What is BIP91 you ask?? What is Segwit2X? Here, Ill tell you in easy to digest, lemans terms as best as I can...

in #cryptocurrency7 years ago


Heeeeeey Everybody







Ok fellow steemerz... all this talk on BIP 91 and Segwit being approved... Yay you hear from some people... boo you hear from others... What the heck to think? What is it all about and what does it all mean??? At first look, it seems all soo confusing, and yup, it really is ... Which is why ill try my best to explain this topic as simply as I can, seeing as how I've spent the last Id say better part of a day reading up on this proposal and how to convey it across in a digestible form... hopefully!

<>I am defiantly not an expert or professional here, I'm still learning like crazy everyday. These are just my thoughts put to screen so if there are mistakes, please correct me as needed... I love the helpful hints and the criticism ...<>




"Yup, that's a Texas sized 10 - 4"



First of all, what is BIP 91 or Segwit2x?
Bitcoin Improvement Proposal 91 and Segregated Witness (the second version) are the answers. BIP 91 is a Bitcoin Improvement Proposal proposed by Bitmain Warranty engineer James Hilliard. Basically it is in compliance with the New York Agreement and backed by a number of big mining pools and Bitcoin companies . It is also compatible with other Bitcoin Improvement Proposals as well.
Segwit2X which I explain below, is like the original Segwit program with a little kick!


Whoooah... ok thanks we think, ummm BTP, Segwiz aaand New York?? What does that all mean Digger?
Oook well, the miners have signaled and its locked in that Bitcoin is going to go with BIP 91 or Segwit2X. So what's going to happen is that the 1MB (Megabyte) Bitcoin transaction blocks that get sent (actual Bitcoin transactions {yup, just like the one John sends Sue} that are getting verified by miners all over the world in real time) are going to have extra space freed up within the block that will allow for a lot of benefits to Bitcoin. They'll do this by basically cutting and shifting some of the info from inside that transaction block into a separate smaller linked block, in turn allowing the 1MB block to not be so crammed full of data, which allow for benefits like; faster transaction times, more secure transactions themselves and cheaper fees which to all of us = Total Awesomeness!!!!!
Then down the road (this time I am not sure on but I believe its between two weeks and two months?) there will be a decision made and a potential a hard fork is up if 100% of the miners dont agree, which means there could end up being two Bitcoins (kinda like Ethereum and Ethereum classic)
And IMHO that could potentially just makes things messy...


Alrighty then, but how can adding another block speed transaction times up and do all these other good things?
Mmm ok well, there's only one way to put this one and its probably not the most delicate. I saw it posted somewhere in my research and cant remember when or where or who said it, but think about poop... one giant poop will clog the toilet right, but two smaller poops will go down the pipe easier LOL That there really sums it up in probably its most simplistic (and crude) form :D BUT think about it, its makes complete sense if you interpret the bitcoin system like the tubes in the toilet, and the poops being like the Bitcoin transactions.



Ok then Digger, what do we do about this now?
I heard a piece of advice from someone earlier in a discord chat, and that is to HODL... Hold everything and just hang tight. Don't go chasing [FUD[(https://en.wikipedia.org/wiki/Fear,_uncertainty_and_doubt) or chancing big trades and doing crazy last minute things because no one knows what's going to happen with all of this, its all soo unpredictable and the potential outcomes are still very radical in nature. Again all IMHO but, sounds legit :)
Hang in there, I think what you're going to see, in what's going to seem like no time at all, will be some wild times in the crypto game, we just have to play the waiting game :D
In the meantime try as best you can to just HOOOOOOOOLD. I plan on holding everything I have as of now, and just waiting. FYI I hold a little of the following coins: STEEM, ANS, STRAT, LBC, SIA, EDG, XRP, MOON and PTOY and I'm going to sit tight with all of them.


<><><>

Why not..

  • Try researching more coins, see what they're about, see what value they hold in the real world? You can try sites like Coinmarketcap or CryptoCompare
  • Try learning how to setup an offline wallet like My Ether Wallet for example. Its so rewarding to accomplish this and to make a transaction. Check Youtube as there are hundreds of tutorials there!
  • Tons of good content on Steemit here for literally anything, just use the Steemit search feature and type in your question. Then you'll see the results you can get from this awesome community, and that's a huge part of why I'm so excited about Steeeeeeeeeeeeeeeeeem!
  • Try talking to more people about crypto, find a way to articulate your points better so that people don't think your completely nutso! (if you're anything like me that is lol)
  • Reach out on different platforms and to different social groups or to people you haven't talked to in years, try find other like minded individuals to get engaged with. Look to seek out people on the same wave length, the same idea and thought path as you, I bet you'll eventually be amazed who you find. Not a lot of people (where I'm from anyways) are even aware of this entire realm, its complete exsistance. And thats not a joke, I've literally talked to almost all of my good friends about it, family, people I run into on a daily basis, and the general consensus by a big margin is... "uuuuh, whats Bitcoin, onine money?" But that only means there's so much room for us to get in early... so promote it and give people the chance to learn (but don't recruit!!! Pique peoples interests and then let them form their own ideas, come up with their own questions... then come to you for answers... I've adopted the lesson of not holding peoples hands and waking them blindly through the crypto lands)

SHOUTOUTS for my research

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Thanks to James Hilliard (the man behind BIP 91!) for personally putting me onto this piece of info. CLICK HERE to read another perfectly clear article on Segwit2X

Great info. I have that drone. Its so fun.
Cryptocompare is so useful when you have wallets all over the place.

Oooooh yes! awesome mate! the little drone is so much fun, the test flight yesterday was amazing. That thing is soo responsive eh!!
I also like the Blockfolio app, but must not get caught up in the Blockfolioitis! Resteemed a great post on that yesterday. But yes, Crypto Compare is an amazing tool!!
Cheers

I am extremely new to all of this so thanks for the share.

I hope it helps :D

I agree, holding till the storm has passed is great advice. Having a little spare btc is handy to buy in during some panic sells too! :)

I have no choice but to hold since I am actually at a loss right now in most of my portfolio.

In the meantime, I am engaging in more crypto communities and researching more coins, see what they're about, see what value they hold in the real world ... have you been spying on me? LOL

Haha awesome!! no spying no however I think that we may be in very similar situations! I came into the crypto scene with a few bucks, did very well ... then came in with my big money when it was too late ... and then yeah same boat sitch with portfolio being down.
But TBH I'm thankful to some of the help I have received out there to do with all this because its helped me not lose as much as others have or as much as I should have...
I'm so excited for the upcoming weeks... Were in for a world of crazy 😎!!!
Cheers bud!

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