Segwit Activates on Bitcoin Network.. Block Times are F++king Terrible!
For those of you that have been following along with the whole Bitcoin fork thing you may have know that in the past day or so the Segwit code has gone live. With this upgrade has come some unintended consequences manifesting themselves as massively lengthened times between blocks being added to the blockchain.
As seen in the screenshot taken from blockchain.info the average time between blocks isn't even close to the 10 minute target the BTC network is supposed to adhere to. If you do have to send Bitcoin anywhere make sure you allow atleast double if not ten times the duration to have your coins sent to where you need them. Hopefully the difficulty on the BTC network adjusts accordingly to once again get blocks close to the 10 minute mark..
As at it's current rate it's damn near unusable for real life applications or purchases at brick and mortar vendors, no one in their right mind would want to wait at the grocery store for 1-3 hours to make sure their payment went through. By design the network is supposed to adjust difficulty to produce a block every ten minutes.. However something must have happened to throw this off as Bitcoin switched over.
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Final result of hard fork : Bitcoin cash will overtake BTC
lol. It's possible... But I think not many realize that BCC is the bitcoin we used before the segwit version took the name over
The chain-hoping by miners is going to really hit the legacy chain hard. Not to mention the fact that some miners are mining empty blocks on the legacy chain, which makes the transaction backlog even worse.
I love your blog.i resteem your post
Yeah, this speed is not good. What went wrong?
Wow, I can't believe Bitcoin made it onto Family Guy. To bad its a skit where Peter makes it sound like an awfule "Peter" type of idea. Lol
Longlive Bcash....
VIVA TO ALL BCC USERS & FOLLOWERS
1-3 hours if you're lucky and you paid a high free, otherwise you're looking at 1-3 days to get your transaction confirmed with current backlog.
I think BCC will be the winner!
Shout out to SnailsInTheMail.com!
I'm not a big fan of hardforks but watching this story to unfold it do seems like Bitcoin Cash is Bitcoin 2.0
At least it CAN retarget the difficulty beforehand if block times go wrong.
Thanks for the update bud, I hope that this will not lead to a new problem with bitcoin and subsequent dump. Thanks for sharing, upped.
Check out how cheap and fast it is to send Bitcoin Cash!
Don't spam your posts in my comment section please...
What's your problem? You don't own the comment section.
This is his blog page and post therefore he has right to flag you if you spam his posts...you have to stop it in order to avoid being flagged to hell fire and he can do it.
Clearly this user doesn't see that he's being a jackass.. sigh
Thanks for trying to explain it to him man. Hopefully he learns a bit of etiquette and respect for people..! If not I've got 42 lines of code here that will either teach him fast or make his attitude invisible. :/
Haha you are right..either he learn the easy way or the had way!!! lets hope that he goes for the easy way.
its not about whose comment section it is , whoever has the most steempower just gets to flag or upvote whatever they want
@ancap47 is just new and doesnt know the steemiquitte of how to post links politely withoutr spearing liek spam! his message seemed most likely to be a pre made link he created to jsut post around a bunch on a bunch of bitcoin cash related posts etc, even if it wasnt, semed too much like oit!
It depends on the attitude and manner of approach . I dont like flagging someone. See my blog posts , I do have loads of comments and some are weird comment but I just ignore the spams. However if someone tells you not to send spam on his blog page, then you have to respect it.
Well, for starters that is unsolicited link spam... And yeah actually, this is my posts comment section.. Rather you just apologize and drop the attitude rather than painting yourself with the asshat brush bud.
You wrote your comment kinda like spam. u have to rewrite it like "Hey man yeah bitcoin cash debate is pretty crazy. I wrote this post recently about bitcoin cash transactions, blah blah blah"n but dont like post the way you did!
Hey man yeah bitcoin cash debate is pretty crazy. I wrote this post recently about bitcoin cash transactions, blah blah blah, yeah get some free bitcoincash yo!
Bitcoin has been slow for ages. Best to transfer to Litecoin and spend that way - takes seconds to transfer LTC. When Atomic swaps come into play, turning your valuable gold into spendable and dependable silver will be a doddle. They're testing the Zap wallet on LTC mainnet today. After a while of LTC Zap wallet usage, Bitcoin will jump on board and bam your groceries are in the bag :-)
Yeah this is true.. once we can exchange coins easier and spend them on ATM cards.. won't matter so much what coin your using and it should all be much, much faster.
Good article though everyone needs to know this especially the developers :)
I do see the perk of the speed of LTC..!
Never really used it though. Literally no shop in this city that accepts crypto. D:
Check out how cheap and fast it is to send Bitcoin Cash!
Bitcoin cash is a short term solution to a long term scaling issue. Segwit is the beginning of a solution!
Unacceptable.. I suggest you knock off doing this sort of thing or risk being flagged.
Seriously, grow up.
You have the nerve to come spam your link on my comments section then get pissy when I call you out on it..? lol, fuck your hat sir.
Just because other people allow you to post your links without being asked to do so doesn't mean I'll allow it here on my post.
Not sure if you figure you've the right to be a prick and spam links on my readers comments.. But I'll tell you right now that any entitlement you figure you have to do so will be met with disciplinary action and not being respectful will only end up with you being butthurt.
Now if you'll excuse me I've got a bunch of things I need to get working on. Cheers and such, please don't post links on my (or others) posts comment sections unless asked.
LOL
Have it your way asshole.. I tried to reason with you and explain the error of your ways. Now you're just being a pretentious cock.
So foul-mouthed. Not very polite of you, sweetheart.
I think the message is clear, use BTC only if you want to buy a lambo.
I'll take mine in "Night after drinking piss yellow" please.
If you see how many miners are moving towards bitcoin cash, then you understand why the wait times are increasing on Bitcoin. Bitcoin is actuall getting old and even with the add-ons like segwit, x2 and lightning network, i doubt that it will live another 10 years. Time will tell, but we might have a look at better options like iota and neo ..
Great post buddy