Due to the popularity of Bitcoin, you are no longer able to perform transactions with security and optimum speed. For this it is necessary a technical solution, a modification of the operation of the criptomoneda that could divide the chain and affect the accounts of the users.
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According to Rodolfo Andragnes, president of the Bitcoin Argentina Foundation, today there are approximately 7 transactions per second in the platform, 100 times less than those produced in the Merval. It is necessary to allow that number to increase, but there is no boss and "no one tells you where to go". In case the community does not agree on a solution, the chain is divided. On August 1, the one they choose is activated.
What about my bitcoins?
First, it depends on where they are stored. Who has them is who decides what to do with them. If the user stores them in his own computer, once the update is implemented, he can spend them twice, once in each chain. But if they are stored in an online wallet, such as Xapo or any exchange house, they decide.
Each exchange decides what it will do during the split. They may decide to migrate all the coins to a single chain, selling the ones in the other, or allowing their users to spend both.
It is important not to make transactions a few days before August 1, when the fork will be made. Since cryptones are only transaction logs, if they are not registered in any chain, they disappear. Most exchange announced that they will block operations that day and therefore, those who need to make transfers should take their bitcoins and make them on their own.
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One solution for the miners and one for the users
Users want to implement a solution called Segregated Witness (SegWit) that allows you to keep more transactions than the current structure and lower the fees. This is part of the rewards the miners get. Instead, they want to adopt SegWit x2, also called BIP 91, where they propose not only to implement SegWit, but also to double the size of the blocks, from 1MB to 2MB. The problem with the latter is that all miners should improve their hardware and software, leaving aside those who do not. Not everyone will have enough capital to invest in their equipment, the smaller ones will be left out of the network.
For now, most of the miners indicated that they will implement BIP 91. In this way, the bifurcation could be avoided on August 1, but nothing is certain. If this happens, the SegWit system will be activated and, later, the size of the blocks will be doubled causing a "hard fork", a bifurcation that can not be reversed.
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