It's official, SegWit is locked in!

in #bitcoin7 years ago

As of about an hour ago, SegWit has reached the lock-in threshold for Bitcoin.

That means it is no longer up for debate whether SegWit will actually be implemented or not, but rather a when will it be implemented!

Today, at block 479,707 Bitcoin reached the necessary threshold for SegWit to lock in with 100% of mining pools signaling support for the proposal.

Bitcoin is doing quite well on the news, up about $80 to around $3420 from the time it was known SegWit was for sure going to lock in.

It's technically not technically official, technically.

But, technically it is. 

The official lock in won't happen until tomorrow morning once this signalling period has ended at block 479,808. But, for all intents and purposes, it's locked in.

100% of mining pools have signaled support. 

The fat lady is singing!

*This all important block was mined by BitClub, actually it is not all that important but fun to note never the less.

What happens next?

I am glad you asked!

Well now that SegWit is locked in, that doesn't mean each block from here on out will be updated with SegWit. Instead there will be a two week grace period to give miners and other users (exchanges) a chance to upgrade their software.

That would place us squarely on August 21st at block 481,824 for actual implementation of SegWit.

Once that 2 week grace period ends (August 21st), SegWit will activate and the miners will start rejecting any blocks that do not support the SegWit changes.

What will SegWit do exactly?

That has been spelled out in several posts in the past, but basically the hope is that it will help Bitcoin scale. It will increase the block sizes from 1 MB to 2 MB and will hopefully help with speed and transaction costs.

There are several other benefits as well that I won't really go into here.

More about SegWit can be read here:

https://steemit.com/cryptocurrency/@jrcornel/a-new-signaling-period-for-segwit-just-started

Basically, this is the dawning of a new era for Bitcoin.

The SegWit chapter can finally be closed.

SegWit was first proposed by developer Pieter Wuille back in 2015. It has been mulled about ever since.

Here we are 2 years later and it is finally being implemented.

Hopefully this will help with the scaling and confirmation issues. We will know a lot more in a few weeks.

We will talk again about this around August 21st (or shortly thereafter) and see if there are any notable changes at that time.

Stay informed my friends!

Sources:

https://www.coindesk.com/its-official-segregated-witness-will-activate-on-bitcoin/

Image Sources:

https://www.cryptocompare.com/coins/guides/what-is-segwit/

https://bit-media.org/news/breaking-news-bitcoin-bip91-locked-in-for-segwit-activation-1-august-2017/

https://www.cheapoair.com/miles-away/6-insanely-cool-spots-on-this-earth-that-will-blow-your-mind/

Follow me: @jrcornel

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We will have the privilege to witness the competition between on-chain scaling versus off-chain scaling. Bitcoin versus Bitcoin Cash.

The real competition seems to be between Segwit2X and UASF/1MB, and I'm concerned it will be pretty messy. At least, everyone on the Bitcoin Cash side is so far honest enough to agree Bitcoin Cash is an altcoin ... while it seems to me that in October we'll have a chain split without any designed replay-protection and with both sides claiming their chain is the only real Bitcoin.

Any source?

Just 8 days after the fork and we already have 12 thousand more BTC's than BCH's? It has something to do with it?

That scenario you're proposing could be a life saver for Bitcoin Cash as some people would try to get out that turmoil, and they're hoping to get some confidence by then...

Anyway, eyes on NEO, great potential out there!

@jrcornel
I got the idea that segwit opens up BTC to collusion attacks from miners that could result in thefts.


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I feel this is a bit of a non-news since miners have been rejecting any blocks that do not support the SegWit changes since the BIP-91 lockin already.

Thanks for update. No change in transaction fees yet. BTC purchases on coinbase.com are still as expensive (or more expensive) than what I get charged by master monopolists Visa and Mastercard to use their charge cards.

Will be interesting to see if transaction fees do drop? Or are we still buying into a scam of the amazing excellence of BTC and transactions fees being lowered, while exchanges charge more than credit cards do.

There is some danger of an "emperor has no clothes" type of moment in the near future, if the transaction fees don't take a big dip.

STEEM On!!
DaveB

Good points. It won't fully be implemented until August 21st, so I wouldn't expect to see much change until then. It will be interesting to see how much of an effect it has though... (if any)

Bitcoin > millionaire asic mining manufacturer

Thank you for posting @jrcornel.

Well said.....in an engaging way.....very relevant as well.

Always enjoy hearing any news with regard to cryptospace

All the best to you and yours. Cheers.

Segwit in, BITCOIN should continue to climb and lead by example.
It sounds like $5000 around the corner.
Bitcoin cash is just there.
The future for cryptocurrency is getting brighter day after day.

Keep on steemit!!

Bitcoin Cash is just there, like that wallflower in high school that you didn't really notice, only to realize later on in life that said person was intelligent, attractive, humble, and funny. They probably liked the same sports team as you too.

Don't make the mistake of writing off Bitcoin Cash. Scaling to 8MB blocks is going to provide immediate relief and when Bitcoin Cash becomes as profitable to mine as Bitcoin, you might see miners shifting their computing power, making BCH even faster and more desirable while putting more stress on the BTC ecosystem.

It's a wild ride for sure!

Thanks for sharing

Superb news

Guess the Segwit2 upgrade will happen without issues and at the end of 2017 we will still have Bitcoin and Bitcoin Cash. The only difference is that the miners will divide their capacities for the most profitable coin on one hand and the best coin on the other hand (or at least for a while)

That is bad thing when bitcoin is splitting and what miners hated

I was always seeing that this fork had a more effective psychological impact! Anyone agree ?

Interesting that segwit will be implemented on the 21st August as this is also a phi mate turn date and a total solar eclipse - all very auspicious!

Interesting indeed. Wonder what it all means? :)

It means that now, even nature thinks BTC is going to the moon! ;)

Haha, I wonder if nature's track record is as good (or bad) as Goldman Sachs?! They called for $4k BTC within the next couple months about 2 months ago.

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