![]() The Bitcoin network has been successfully upgraded to deploy Segwit, but the second part of the agreement has been the source of heated debate online. This diverse group of businesses and miners agreed to pass Segwit, but also required the addition of a two-megabyte upgrade to Bitcoin’s base block size. The agreement spearheaded by Barry Silbert’s Digital Currency Group in May - referred to as the New York Agreement (NYA) - had released a statement declaring that 58 signatories were agreed on a method to end Bitcoin’s scaling debate. The fork was originally planned as an upgrade that does not cause chain split resulting in two bitcoins. some services may continue to present and name the altcoin created by this contentious hard fork as Bitcoin.” states that “As the hard fork has very little replay protection, most transactions you perform on the Bitcoin network will also be valid on the hard fork network. The developer team advises users to refrain from using bitcoin until the fork is completed. This will lead to slower transactions and higher fees until the matter is resolved.Ī few other problems are expected to occur as well, such as the possibility of transactions on one chain showing up on the other chain. The rate that block production will slow down to is unknown, however, it is currently estimated to drop to as low as 15 percent of its current speed. The major difference in the Segwit2x hard fork that sets it apart from many previous hard forks - such as the one for Bitcoin Cash in August - is that many major bitcoin infrastructure providers including wallets and exchanges support this fork.Ī majority of bitcoin mining hashrate is in support of the fork as well, which at the very least will slow down the production of bitcoin’s blocks as the miners fork the blockchain and depart bitcoin in favor of mining the new chain. “By adopting this hard fork, we believe the supporters of this agreement are shifting their users to an alternative currency which is incompatible with Bitcoin." Currently, 43 services intend to leave bitcoin for the new blockchain (the complete list can be obtained here). “By adopting this hard fork,” the announcement states, “we believe the supporters of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with Bitcoin.”īitcoin’s developers strongly advise against storing coins on services such as Coinbase, Bitpay and Xapo since the coins may be renamed to something else or replaced with a new altcoin that is not bitcoin. The developers state that the hard fork is not supported by the majority of the Bitcoin users and developers, which makes it contentious, and therefore puts many user's bitcoins at risk if they store them with the wrong services. ![]() On Wednesday morning, the Bitcoin Core development team released a rare statement concerning the safety of Bitcoin users’ coins during the potential hard fork for Segwit2x, which is scheduled to occur in November.
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