SegWit2x Protocol for Bitcoin - July 31 August 01 - What do I need to know?
The trigger that Bitcoin is now below $ 2000, Ethereum below $ 160, and Zcash at $ 160, is Bitcoin himself. The situation surrounding the crypto-currency "mother" is really complex and is causing a very strong market instability. On July 31 and August 1 will be passed the SegWit2x protocol for Bitcoin, which raises blocks from 1MB to 2MB with a block size scalability up to 4MB, which will mean a very drastic increase in difficulty.
Bitcoin needs to update its protocol to increase the difficulty and maintain the network. SegWit is required so that all Bitcoin will not be mined within a year, at most, since if you do not increase the size of blocks, it is estimated that in 16 months all existing Bitcoin could be mined. The other reason is that the nodes will receive compensation, something that is not currently happening and has ended triggering the drastic reduction of nodes, because it was not interesting or attractive to have one and not receive a benefit
On July 31 and August 1, massive sales and exchanges are expected in a hurry, the days before the indicated dates and once SegWit2x is implemented and Bitcoin is operational, whatever happened, the market will move upwards.
GDAX, one of the most important exchange houses in the world has already said that it plans to deactivate operations with Bitcoin from July 30 to August 1, until the activation of SegWit. This information seems to be another focus of market instability and will remain quite unstable over the next few days, with virtually complete security.
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Source :Hardwaresfera.com
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Hey Jaime, nice post. I have a question : What are the cons to the Segwit adoption ?
Hi Abou the cons of all this is the possible breakage of Bitcoin.
The break of the Bitcoin in two or more cryptones is a hypothesis that in the first test of the testnet for Bitcoin, has proven to be a reality and is that from block 27070, there were problems in the mining and the coin was finished starting in two. If this happens, the BTCA (to call it somehow), would be Bitcoin itself, with a significant loss of value, being able to fall to 600 $, while the BTCB, a byproduct, could have between 1-10% of the Value of BTCA. This situation, if it happened, would cause Ethereum to be the strongest criptomoneda in the market, peeling off at $ 2,000 in a matter of hours, followed by Zcash, who could shoot at $ 1000, quietly.
Alright thanks ! The danger is the potential instability which might produce this Hard fork. I read that it could be because the segwit development team is working for company so isn't independent. What do you think ?
Very informative. Thank you!
Do you suggest investing right before august 1st?
Exactly, this week is important, some coins will increase their value many times (small or low denomination like dogecoin, flashcoin or ripple) Thanks for reading, a hug from Peru
Nice post
Thk so much my friend!!!
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