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RE: I Looked Into SegWit, and Here's What I Saw
Wow, thank you for the sincerely insightful look at Segwit!
As a developer who has just recently began making in-roads to the blockchain space I honestly couldn't wrap my head around why there was so much support for Segwit - given how overtly complex it is and how there's very little chance it'll really improve Bitcoin's scaling issues.
Furthermore, as you mentioned, there seems to have been a weird aversion to forking instilled in the Bitcoin community - which doesn't make sense considering forking is a fundamental aspect of any open-source project.
My question to you would be, do you see the Bitcoin Cash hard fork as a positive sign of the Bitcoin protocol's resilience - or a dilution of its already waning influence?
Great question. I think the BCC fork is a sound technical idea -- and more importantly, it pushes the conversation forward and represents a clear declaration that a meaningful contingent is still awake, alert, and opposed to segwit. I think it's a great positive move. Personally, I would be quite happy to see BCC go big and segwit coin die in ignominy. But those aren't the only two options, of course.
Ultimately, though, I'd like to see the crypto world continue transitioning away from Bitcoin altogether. I don't think BTC needs to die, but I would like to see more powerful chains start getting accepted for everyday transactions. Transactions are fully irreversible within a minute on Steem, but on Bitcoin they are seldom even confirmed, much less irreversible, within a minute. Same with Bitshares. And, when it's launched, the same will be true of Eos.
Bitcoin is nice for its simple security, and as long as it has mind share, I'll probably hold it, but I'd like to move to something much faster and cheaper for everyday stuff, and more secure for long-term holdings.
Bitcoin is nice for its simple security, and as long as it has mind share, I'll probably hold it, but I'd like to move to something much faster and cheaper for everyday stuff, and more secure for long-term holdings. <------ any suggestions ?
I see your point and I agree, but unfortunetly Bitcoin is the main cryptocurrency representative and if anything happened to BTC the whole market will suffer. BTC will most probably remain the most valued crypto and will only be used as a unit of storage of wealth. However, I am excited about the fork, and I am optimistic with regards to the new Bitcoin Cash, I believe it will gain ground and quickly, but I doubt it will overtake BTC. We'll see
I definitely agree that BCC has the potential to be a viable competitor to BTC, given that it appears to address scaling better and avoid the complications of Segwit.
But as you mentioned, I think the most important benefit is that it illustrates to the Bitcoin community that hard forks are a viable means to move the project forward if there is enough dissatisfaction with the incumbent leadership.
And ultimately, time will show us which chain offers the better solution.
And I genuinely agree with your last statement about cryptocurrency moving beyond Bitcoin. With all due credit to Bitcoin's role as a truly revolutionary invention - I think it's protocol has had an incredibly hard time keeping pace with all the developments in the blockchain /crypto world.
I must say my head is swimming with all talk of SegWit being the way to go! it does not help that my favourite coin (Litecoin ) has implemented it okay and I have not noticed any issues from a user's perspective. It always good to hear an objective view clarifying the "spin" There are just too many hidden agenda on what views are presented to the public.