Segwit Activates on Bitcoin Network.. Block Times are F++king Terrible! by klye

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cryptocurrency · @klye · Aug 25 '17 (edited)

$55.37

Segwit Activates on Bitcoin Network.. Block Times are F++king Terrible!

<center>![](https://steemitimages.com/DQmPcNoriuhW4wRxw9jdCYdxB7nBp2bH7qg9FBAX2K9MvBX/image.png)</center>

For those of you that have been following along with the whole Bitcoin fork thing you may have know that in the past day or so the Segwit code has gone live. With this upgrade has come some unintended consequences manifesting themselves as massively lengthened times between blocks being added to the blockchain.

<center>![](https://steemitimages.com/DQmNbue5H2g6YjQ5NyjeKvUv8j6k6oXw6J2M7ucCTA8zUX9/image.png)</center>

As seen in the screenshot taken from blockchain.info the average time between blocks isn't even close to the 10 minute target the BTC network is supposed to adhere to. If you do have to send Bitcoin anywhere make sure you allow atleast double if not ten times the duration to have your coins sent to where you need them. Hopefully the difficulty on the BTC network adjusts accordingly to once again get blocks close to the 10 minute mark.. 

As at it's current rate it's damn near unusable for real life applications or purchases at brick and mortar vendors, no one in their right mind would want to wait at the grocery store for 1-3 hours to make sure their payment went through. By design the network is supposed to adjust difficulty to produce a block every ten minutes.. However something must have happened to throw this off as Bitcoin switched over.


<hr>

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@ackza · Aug 30 '17

people will all just use an Altcoin because it has the name Bitcoin and loer transaction fees? and people are willing to stop using bitcoin because bitcoin cash?

Is segwit bitcoin going to become another hardfork??

also I think people will still be using bitcoin core for large purchases

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@ahlawat · Aug 25 '17

good morning
great post klye! keep it up! and thanks again for following!
you have nice day.

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@battleaxe · Aug 26 '17

The Intrigue, The Drama, The Threats, Flagwars, The Assholes......that is what makes Steemit and Crypto Awesome amirite? nahhhhhh

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@bayareacoins · Aug 28 '17

$0.10

Shout out to SnailsInTheMail.com!

👍 bayareacoins

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@bernardchapin · Aug 25 '17

news, thanks, upvoted and following you now man

👍 bernardchapin

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@bronevik · Aug 25 '17

$0.03

I'm not a big fan of hardforks but watching this story to unfold it do seems like Bitcoin Cash is Bitcoin 2.0
At least it CAN retarget the difficulty beforehand if block times go wrong.

👍 bronevik

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@charles1 · Aug 25 '17

$0.02

Thanks for the update bud, I hope that this will not lead to a new problem with bitcoin and subsequent dump. Thanks for sharing, upped.

👍 jesta

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@ancap47 · Aug 25 '17

[Check out how cheap and fast it is to send Bitcoin Cash!](https://steemit.com/bitcoin/@ancap47/bitcoin-cash-tips-here-get-free-bitcoin-cash)

👎 klye

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@klye · Aug 25 '17

Don't spam your posts in my comment section please...

👍 me-do

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9 replies

@docomputing · Aug 25 '17

Bitcoin has been slow for ages. Best to transfer to Litecoin and spend that way - takes seconds to transfer LTC. When Atomic swaps come into play, turning your valuable gold into spendable and dependable silver will be a doddle. They're testing the Zap wallet on LTC mainnet today. After a while of LTC Zap wallet usage, Bitcoin will jump on board and bam your groceries are in the bag :-)

👍 taskmaster4450, docomputing

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@ancap47 · Aug 25 '17

[Check out how cheap and fast it is to send Bitcoin Cash!](https://steemit.com/bitcoin/@ancap47/bitcoin-cash-tips-here-get-free-bitcoin-cash)

👍 ancap47, weelhelm
👎 klye, docomputing

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@docomputing · Aug 25 '17

Bitcoin cash is a short term solution to a long term scaling issue. Segwit is the beginning of a solution!

👍 docomputing

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@klye · Aug 25 '17

Unacceptable.. I suggest you knock off doing this sort of thing or risk being flagged.

👍 docomputing

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10 replies

@jimbojones · Aug 25 '17

Yeah this is true.. once we can exchange coins easier and spend them on ATM cards.. won't matter so much what coin your using and it should all be much, much faster.

Good article though everyone needs to know this especially the developers :)

👍 docomputing

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@klye · Aug 25 '17

I do see the perk of the speed of LTC..!

