Block 494,784 set for November SegWit2x Bitcoin hardfork, what you should know @BlockRush

blockrush (58)in #bitcoin • 8 years ago (edited)

The final phrase of Bitcoin's civil war is set to for 1st November and its now set in stone. In this post we would discus what every Bitcoin and crypto currency enthusiasts should know about the event in November.

According to the official blog of the SegWit2x develop team, block 494,784 is set for SegWit2x activation. Here is an excerpt of the post:

During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.

The upgrade to 2MB blocks has been agreed first during the Bitcoin Roundtable Consensus in Hong-Kong on February 2016, and then ratified by the Bitcoin Scaling Agreement in New York on May 2017. These agreements stipulate the activation of Segregated Witness support and an increase of the maximum base block size from 1MB to 2MB.

Segregated Witness support has been locked-in as a soft fork expected to activate around August 23 2017 (block height 481,824). Bitcoin clients that are not currently SegWit-compatible and wish to benefit from the new type of transaction must perform extensive upgrades to various subsystems, including changes to transaction serialization, signature hash computation, block weight calculation, scripting engine, block validation, a new address scheme, and P2P protocol upgrades. Fortunately Segregated Witness compatibility is opt-in, and existing Simplifed Payment Verification (SPV) wallets and full nodes are expected to continue working without changes after SegWit activates.

1. SegWit2x is locked to happened

Unlike 1st August where there was uncertainty of what could happen and what would not happen, we can be certain that SegWit 2x block size increment would really happen in November.

2. Cause of Bitcoin's bubble

The looming SegWit2x hardfork of Bitcoin in November is the main cause of Bitcoin's price drop after August 1 due to fears that that the hardfork of Bitcoin on 1st November could lead to another Bitcoin slip, resulting in three Bitcoin networks.

Some Bitcoin developers and miners maintain that after the activation of SegWit, there is no need for block size increment and these faction could initiate a soft fork away from SegWit 2x.

3. Bitcoin price to shot to over $7,000

After November 1, you can expert the surviving main Bitcoin blockchain to shot past over $7,000 by the end of this year as Bitcoin would regain the trust of users and investors.

4. Bitcoin network become faster

Speed is the selling point of most altcoins and Bitcoin Cash, however after SegWit 2x's block size increment in November Bitcoin is expected to become faster due to the proposed block size increment of SegWit 2x and this would let Bitcoin catch upt with its rivals in terms of speed.

5. Bitcoin Cash looses its advantage of Bitcoin

The main selling point of Bitcoin Cash is its huge and flexible block size, however it would loose this advantage once SegWit2x is activated on Bitcoin. SegWit2x is set to increase Bitcoin's block cap to 2mb which is not as high as Bitcoin Cash's 8mb but will be just fine for Bitcoin.

6. A new age for a robust Bitcoin

Bitcoin is know for being plagued with development challenges due to the lack of corporation between Bitcoin developers and miners, however after the implementation of SegWit 2x the process of upgrading Bitcoins would be further simplified allowing Bitcoin to be upgraded in the future with ease.

With the price cryptocurrencies and crypto tokens such as Ether and Steemit tied to Bitcoin's performance, hopefullly we will see a strong comeback of Steem after November 1.