BlockRush by blockrush

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bitcoin · @blockrush · Jul 14 '17 (edited)

$1.75

Bitcoin, SegWit2x and everything you need to know about 1st August @BlockRush

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<p><img src="https://scontent-lht6-1.xx.fbcdn.net/v/t31.0-8/19956773_327034221053200_3534622311351148282_o.jpg?oh=25449f4aac377f67f6bdaf008d0cb922&amp;oe=59C3D21B"/></p>
<p><br></p>
<p>There is no doubt about the fact that the Bitcoin network needs improvement. The small block size of only 1 mb worth of transactions every 10 minutes has slowed it down considerably and caused many merchants to shy from it.</p>
<p>In the past several proposals and attempts were made to improve the Bitcoin protocol including Bitcoin XT, Bitcoin Classic and Bitcoin Unlimited. However, a new proposal under the name of SegWit<strong>2x</strong> which is a combination several of the previous ideas has gained enough acceptance to effect an activation at the end of this month.</p>
<p><em>Note that in this post we would be using two </em><em><strong>similar but different</strong></em><em> terms which could be confusing, please note them carefully so as to avoid confusing them: (1)SegWit and (2)SegWit</em><em><strong>2x</strong></em><em>.</em></p>
<p><br></p>
<h2>What is SegWit2x?</h2>
<p>SegWit<strong>2x</strong> is a portfolio of loosely gathered proposals that seek to upgrade the Bitcoin network. The basic proposals of SegWit<strong>2x</strong> include:</p>
<ul>
  <li>implementation of <em>Segregated Witness</em>(<em>SegWit</em>) which will increase the number of transaction in a block without increasing the clock cap, along side several improvement</li>
  <li>increase Bitcoin's block size from 1mb to 2mb</li>
</ul>
<p><br></p>
<h2>Who supports SegWit2x?</h2>
<p>Almost everyone in the Bitcoin community <a href="https://en.bitcoin.it/wiki/Segwit_support">partially supports</a> SegWit<strong>2x</strong>. The point where there is division is about the increment of the block size.</p>
<p>Some of the supporters of <em>SegWit</em> include Coin Base, BitPay, Blockchain, a huge majority of Bitcoin miners and some notable Bitcoin developers including Gavin Andresen.</p>
<p>However Bitcoin users and Bitcoin Core developers who serve as "guardians" of the Bitcoin network oppose the block size increment on the grounds that it would destroy the network. After all after the implementation of <em>SegWit</em>, the Bitcoin network would be faster at despite being at the same block cap hence no need for SegWit<strong>2x</strong>.</p>
<p>Those who are against SegWit<strong>2x</strong> have proposed another solution called <strong>BIP148</strong> and will be competing with SegWit<strong>2x</strong> on 1st August for adoption by miners.</p>
<p><br></p>
<h2>What happens on 1st August 2017?</h2>
<p>This is how the <a href="https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/">battle will unfold</a>:</p>
<ol>
  <li><em>SegWit</em> testnet will go live on 14th July for early adopters to evaluate it</li>
  <li>On July 31st 2017, <em>SegWit</em> has been scheduled to be activated. As at the time of writing, SegWit has the support of 80% of the Bitcoin network and if things remain that way then the hardfork will happen</li>
  <li>The battle for supremacy will be fought between <em>SegWit</em> and BIP148 from the dusk to the dawn of 31st July, with the apparent victor declared on 1st August</li>
  <li>Three months after <em>SegWit</em>, SegWit<strong>2x</strong> advocates launch their attempt increase the block size. this is where the main battle will be fought</li>
</ol>
<p><br></p>
<h2>What are the potential outcomes?</h2>
<p>Whatever the outcome of 1st August, the Bitcoin network would never be the same again. Here are some possibilities of 1st August's <em>SegWit</em> activation along side their potential effect:</p>
<p><strong>1) SegWit succeeds</strong>: this would be the best possible outcome for Bitcoin as it would keep the network intact, retain investor and user confidence which would see a possibly price jump! More and more businesses would begin to embrace Bitcoins.</p>
<p><strong>2) SegWit fails</strong>: well this would leave the future of Bitcoin in the hands of <em>BIP148</em> supporters and developers who would have to rise to address the challenges <em>SegWit</em> was supposed to solve.</p>
<p>3) <strong>Segwit as well as BIP 148 wins</strong>: well this would be interesting but it would mean a split in the Bitcoin network.</p>
<p>4) <strong>There is no winner</strong>: this could happen is some sort of confusion arises causing miners to withdraw to themselves, abstaining from both <em>SegWit</em> and the BIP 148; waiting to see what would happen. This outcome would be weird, but is not likely to ever happen.</p>
<p><br></p>
<h2>Important points to remember</h2>
<ul>
  <li><em>SegWit</em> is generally supported by most of the Bitcoin network</li>
  <li>SegWti<strong>2x</strong> which is proposes an increment in block size after <em>SegWit</em> is the point of contention</li>
  <li>Whatever happens, there is an 80% probability that <em>SegWit</em> would be activated on 1st August</li>
  <li>SegWit<strong>2x</strong> would happen 3 month after <em>SegWit</em> and will be the main battle</li>
  <li>Any disturbances in the price and stability of Bitcoins could cause investors to rush to other crypto currencies <em>- alt coin prices up</em></li>
  <li>In a twist of events, any bubbles in Bitcoins could also cause investors to loose faith in other crypto currencies <em>- alt coin prices down</em></li>
</ul>
<p><br></p>
<h2>What should Bitcoin owners and users do?</h2>
<p>If you have no Bitcoins in your possession, you might be a bit relaxed. However if you do have Bitcoins, you would definitely be caught in the <em>SegWit/BIP 148 crossfire</em> on August 1st, 2017.</p>
<p>Like during any war time, the wisest thing to do would be to remain glued to your radio(sources of information) during the entire process. You do not want to be left behind enemy lines.</p>
<p>With the understanding of <em>SegWit</em> and SegWit<strong>2x</strong> as explained in this post, if you support it then you should move your Bitcoins to wallets of wallet providers how support it once <em>SegWit</em> is activated or else risk having your Bitcoin suck on the fork chain.</p>
<p>Until the hardfork begins, you might want to keep your Bitcoins offline so you can exercise full autonomy over them.</p>
<p><br></p>
<p><code>Disclaimer: @BlockRush is no Bitcoin expert; you should consult one on what to do.</code></p>
<p><br></p>
<h2>What do you think?</h2>
<p>Let us know of your opinions by commenting below! Follow <a href="https://steemit.com/@blockrush">@BlockRush</a> to receive updates one the Blockchain powered series as well as other intriguing<a href="https://steemit.com/trending/blockchain">#Blockchain</a> reports.</p>
<p><br>
<em><strong>Recommended post:</strong></em> <a href="https://steemit.com/steemit/@blockrush/the-single-move-that-could-make-russia-the-new-world-leader-blockrush"><em><strong>The single move that could make Russia the new world leader!</strong></em></a></p>
<p><br></p>
<h3>Do not forget to <strong>upvote, resteem and comment</strong> so others can find this post.</h3>
<p><br></p>
</html>

