A couple of days ago, the majority of Bitcoin pool miners has agreed to implement the so called SegWit (Segregated Witness). This move is made to solve the issue of Bitcoin Network which is to simply put, before SegWit, the network was very slow compared to other such as Ethereum. With the activation of SegWit, Bitcoin will receive more than twice size upgrade from its current capacity therefore reducing clogging on their transaction thus increases its network speed.
This is the first time in Bitcoin history that an upgrade this widespread is ever happened, therefore the world reacts in many ways. Some investors are panicking hearing the rumor of bitcoin going to be hardforked and exchanges pledge to close down their trade temporarily to prevent mass transaction such as what happen with GDAX and others in Japan and China. Countries and exchanges have different ways to cope with this change, and for this post I will report what happen in the largest cryptocurrency exchange in Indonesia, Bitcoin.co.id
Here is what's going to happen :
- SegWit will occurs in the morning of July 23rd due to difference in timezone. Indonesia is GMT +7
- Numbers appears on wallets or blockchain explorer will be innacurate temporarily
- To avoid errors from any glitch occurs during the activation, Bitcoin deposit in the exchange will be subject of 6 confirmation process which will take more or less 60 minutes unlike the ussual 10 minutes one confirmation.
- These changes will only affect the exchange temporarily for 24 hours
Not quite extreme actually, compared to other exchanges. Perhaps because Bitcoin.co.id only caters for domestic investor unlike GDAX. Although, as far as I know, this exchange is the most reliable gateway for cryptocurrency from all over the world to be cashed in to fiat currency Rupiah.
That's the situation in Indonesia. How about your country?
Tell us in the comment section below.