As August 1 approaches,the Bitcoin war over dominance between developers,miners and stakeholders fiercely ranges on. Issues ranging from the delays in processing transactions-purchases takes an average of minutes to hours to confirm,the one megabyte size limit on blocks built into the system,etc.Thus a split ensues over how to respond to this hullabaloo.
Two camps emanated,pushing for different possible solutions: ”Bitcoin Unlimited” (henceforth refer to as BU),and Segregated Witness (SegWit).It must be noted that they can’t both coexist and their implementation will completely split the bitcoin network into two competing digital currencies.
BITCOIN UNLIMITED
Now let us see the different arguments from the two camps.Bitcoin Unlimited-BU is the miners favourite,BU would solve the megabyte size limit on blocks by allowing miners and nodes to vote on increasing the block size when required,giving them effective control of the bitcoin network
SEGREGATED WITNESS
SegWit is more favored by bitcoin developers and enthusiasts,keeping the cryptocurrency more decentralized,rather than handing additional control to miners.SegWit proposes redoubling the transaction capacity of bitcoin,moving some transactions off-chain which might not benefit the miners.
The decentralization factor proposed by SegWit may work for them,although critics see it as a temporal solution for network bandwith,while BU will allow miners to increase capacity with no upper limit
Fellow seemit your contribution will be appreciated on this intense war and debate on Hard fork,what is the way forward out of this current debacle?which of the camps do you support?Are you neutral?
See another thing we should consider is the fork happening before August 1
Nice one
thanks motunrayo
you can also resteem to reach more audience,tnx
yea you are right 60% of the miners are already aligning with seqwit
yea you are right 60% of the miners are already aligning with seqwit BIP148
Nice write up. The outcome of august first bitcoin fork is still in a state of debate and there are still more to unravelled. In the event of hardfork, bitcoin under the users control will not magically double as many think Instead, you will have balances in two separate cryptocurrencies. (Some people are calling this the “148 Bitcoin” and the “Legacy Bitcoin,” respectively). To complicate things further, there could potentially even be a third “BitcoinABC” after August 4th.
If you don’t spend any of your coins during the first few days of August, you’ll own coins on at least two of those chains. It’s recommended you wait until the dust has settled before attempting to send your coins anywhere.
You will most likely need to download or update your existing wallet software in order to access the separated chains, since for all intents and purposes, they will be different currencies. (Source: http://www.bitsonline.com/bitcoin-wallet-ready-hard-fork-august/)
Some expert still suggest that bitcoin holders should backup their coin using an offline wallet.eg ledger wallet.So as to safely secure your bitcoin and finally move it back whatever the case might be.
What Will the Price Be After a Hard Fork?
No one knows, but it should be mentioned that this isn’t like a stock split.
If Bitcoin is worth $2,000 going into the split, 148BTC and LegacyBTC won’t suddenly become $1,000 each. It’s likely that things will look similar to Ethereum after its 2016 hard fork, which resulted in Ethereum (the new chain, currently around $250) and Ethereum Classic (the old chain, currently around $20). The key difference of course is that Ether was only worth $10 prior to its hard fork, so it didn’t have anywhere near as large a market cap as Bitcoin currently does.
It’s impossible to predict what will happen to Bitcoin after a hard fork, but it’s likely that prices will drop while things are sorting themselves out. There will be very little transaction volume on the network, as people will be loathe to risk using their coins.
@pascallawrence,your absolutely on point,the Bitmain coin version is also brewing its head,Bitmain announced it will create Bitmain’s Bitcoin exactly 12 hours and 20 minutes after the UASF activation.Athough the following must be ascertain -the BIP148 UASF must have been successful enough to have gained significant hash rate. Second, there must be strong market demand for Bitmain’s Bitcoin. And third, the non-BIP148 side of the split must not be doing great, comparatively .thanks for your contribution..you can also resteem the post to attract more audience.
Give or take, I believe bitcoin will change a whole lot in the way we do business. Good post
@archronin,you can say that again,bitcoin is the apple cart in the new digital coin order.Thanks
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STOPGreat contribution
my pleasure @spanix,please resteem the post,lets reach more audience.tnx
thanks @spanix
what a masterpiece!
thanks my brother@homeezofficial,you can also resteem the post to attract more audience.
Bitcoin has been a life saver ever since its inception, its truely working to eradicate poverty as predicted...lovely piece u av here
thanks @kassababa,sure bitcoin have come to stay its the new global revolution in finance.you can also resteem the post to attract more audience.
Cool....i'm waiting for august 1st
@valency1 thanks bro,the crypto world is anxiuos.you can also resteem the post to attract more audience.
Can't wait for first August
thanks @mangwe,lets keep our fingers crossed.you can also resteem to reach more audience
Wow
@kelvinluke thanks.you can also resteem the post to attract more audience.
Upvoted
thanks,please resteem to reach more audience
Cryptocurrency, the real deal in the internet world. Kudus guy...
for real @omowumi...thanks
This is a very educative post
thanks Ada for the compliment
Let's keep fingers cross until set date, August 1st. All shall be well for us all, I believe.
You need to believe too!!!!
@thepalms thanks a bunch,its gonna be well with the crypto world afterall
Awesome.... Thumbs up
@stevenmoses thanks for your attention reading the post
Good one, I wish segwit wins at the end to avoid bitcoin split.
@nonnyrich thanks for reading,exactly most investors would not want a split,bitcoin price drop is another factor
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STOPAlthough segwit is said to be a temporary solution by some..it is becoming a favorite with miners. I like the stand point of segwit
@edwardzee thanks for your time,its interesting segwit camp are favorite here
We are going crypto
Thanks @heyzed,yea its crypto all the way
That's nice one... Though the life of crypto is @minial prediction... Pretty much might take place before 1August... @mackleak
@macleak thanks,yea you are right
Cool article
thanks @lad4ibk
Cool article
Helpful post
@msebastian thanks a bunch
Good breakdown , but for the camp question. I believe many are biased.
Thanks for sharing
@komerocks you welcome
Nice one but dont kind bitcoin fork will takeplace again
@skyboy thanks
Kl
thanks bro
Enlightening, nice one...thumbs up
thanks dami,have a great day
Nice post
@sadiq pleasure is mine
Detailed and enlightening
@sebang thanks for your time
Hmmmmmm
I really hope SegWit wins this, it would move bitcoin more to mainstream
thanks chucks,segwit already hijacked the miners
But bitcoin is now rising rapidly again.
Everyone awaits This August 1
Good,Educating And Entertaining Article!
You Are Welcome To Steemit,A Community Of Friends! Well Done .