👍 dragosroua, promoted, mdquixil, drpuffnstuff, johojo, flusterfive, raluca, palmtreetrading, chahredine, bobwillow, mikegun, curiousity, lasmart613, cobalus, inkbeard, dwaeji-aizelle, foxdal, patrickpeace, animus, blockrush, clahan, xyzashu, lina08, jabravo, michaelwilshaw, tanishamarie, skhanna, khalil319, fael, peruna-juho, thevitalsource, vandalizmrecordz, ultramarine, kacawote, paffcrypto, rkrijgsman, joshuaatiemo, kingangelo, makafuigdzivenu, proctologic, metabs, epeakinfo, dp3ns7, brazilfootball, steemit4help

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@bobwillow · Jul 17 '17

BTC has some potential competition from other alts that claim to be faster, but don't have the security of the huge bitcoin network.  The value is in the network.   As for speed I still have pending transactions from a month ago on my visa debit card.  Bitcoin is faster than anything I have used, except  for a couple of alts but they were never for real world use.  If they figure this out and successfully speed up BTC by August 1st we will all be rich.  Cheers to the future.

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@cobalus · Jul 14 '17

Really good summary of all facts and outcomes (:

I'm thinking about doing the same for the German community!

Keep on doing this good job

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@drpuffnstuff · Jul 14 '17

I heard people with one. Itcoin, might end up with 2 depending on the wallet they are using.. any truth to this?

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@blockrush · Jul 16 '17

that would be some technical stuff you would have to ask the developers @drpuffnstuff, what do you think of our new post > https://steemit.com/bitcoin/@blockrush/alphabay-straw-that-broke-the-bitcoin-carmel-s-back-blockrush

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@fael · Jul 13 '17

Nice post man!! I think it will affect the trust in the bitcoin in short term. Do you think that the people that uses bitcoin for real (and not just for money speculation) can change to another coin (like dash) in the beggining of august?

👍 husnainalee

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@inkbeard · Jul 14 '17

Out of all the post regarding segwit and BIP148.... this is by far the easiest to understand and follow. Thank you for the info. Followed, upvoted and resteemed. Also most likely will be promoting this post as well. Now to a follow up on this... would you kindly explain the potential November battle plans of each side.....?

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@johojo · Jul 14 '17 (edited)

Excellent presentation of the pending alternatives! For all those who feel anxious about these proposed revisions, I think they are just an expected factor of a young technology still in the throes of birthing. I would be concerned if there were not these periodic "upheavals". That would mean that everything has been figured out and further growth unlikely. So, take a deep breath, cover your bets and enjoy the excitement of being witness to the advent of a new era of culture! The new always arrives in the company of risk.

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@joshuaatiemo · Jul 14 '17

Great info. Cant wait to see what Happens on 1st August 2017. have marked it in my calendar.

👍 husnainalee, joshuaatiemo

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@blockrush · Jul 16 '17

@joshuaatiemo, there could be another major factor contribution to Bitcoin's price crash. read about it in our new report > https://steemit.com/bitcoin/@blockrush/alphabay-straw-that-broke-the-bitcoin-carmel-s-back-blockrush

👍 joshuaatiemo

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@kacawote · Jul 13 '17

^_^

👍 husnainalee

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@kingangelo · Jul 13 '17

Hey!

👍 husnainalee

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@lapingvino · Jul 20 '17

I really don't see how SegWit will solve the issue itself. SegWit is implemented on LiteCoin, but the additional stuff that would provide for the scaling is far from being there. I think the short term solution should be a blocksize increase, then long term SegWit et al can be implemented. But we really need a blocksize increase fast, because the trouble we had the latest months already pushed me away from using Bitcoin for anything serious. A friend of mine and myself lost money because of this, me on trying to buy food and the money not arriving in time, my friend on trying to buy something and the money not getting through. For him the money was equivalent to a month's salary, even though it's almost nothing for the people who want SegWit. Until we have a blocksize increase, we won't touch Bitcoin so much any more.

👍 lapingvino

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@lovejoy · Jul 14 '17

$0.30

I can't wait for the world to catch on to the fact that Graphene blockchains render all of this debate *meaningless.*

When people stop clinging to old technology and begin moving over to the robust, and scalable Graphene infrastructure, then rationality will have won.

For now, the crypto world continues to argue over which way to boost the Bitcoin carburetor, instead of migrating to warp-drive... how long this collective insanity goes on is anybody's guess. (facepalm)

At the very least, it's like watching people religiously clinging to the Model T Ford in the time of the Tesla.

But, that's just me... maybe there's something I'm missing...
Well, I guess I'll hit the `POST` button now, ***enjoy this 3 second transaction***, and go contemplate the follies of humankind.

👍 lovejoy, flusterfive, xyzashu, michaelwilshaw, husnainalee, ontrack

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@blockrush · Jul 16 '17

@lovejoy, thanks for the commentary. what do you think of our new report? https://steemit.com/bitcoin/@blockrush/alphabay-straw-that-broke-the-bitcoin-carmel-s-back-blockrush

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@patrickpeace · Jul 14 '17

upvoted. detailed post indeed

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@thecryptogod · Jul 14 '17

Bring on August 1st! My portfolio is tired of bleeding!

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@thevitalsource · Jul 16 '17

I can not wait to see what happens, but can not help but wonder: what would be a safe wallet to hold your bitcoin in so that you are safe in any of the possibilities of what may happen. I hope that someone can offer some suggestions.

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@xyzashu · Jul 17 '17

It's clearly suggested in this post to move all your bitcoins to some offline wallet 🙏
<center>https://s3.amazonaws.com/bellassets/avatars/Page_Divider_F0OhJ1c.png</center>
<center><h3> 🎹 🥁 🎷 🎺 🎸 🎻 I’m trying to use a lot of emojis here to [Celebrate the World Emoji Day](https://steemit.com/steemit/@xyzashu/emoji-the-universal-language-of-expression-let-s-celebrate-world-emoji-day-on-steemit) this week. Are you? 🎊 🎉 🎉 🎉⛄️</h3></center>

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@xyzashu · Jul 17 '17

> If you have no Bitcoins in your possession, you might be a bit relaxed. 

No way!😉 I don't have any bitcoins with me but am planning to buy some for quite some time now. And I'm waiting for the July 31st to see if its prices fell through the nose. What do you think? 🤔🤔

One more thing. This post explains some details about the proposal in SegWit2x but don't go into much detail about BIP148.  Thus the readers can't make out the underlying difference between the two. 😢
<center>https://s3.amazonaws.com/bellassets/avatars/Page_Divider_F0OhJ1c.png</center>
<center><h3> 🎹 🥁 🎷 🎺 🎸 🎻 I’m trying to use a lot of emojis here to [Celebrate the World Emoji Day](https://steemit.com/steemit/@xyzashu/emoji-the-universal-language-of-expression-let-s-celebrate-world-emoji-day-on-steemit) this week. Are you? 🎊 🎉 🎉 🎉⛄️</h3></center>

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