Bitcoin is progressing step by step towards the biggest change in its software.
We can often say that we have studied Bitcoin, which we have summarized as "digital money" in pieces, Bitcoin is a block of code that makes data transfers (BitCoins) of a certain amount (blocks) in a sequential order. Bitcoin does not have a center as you already know. Since it is not central, many people are working together to make the Bitcoin network function. People who use this software also stick to certain rules to keep the Bitcoin network running.
The proposed amendment is also intended to change these features.
The fork in the SegWit2x named scheme (change to Bitcoin's rules) wants to make the rules that were not previously valid in Bitcoin valid. Blocks that normally travel around the Bitcoin network and are hidden in the blockchain are 1MB in size. SegWit2x wants to increase this size to 2MB.
Some users think it's a good idea, and some people think it's a bad idea.
If you have not yet figured it out yet, you can make it clear what the betting fork is different from the previous fork. You are familiar with Bitcoin Cash and Bitcoin Gold fork. Those who are familiar with these forks know what happens after a breakup on the Bitcoin network, what the consequences are. But things can be different in SegWit2x.
For example, Bitcoin Cash and Bitcoin Gold do not have to be very careful. If you have Bitcoin in your wallets that support the new software or in the stock market, you also get Bitcoin Cash or Bitcoin Gold.
So it was easy. But this convenience is not guaranteed in the case of SegWit2x. Let's first look at the similarity of SegWit2x to other Bitcoin forks:
Alternative software: Change in Bitcoin software managed by network participants.
Increasing the block size: Like other FORKs, SegWit2x also focuses on increasing block capacity (from 1MB to 2MB)
Hard Fork: People who do not update their software according to the new rules will not be included in the network.
Let's look at their differences.
Perhaps the biggest difference is about the blockchain. While the developers of Bitcoin Cash are willing to create a new blockchain, SegWit2x will continue to keep all existing users in a single blockchain.
In this context, SegWit2x can produce different results.
These:
The rules of bitcoin change. All (or most) miners update their software according to the new rules. Bitcoin blockchain continues to function but block capacity increases. The rules of SegWit2x become the rules of Bitcoin.
It consists of two bitcoins. Some miners update their software. In this case, two blockchains occur: "old" Bitcoin, "SegWit2x" Bitcoin. The rules of both are different from each other, and there are different crypto parallels.
Bitcoin's rules do not change. If too few miners update the software, the Bitcoin network will continue with the current rules.
Those who want-Not To
The result that seems likely among the above 3 results is the 2nd place. So it is the result that interests many users.
We call it the most likely, because those who support SegWit2x and those who do not have it also have the support of certain segments in the Bitcoin community. We can not say that supporters of SegWit2x claim to have "a very large majority" of miners that 100% of the Bitcoin network wants SegWit2x.
SegWit2x has the most support segments:
Miners: Users who secure Blockchain and earn rewards from blocks in Bitcoin.
Start-ups: businesses that provide such services that allow users to receive, sell, or hold crypto money.
They say:
Bitcoin should be a digital money. Bitcoin must compete with the US Dollar or another government currency. That is why our priority is to make Bitcoin a "payment method".
The opponents are getting stronger because of Bitcoin's passivity. They think that the points of interest of crypto money outside of Bitcoin should be useful for making payments. And they say, "Normally Bitcoin's living increase is in other currencies."
Updates are not enough. They say that the new codes added to the blockchain in August did not provide the promised capacity increase.
Opponents of the SegWit2x supporters are:
Developers: A volunteer group that protects Bitcoin's code. These people are probably the longest-running people on the Bitcoin network.
Node operators: Bitcoin users who keep a copy of the complete transaction record in the blockchain (increasing block capacity, increasing storage costs).
Bitcoin is a "pillow bottom", not a payment method. What I mean under the pillow is that they see Bitcoin as "gold". So it's a tool used to hide the money. But they also believe that Bitcoin may become available as a payment method in the future.
SegWit2x is risky. If Bitcoin becomes unable to provide operations, it may crash the entire project.
With SegWit2x, miners and businesses are getting stronger. These people believe that SegWit2x will gain a lot of power for a particular cut. After SegWit2x, when they decide something on the Bitcoin network they believe it will become a "center". Since Bitcoin is not centered, they do not approach the center positively at all.
How Possible Is There Any Separation?
It's really hard to give a clear date to Shuan. But if we look at how SegWit2x is coded, we have a few clues.
as follows:
SegWit2x is using BIP9 activation. This means that the rule change will be governed by the percentage of miners who use the new code.
Miners mostly support SegWit2x. 1Hash, Bitfury, Bitmain, Bixin, BTC.com, BTCC, BTC.Top and ViaBTC. They all signed the original deal.
When we look over the paper, almost 80% of the miners support SegWit2x. Some believe this is enough to turn the majority of the network into a SegWit2x blockchain. Because the remaining 20% will be afraid of staying in a blockchain where they can no longer profit.
They will be scared like this: Almost 80% of the miners support SegWit2x. So SegWit2x will blockchain quickly and automatically collect the majority of the digging power, so mining in the original Bitcoin will no longer be profitable. So the rest will go to SegWit2x.
But that does not mean that every miner will eventually run the SegWit2x code in front of him. "One day everyone will be SegWit2x!"
Because of:
Some support Bitcoin Cash. Most Chinese Bitcoin users prefer to invest in Bitcoin Cash. The block capacity at Bitcoin Cash has already been increased to 8MB.
The miners probably will not unite on one occasion. SegWit2x supporters such as ViaBTC and BTC.Top, mining pools selling subscriptions to other minerals. So most likely they will offer their users the option of mining in SegWit2x, but again, probably all users will not prefer to switch to SegWit2x.
Some miners do not support it. The unsupported miners include F2pool (which manages 5.6% of the Bitcoin network) and Slushpool (which manages 7.3%). These mine pools are clearly stated that they will not support it.
One of the important issues is the estimated value of SegWit2x crypto money.
Some stock exchanges have even begun listing a version of the SegWit2x crypto money. We can not take that, of course. The purpose of doing this is to measure the estimated value of SegWit2x.
The estimated value of the SegWit2x crypto with the spelling hour is over $ 1,000. That's more than twice the value of Bitcoin Cash ($ 450). Bitcoin Gold ($ 130) is almost ten times more.
When Will It Happen?
There is still more ambiguity, but the date on which all this will take place is exactly on November 16th, or around it.
We say that, we can not give the exact date because this change will be a fully defined blot (494,784 blocks). With this block, the miners will be able to use the new software.
We know that, like we said, history will take place around mid-November, though not exactly clear. Because the lead developer of the project, Jeff Garzik, commented on this past week: