Topic: Is SegWit2x the solution? What Does It Mean for Bitcoin? (Read 452 times)

It may even split into 3 coins!

Basically, on August 1st a section of the Bitcoin community will activate BIP148. This is a user activated soft fork (USAF) specifically intended to activate Segwit. These users and miners will only accept Bitcoin blocks that signal support for Segwit. If at that point, a majority of miners (by hash power) does not signal support for SegWit through BIP148, Bitcoin’s blockchain and currency could split in two.

Major Bitcoin mining hardware producer Bitmain announced on the 14th of July (I think) that it may launch a “hard fork” in August. Referred to as user activated hard fork (UAHF). This will be activated by Bitmain and Bitmain alone. Bitmain announced it will create Bitmain-coin exactly 12 hours and 20 minutes after the UASF activation. At that specific point in time, under Bitmain’s new rules, a block must be included in the blockchain that’s bigger than one megabyte. This will automatically “split” the chain. All existing full Bitcoin nodes would reject this block and ignore this chain and would continue to follow the chain adhering to Bitcoin’s current consensus rules.

From that point on, Bitmain will first mine on Bitmain-coin chain privately for three days. After these three days, Bitmain will “officially” launch Bitmain-coin to the public if two circumstances are met.

First off, the BIP148 UASF must have been successful enough to have gained significant hash rate. And second, there must be strong market demand for Bitmain-coin.

Then, if launched, Bitmain-coin will accept bigger blocks.

So I don't really know for sure whether Segwit is the solution. I don't think anyone knows. Only time will tell.

If Segwit2x gets implemented successfully before 1st August then there will not be any chain split. But if not, then UASF will lead to a chain split on 1st August because it doesn't has much consensus. But it is least to happen. Miners have already started signalling Segwit2x before 21st july. This is a good start.

I read in many news that the possibility of a network split is getting dimmer. I am not delving into technicalities because some jargon can be beyond my grasp. In fact, there is now a resurgence of Bitcoin value because as they say split no more.

So is split still possible or not?

Segwit does not scale.

https://nchain.com/en/blog/illusion-scale-segregated-witness/


The solution is http://www.bitcoincash.org

On August 1st, bitcoin will fork and if you have control over your bitcoin private keys you will also have BitcoinCash coins.

Is bitcoin going to split in two networks?