Never really used it though. Literally no shop in this  city that accepts crypto. D:

👍 docomputing

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@gemsborg · Aug 25 '17 (edited)

$0.23

Final result of hard fork : Bitcoin cash will overtake BTC

👍 ancap47, akifemir

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@akifemir · Aug 25 '17

Longlive Bcash....
VIVA TO ALL BCC USERS & FOLLOWERS

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@klye · Aug 25 '17

lol. It's possible... But I think not many realize that BCC is the bitcoin we used before the segwit version took the name over

👍 demotruk, akifemir

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@cryptomaker · Aug 25 '17

I love your blog.i resteem your post

👍 shahaalam19, cryptomaker

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@techwizardry · Aug 25 '17

$0.17

The chain-hoping by miners is going to really hit the legacy chain hard. Not to mention the fact that some miners are mining empty blocks on the legacy chain, which makes the transaction backlog even worse.

👍 gridcoinman

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@mralan · Aug 27 '17

Yeah, this speed is not good. What went wrong?
<a href="https://www.youtube.com/c/mralanc?sub_confirmation=1">
Wow, I can't believe Bitcoin made it onto Family Guy. To bad its a skit where Peter makes it sound like an awfule "Peter" type of idea. Lol
<img src="https://steemitimages.com/0x0/http://i67.tinypic.com/zxjzt5.png"/></a><a href="https://www.youtube.com/c/mralanc?sub_confirmation=1"><img src="http://i67.tinypic.com/2d6wffo.jpg"/></a><a href="https://twitter.com/alan_craker"><img src="http://i68.tinypic.com/6olafq.png"/></a><a href="http://steemit.com/@mralan"><img src="http://i67.tinypic.com/syl27a.gif"/></a><img src="http://i68.tinypic.com/23hufzs.png"/>
<center> http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange!<a href="http://www.flippycoin.com"><img src="http://i65.tinypic.com/r2ur9d.jpg"/></a></center>

👍 mralan

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@kriskabiru · Aug 26 '17

BTC has no place in brick and mortar stores. We will be using Bitcoin to buy islands and moons. Let the lesser coins such as Doge handle day-to-day trivialities.

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@misrori · Aug 26 '17

$0.10

I think BCC will be the winner!

👍 misrori

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@moon32walker · Aug 25 '17

I think the message is clear, use BTC only if you want to buy a lambo.

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@klye · Aug 25 '17

I'll take mine in "Night after drinking piss yellow" please.

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@niklasmato · Aug 25 '17

If you see how many miners are moving towards bitcoin cash, then you understand why the wait times are increasing on Bitcoin. Bitcoin is actuall getting old and even with the add-ons like segwit, x2 and lightning network, i doubt that it will live another 10 years. Time will tell, but we might have a look at better options like iota and neo ..

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@nilim · Aug 25 '17

Great post buddy

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@nunojesus · Aug 25 '17

Great post! I upvoted and im following you! 
If you want you can participate in my contests and win steem dollars. 
My latest contest here: https://steemit.com/contest/@nunojesus/5mj8ch-contest-name-that-country-win-sbd

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@klye · Aug 25 '17

Cheers man. Generally I'm not a big fan of folks linking posts in the comments section but it appears you're doing something selfless so I'll let it slide.

properties (22)

@piyushkansal · Aug 25 '17

Very Interesting post. Thanks for sharing..

👎 docomputing

properties (23)vote details (1)

@klye · Aug 25 '17

Please don't spam the same reply over and over again.. It's needless.

👍 docomputing

properties (23)vote details (1)

@piyushkansal · Aug 25 '17

oh sorry, for that..

properties (22)

2 replies

@stiuly · Aug 25 '17

Help me .. to open my own business .. help my vote and follow me .. i beg you just poor people who do not have what i please help my odvoted

properties (22)

@klye · Aug 25 '17

$0.02

3 years ago I was poor and homeless.. If I can figure out how to become basically successful so can you.

👍 kriskabiru, docomputing, stiuly

properties (23)vote details (3)

@taskmaster4450 · Aug 25 '17

BTC might end up as primarily a store of value while being used as a currency on larger purchases such as a house or car.

properties (22)

@ancap47 · Aug 25 '17

$0.22

BTC will be replaced with Bitcoin Cash

👍 ancap47
👎 docomputing

properties (23)vote details (2)

@jimbojones · Aug 25 '17

Yeah if it ends up at 1 million per unit.. this will def happen :)

👍 akifemir

properties (23)vote details (1)

@akifemir · Aug 25 '17

jimbojones....KAH KAH KAH.....the Bitcoiners (BTC) are day dreamer.

properties (22)

@klye · Aug 25 '17

I personally use it as my bank account.. But as for every day purchases it's archaic!

👍 docomputing

properties (23)vote details (1)

@techwizardry · Aug 25 '17

$0.18

<blockquote>"no one in their right mind would want to wait at the grocery store for 1-3 hours to make sure their payment went through."</blockquote>

1-3 hours if you're lucky and you paid a high free, otherwise you're looking at 1-3 days to get your transaction confirmed with current backlog.

👍 gridcoinman

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voter	rshares	pct
kriskabiru	5,718,966,646	100%
docomputing	483,225,600	100%
stiuly	0	100%