Welcome my Steemit friends. Big Changes are coming to Bitcoin. You need to prepare and be ready!
There is much talk about changes coming to the code of Bitcoin. Like Ethereum which split into two coins, the other one being Ethereum Classic, Bitcoin could split.
Source: steemit.com
Miners, Mining Pools, and Exchanges Support
First of all, the SegWit2x project is called Top Secret but it is on GitHub, open source, and the link to the code is here:
Bitcoin SegWit2x code on GitHub
This code is currently running on a testnet. Testnet is a test Bitcoin network making fake Bitcoins and fake transactions for testing purposes.
There is also a testnet faucet: SegWit2x Faucet Remember, testnet faucets and coins are only test purposes and the coins and are not real!
There some arguments that say the SegWit2x change will centralize Bitcoin but SegWit for Litecoin did not centralize Litecoin.
August 1st, 2017 is the day they plan to put the hard fork in place. What excitement, what danger, what absolute turmoil. The whole Bitcoin Developer War is great for all cryptocurrency publicity.
Opponents
The Bitcoin Core Developer Group is the author of BIP 148, the soft fork, and Completely rejects SegWit2x.
BIP148 is almost ready and also is running on a testnet. The big difference is that there is a 1 megabyte block. The soft fork is also supposed to guarantee that Bitcoin stays decentralized.
The date of launch appears to be August 1st, 2017 though some plan to release in July on July 31st.
Things That Could Go Wrong
The biggest event that could happen is by combining approximately 85 transactions in a block for SegWit2x or 42 transactions for Segwit, if a block fails, that number of transactions are orphaned at once. One transaction might cause the other transactions to fail.
Remember:
- Both approaches are good for miners.
- Bitcoin transactions are processed more than once.
- The miners who process the transactions the other two times do not get paid for verification.
- As we see with the current Ethereum Wallet problem, where it has become unstable. Price of the cryptocurrency drops fast because once the wallet goes, there are no more transactions. I have had this happen with Qbit, POT, WORLD, and Litecoin in the past. This is the problem that caused the fall of Cryptsy and other Exchanges. All of a sudden the wallets were no good, wouldn't perform and transactions.
The Good News
Neither side is being careless. The development of SegWit is over years. It is used at Steem, now Litecoin without incident, and soon in Bitcoin. BIP 148 will activate August 1, 2017 and end November 15, 2017.
"Motivation
Segwit increases the blocksize, fixes transaction malleability, and makes scripting easier to upgrade as well as bringing many other benefits.
It is hoped that miners will respond to this BIP by activating segwit early, before this BIP takes effect. Otherwise this BIP will cause the mandatory activation of the existing segwit deployment before the end of midnight November 15th 2017.
Specification
All times are specified according to median past time.
This BIP will be active between midnight August 1st 2017 (epoch time 1501545600) and midnight November 15th 2017 (epoch time 1510704000) if the existing segwit deployment is not locked-in or activated before epoch time 1501545600. This BIP will cease to be active when segwit is locked-in.
While this BIP is active, all blocks must set the nVersion header top 3 bits to 001 together with bit field (1<<1) (according to the existing segwit deployment). Blocks that do not signal as required will be rejected.", Source: https://github.com/bitcoin/bips/blob/master/bip-0148.mediawiki
In other words, once BIP 148 starts it does not stop and people have tried to turn it off. It implements every BIP from 1 to 147.
If Segwit2x is also implemented while BIP 148 is running, Bitcoin will Split!
There will be 2 coins like Ethereum (Which is the new Ethereum) and ETC or Ethereum Classic, the old Ethereum.
Be aware of it!
You might want to sit it out! Remember August 1st for SegWit BIP 148 a short distance away.
What Can You DO?
- If you want SegWit BIP 148 do not put your bitcoin with a company that will implement SegWit2x.
- If you want SegWit2X put your bitcoin in a wallet under a company that will be in SegWit2X - Coinbase, for example.
- Cash out before then
- Buy another coin with your Bitcoin until it is smooth. Again, I plan to stay. Ethereum turned out okay. At the moment there is some trouble...the Ethereum Wallet is locked but they will fix it just like they did the last time.
_Good Luck!
Series Parts:
Bitcoin - Prepare for War! Part 1](https://steemit.com/bitcoin/@jeff-kubitz/bitcoin-prepare-for-war-part-1)
Bitcoin - Prepare for War! Part 2](https://steemit.com/bitcoin/@jeff-kubitz/bitcoin-prepare-for-war-part-2)
Bitcoin - Prepare for War! Part 3](https://steemit.com/bitcoin/@jeff-kubitz/bitcoin-prepare-for-war-part-3)
Article Sources:
Game of Bluffs? With UAHF
Litecoin Foundation Reports 'No Issues' Since SegWit Activation
Bitcoin Scaling: How to Give Everyone More Control
Bitcoin Scaling Proposal Segwit2x Moves Ahead With Initial Code Release
A Bitcoin Scaling Upgrade: How It Could Finally Happen (And How It Could Fail)
Top Secret Bitcoin Scaling Plan Segwit2x Leaves Questions Answers
Time Frame of Argument
By examining GitHub, one can easily see that this argument has been going on for years because there are many solutions that are posted. BIP 1 started in November, 2016.
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