The Imminent Bitcoin Network Disruption
As many of us already know, August 1st is proving to be an important day for the cryptocurrency world. This is the day that Segregated Witness (or SegWit) will be introduced to the bitcoin network.
Mary-Ann Russon, writing for the International Business Times, explains that the "core developers of bitcoin want to improve the bitcoin network by introducing new technology to the blockchain, which will enable the network to expand and scale more efficiently."
In other words, it'll speed up the network. Why do that? Cause the bitcoin network is currently like this...
She elaborates, "SegWit is a process that enables all blocks on the blockchain to increase their size limits, so that more transactions can be processed within each block. This is achieved by removing signature data from bitcoin transactions, which frees up space so that more transactions can be added."
Some kind of action is necessary because the network is becoming increasingly slower as there are more transactions occurring on it than ever. If things stay the way they are now, eventually the entire network would halt.
So, is there anything we should do in the meantime? Well, they recommend to stop initiating any bitcoin transactions at least a day before the "soft fork", or even better 2 or 3 days. And if you have a hardware wallet, its recommended you send all your bitcoin to it.
With the large market cap dominance that bitcoin has in the cryptocurrency world, I'm eager to see the aftermath of August.
Sources:
http://www.ibtimes.co.uk/warning-bitcoin-network-disruption-imminent-cryptocurrency-splits-1630247
Photo Sources:
https://coinjournal.net/bitcoins-block-size-controversy-morphing-debate-hard-forks-soft-forks/
Thanks for the great post. I also made a blog on a similar thing more aimed towards miners but it also covers anyone with money on the exchanges. The more info out about this the better.
https://steemit.com/mining/@evilmonkey/mining-and-crypto-guide-to-surviving-the-bear-market-and-bip-148-uasf-possible-bitcoin-fork
@evilmonkey, I wrote a complete guide to SegWit and everything to happen on 1st August. What do you think of it?
https://steemit.com/bitcoin/@blockrush/bitcoin-segwit2x-and-everything-you-need-to-know-about-1st-august-blockrush
Yer its good for technical minded people like us.
Agreed! It's going to be a tumultuous period (probably, but hopefully not) so the more info the better. I'll check yours out.
With that much votes and very little rewards, i think something is wrong with steemit and it needs to be fixed in hf20 because the notifications are also stopped coming @kccrypto
You can analyze your upvotes with various sites/tools to figure out why thats the case. In my situation, most of those upvotes (60+) were 1% voting power upvotes, so they had very little value.
I'm sure things will work out fine.
The biggest threat to bitcoin is quantum computing becoming available to thieves before adjustments can be made to the blockchain to prevent thefts.
Agreed that everything will be fine in the long-term. The markets will recover, but a lot of weak hands might drop if things go momentarily south.
And you mention a point that is hardly discussed (at least that I have seen). Definitely something to keep an eye out for.
Nice article, hope bitcoin becomes better after this. I guess letting people know on time would allow us them prepare for what's coming next
Thanks! Glad you enjoyed it. Definitely hope bitcoin becomes better--thats the goal afterall. We'll see how long it'll take.
I cant wait to see how this all play's out,time will tell!
Me too! Time will tell indeed.
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