BIP 91 activated but now BIP 141! What is going on?? [Bitcoin]
As we all know by now BIP 91 reached the threshold for activation and that now leads us to the next obstacle. SegWit still is not activated and we are going to try and make things a little clearer.
What is BIP 141 and SegWit?
Segregated Witness or SegWit for short, is defined in BIP 141 that requires 95% of miners to mine blocks signaling support using bit 1 in their newly created blocks. SegWit is a scaling proposal that offers a bit of enhancement to the ability Bitcoin will have. If you want to learn the super nitty gritty details take a look at the white page, all the average person needs to know is Bit 1 must be included in blocks that support SegWit.
What is BIP 91?
BIP 91 is a proposal that is trying to force SegWit to activate before BIP 141 did. BIP 91 only required 80% of miners to support by signaling support using bit 4 in their newly created blocks. We have reached that consensus and BIP 91 will activate the requirement in the next few weeks for all miners to reject blocks that do not signal Bit 1 (SegWit).
What does this all mean?
In simple concepts this means that although many miners signaled support for BIP 91, many do not have their software in place to actually mine SegWit blocks. Many miners also may decide not to support BIP 141 and continue to mine blocks without any added bits. If the majority of mining power decides not to activate SegWit, the miners that do activate will generate blocks that become incompatible with the existing chain. Which ever chain gains most support should become the "real" Bitcoin, however an even split of power could cause a backlog of transactions and lead to 2 versions of Bitcoin existing!
Summary
If you are in Bitcoin (as I am) make sure to keep your coins stored offline in a secure wallet you control the private keys in. Do not make any transaction starting ASAP until after this all sorts out to avoid loosing funds. Get ready for a potentially bumpy ride or a smooth transition and network upgrade! I am betting no matter which outcome happens, Bitcoin will become stronger in the long run for it!
Let me know below what your thoughts are as we navigate this sea together! Keep HODLING!
That's why I like Bitfinex cuz they have been testing the market for two coins for a while now and are ready to support them both :-D BCC (Bitcoin Core) and BCU (Bitcoin Unlimited)... This is from Bitfinex's website "Chain Split Tokens (CSTs) are the first such product of its kind, allowing Bitfinex customers to speculate on future fork events of the Bitcoin blockchain, specifically, the potential fork between Bitcoin Core and Bitcoin Unlimited by 11:59:59 UTC December 31, 2017. CSTs are designated as BCC (Bitcoin Core) and BCU (Bitcoin Unlimited). CSTs trade as BTC and USD pairs.
Users will be able to create CSTs by “splitting” a bitcoin through the Token Manager (located in the Order Form’s Order Type drop-down menu in the sidebar). Once split, the BTC will be removed from your account for each BCC and BCU added. Through the same Token Manager, you will be able to reverse this process at any time, trading in equal numbers of BCC and BCU to extract BTC.
Learn more about Chain Split Tokens from:
https://www.bitfinex.com/posts/195
https://www.bitfinex.com/cst_token_terms"
That is really interesting I am not signed up with bitfinex but I think I have to now! Thanks for sharing this! 100% SP up vote for you ;)
It is confusing that Bitfinex is using different coin abbreviations than everyone else!
In this post I examine why the UAHF is probably going to cause a short squeeze on Bitcoin this weekend leading into next week. You can make money on this, but it will be risky.
Why the $BCC Fork Will Cause a Short Squeeze in Bitcoin That Affects You
Thanks for the information, this helps to explain the big picture!
Yeah, here you can find some great information on it.
https://medium.com/%40lukedashjr/why-nothing-will-happen-with-bitcoin-on-august-1st-93f49a1a930d
https://www.reddit.com/r/Bitcoin/comments/6ph7fi/the_truth_about_bcc_and_recommendations_from_the/
Good summary :) Just remember that SegWit itself should be activated around August 23 so miners have some time left to be prepared.
This should help:
Yes good point I know this is not all happening today but just was trying to make it "simple" for the average no techy person to at least have an ounce of clue of what is going on right now! Thanks for sharing!
Ha nice! That is how I feel about crypto the last 3 years!
te dejo mi voto!
Nice job on explaining whats going on with bitcoin! This helps out a lot!
Thanks @jonbit Trying to simplify the big scary technical details unraveling this next few weeks!
This is great. Been sending it to those wanting a better understanding of the upcoming possible fork. Thanks nice job!
Thank you so much for reading and sharing! Followed you! Get ready for phase 2!!
There's a lot of misinformation out there and and many think with their feelings.
Agreed that is why they buy the hype/rally and sell the dips! Buy high Sell low!! #ToTheMoon