Whats Happening To Bitcoin In 2 Weeks Get In The KnowsteemCreated with Sketch.

in bitcoin •  14 days ago

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My posts are always short and sweet but are the details you need to make educated decisions. This is why I many blog about here on steemit and today we are going to go over Segwit2x and what is all means so you can be in the know and make an educated decision yourself.

The Disagreement

This disagreement has come up between key stakeholders and the core developers as to how to update the core software that does run bitcoin right now. Segwit2x would in fact double the size of bitcoin blocks from 1MB to 2MB effectively doubling the amount of transactions it can handle in every 10 minute block interval.

While we have been down this road twice already in the last 5 months this one seems to be the biggest contender to overthrow bitcoins current blockchain and claim the BTC ticker.

My Views

While it makes sense to increase the block size from 1 MB to 2 MB you also need to realize their are major security risks, confusion as to what is what when the hard fork takes place and a period of time after and a untested new blockchain with less mining support which could come under attack like we have seen with bitcoin cash and bitcoin gold. These are all NEGATIVE things that will hurt the price of bitcoin after the hard fork takes place (at present the price is most likely going up due to the split happening have owners getting a 1:1 ratio of the coin)

The other thing to consider is all this risk just to double the transaction throughput is very minimal and to me not worth the risk. Bitcoins blockchain would quickly cap the new larger size block in no time.

Lets take a moment to put this into prospective and why I honestly feel segwit2x should fail instead of risking bitcoins core blockchain.

Bitcoin currently produces about 3-4 transactions per second which if moved to a large block of 2MB would put us around the 6-8 transactions per second.

  • Now compare the above to the following...

Ethereum - 20 transactions per second and climbing

Paypal - 193 transactions per second

Visa - 1,667 transactions per second

By the above you can clearly see that segwit2x just slaps on a quick bandaid that would last a few days and really does not help bitcoin get to the scalability it truly needs.

This is what is fueling the bitcoin miners into supporting segwit2x as they feel the larger block size is needed now to help with bitcoins rapid growth. To me this is clearly flawed and the math and information needs to be shared!

When will the fork be taking place ?

https://bashco.github.io/2x_Countdown/

bitcoin-b2x.jpg


All in all we are in for some interesting times this November but I for one will be keeping my own mining power and boosting more to bitcoins core blockchain and not towards segwit2x.

What are you thoughts on this? (Comment Below)



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I'm glad to read your article, it gives a great opportunity to underline the speed of transactions and whether or not the current Bitcoin itself is worth pursuing...

If you consider this:
U5dsJoPpB2PUpwGC9xD63Kn3Stj3FbJ_1680x8400.jpeg

Originating from: https://steemit.com/bitshares/@steempower/bitshares-state-of-the-network-17th-october-2017)

One realizes quickly that you are telling the truth about the speed of transaction and whether or not it is worth the glamour of SegWit2X.

Nevertheless, the application of the band aid will help the core version of it go forth much longer while helping a lot of people trying to get on the Gold Rush of Cryptocurrencies pretty much as quickly as one can right now. this, by the same token(s) will give the opportunity for many other versions of Bitcoins to find the exposure and light it deserves, notably Bitcoin Cash which runs on a platform fairly similar to the Bitshares platform, if I'm not mistaken, and has infinite scalability...

As the forks will keep coming in the years to come, will people come to understand the idea that applying band aids over band aids reduces the safety of their investments? I don't know, but I would have to say, the Bitcoin craze is going to go through a rehabilitation and the mind of the people involved in it will stat to open to other more potent cryptocurrencies already available out there right now.

Thanks for your comments and views on the situation, it sheds light on a real problem Bitcoin won't be able to come to terms with, though many brilliant minds out there are working at bandaging it in more and more complex manners.

Namaste :)

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I like that picture but Litecoin has NEVER cost me $0.74 to send. Normally its one or two CENTS.

I didn't understand, will Bitcoin keep growing or ot will go down again ?

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Bitcoins blockchain will always be there however there will be 2 blockchains like we saw with bitcoin cash and bitcoin gold at first bitcoins hardfork of segwit2x will be called B2X however if enough miners and supporters come together on this then B2X could very well be called BTC and the old (what your using now BTC) might be called bitcoin legacy or bitcoin classic like you see with Ethereum.

The amount of support for this is high though and miners do really control the future here. No one knows what will happen but so far we are looking towards a really large shake up between the two with a possible overthrow of the blockchain.

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Thank you very much; I am interested in this, but don’t fully understand. Your explanation is clear, thank you!

Thanks for the insights. The only thing I'm hoping for is that all these disagreements on how bitcoin should work won't bring everything down. This is supposed to be a revolution in the monetary system, not some playground where children can fight with each other until there's nothing left to fight over.

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Yup exactly and right now this is the big fight between miners and the core developers. I believe the core developers should have the say not the miners. Go mine something else if you don't believe in bitcoin I say. Its stupid to take a dump in your own bed per say lol

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Lol good analogy.
I think the core developers will want to have miner support too, so it's kind of a negotiation between the groups.

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bitcooin is power!!!

I think bitcoin miners support all depends on what affects their botton line. Well that is their business. I agree with you that their solutions is temporary and not addressing the real problem. Maybe a new technology would help. I am not really technical but i've read that there are some other technolgies that is a hundred thousand times faster than bitcoin. Take for example red belly chain from australia. They claim that theirs can process about 440k transaction per sec. My point is if they can do it why can't they (developers)

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The bitcoin blockchain code is the oldest but yet most adopted. In order to make changes everyone developers and miners need to agree on those changes and then almost force all miners to move to the new block chain. This has been a huge issues for many blockchains and we saw it most predominate this year when bitcoin and ethereum exploded in price and fees started to sky rocket.

Newer block chains address these scaling issues better now the issue now is trying to get bitcoin to that level. If the scalability issue can be fixed while keeping everything the same in terms of the infrastructure that supports bitcoin trading around the world then there honestly would be no stopping bitcoin.So if you ever hear and verify an update will fix the scalability issue forever then invest like mad! lol

Very good point that this isn't even a sustainable solution... Thank you for the good info!

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It's pretty interesting to see Bitcoin this exposed. There's so much hype about it in the media so I'm sure many people don't pay attention to these kinds of underlying issues. I originally thought Bitcoin was going to take over major fiat transaction based platforms like PayPal but now i'm not so sure. I guess we still have a long way to go.

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I did not think about these major risks, even though I did not understand well if they will only be for the new btc, while the old one remains unchanged right?

I simply love your articles, what great content and quality of posting you offer the community here on Steemit and abroad.

Thanks a lot :)

Worth a read. Nowadays, lots of ICOs are coming up which offer very low price to buy a coin and you can only buy in BTC or ETH. Investors buy it for cheap and sell it at higher price when coin hit the exchange and get more BTCs. This is all revolving around BTC which is making Bitcoin to grow so rapidly.

If investor turn down the system then it going down. Since the key investor turn side against the fork, then we expect the unexpected. However, it promote decentralized still the market and demand decide.

Does the bitcoin price inflation really means its popular.. do governments really start regulating it..