Segwit2x Clearing Up the Confusion
As you have probably heard there is a chance for another Hard Fork in #Bitcoin that could lead to the creation of 2 networks. A lot of people are confused about what segwit2x is and why it may not actually activate at all.
What is segwit2x
Segwit2x is simply a group of upgrades that if activated would result in blocks being created that are no longer compatible with the current Bitcoin Chain. Segwit2x primarily wants to activate segwit and increase block sizes from 1MB to 2MB.
Why Block Sizes Matter
Each transaction takes a certain amount of space on the blockchain and each block is limited currently to 1 MB. This means as more transactions occur than can fit in a single block, transaction fees increase as users attempt to get their transaction confirmed more quickly. Remember miners earn these fees.
So what is the deal?
Basically, it requires a certain amount of mining power to activate segwit2x and that will hard fork the network. If most miners decide not to hard fork and continue mining real bitcoin, there will be no segwit2x.
segwit2x is primarily about raising block sizes from 1MB to 2MB, which would REDUCE tx fees and increase the volume of txs each block could handle.
Conclusion
Remember, miners aren't mining bitcoin for free or because they feel good about it. They mine for PROFIT, and there is a very good chance that most of the power from the big players will stay with smaller blocks as long as possible to ensure more revenue each block solved.
Be sure to check out my previous posts as well as the links below:
Coin Dance (Has a countdown and lots of great resources)
SegWit2x Working Group
yes , you are right. Miners look for profit.
That is how I feel, there is little incentive for the big farms to offer lower fee transactions. This is why the debate rages on, and on, and on, the users of bitcoin want bigger blocks to have lower fees but the PRODUCERS (miners) do not care what we want and care more about earning the maximum possible!
everyone looks for profit
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