Bitcoin shitfest EVE... BTC Cash has an argument, give a perspective before it happens!!! - Brutal Hard Fork Avoided?
So... Bitcoin may have avoided a massive breakup. But is there still a little one to deal with?
Seems that Bitcoin is going to settle on Segwit 2X which is going to have a bigger capacity of 2MB per block as opposed to 1MB. And August 1sr have avoided a brutal Hard Fork of a split network.
Not all Bitcoin players are happy about this. Mainly a small faction which includes a former Facebook engineer Amaury Sechet.
These guys thing that Segwit 2X is not big enough for the scalability of Bitcoin, and believe that 1/8 of Bitcoin Cash can beat Bitcoin in processing power. Bitcoin Cash plans on creating a bigger block size of 8MB per block which can increase the transactions and decrease fees. They are banking on the perception that size matters.
But they won't implement the Segwit upgrade that allows more transactions to be handled by secondary systems. Some say that Bitcoins are on their way to be centralised by a small group who will take control... I would really like an opinion on this one.
However, it seems that the real deal of Bitcoin will seemingly be unaffected by the creation of Bitcoin Cash. Even if it became THE THING Bitcoin holder will get the equivalent funds in Bitcoin Cash on FORK DAY... At present it is valued at 135 OF Bitcoin, so if the split happens there will suddenly be $6 billion worth of this currency appearing out of thin air.
Can this value last?
Well that depends on whether the currency leaders and investors believe in Bitcoin Cash, and it's claims if technical advances. So at present, it is a mixed bag of opinions.
Prominent Bitcoin exchanges like 'Coin Base', and 'Bit Stamp' will not be supporting Bitcoin Cash.
Investors are advised to put their Bitcoins in a wallet that they exclusively control, ot at exchanges that pledge against Bitcoin Cash. Including Kraken and Bitfinex.
So what do you think? I would love to hear an opinion.
Is 'Trex supporting BCC?
They are. I don't have the link on me, but they'll credit your account for it.
Sweet!
Larger block sizes require more bandwidth. It sounds logical to just increase the block size. However, bandwidth doesn't follow Moore's law. It would create an imbalance in access to mining. Also larger block sizes will favor minors that have mined the most recent blocks. Especially in China where the Great Fire Wall will make it so that by the time your last block is in sync, they are already mining the next block.
Segwit takes all the input signatures that are redundantly processed over and over again on the main chain and sets them aside since the signature has already been hashed. This makes the data size of the block much smaller which means miner fees are smaller, until the 1mb is filled.
bcc was announced by VIA BTC.
Segwit arrived through consensus.
Which one is Bitcoin?
Everything is a novelty for me.I still need to fill out.