As of about an hour ago, SegWit has reached the lock-in threshold for Bitcoin.
That means it is no longer up for debate whether SegWit will actually be implemented or not, but rather a when will it be implemented!
Today, at block 479,707 Bitcoin reached the necessary threshold for SegWit to lock in with 100% of mining pools signaling support for the proposal.
Bitcoin is doing quite well on the news, up about $80 to around $3420 from the time it was known SegWit was for sure going to lock in.
It's technically not technically official, technically.
But, technically it is.
The official lock in won't happen until tomorrow morning once this signalling period has ended at block 479,808. But, for all intents and purposes, it's locked in.
100% of mining pools have signaled support.
The fat lady is singing!
*This all important block was mined by BitClub, actually it is not all that important but fun to note never the less.
What happens next?
I am glad you asked!
Well now that SegWit is locked in, that doesn't mean each block from here on out will be updated with SegWit. Instead there will be a two week grace period to give miners and other users (exchanges) a chance to upgrade their software.
That would place us squarely on August 21st at block 481,824 for actual implementation of SegWit.
Once that 2 week grace period ends (August 21st), SegWit will activate and the miners will start rejecting any blocks that do not support the SegWit changes.
What will SegWit do exactly?
That has been spelled out in several posts in the past, but basically the hope is that it will help Bitcoin scale. It will increase the block sizes from 1 MB to 2 MB and will hopefully help with speed and transaction costs.
There are several other benefits as well that I won't really go into here.
More about SegWit can be read here:
https://steemit.com/cryptocurrency/@jrcornel/a-new-signaling-period-for-segwit-just-started
Basically, this is the dawning of a new era for Bitcoin.
The SegWit chapter can finally be closed.
SegWit was first proposed by developer Pieter Wuille back in 2015. It has been mulled about ever since.
Here we are 2 years later and it is finally being implemented.
Hopefully this will help with the scaling and confirmation issues. We will know a lot more in a few weeks.
We will talk again about this around August 21st (or shortly thereafter) and see if there are any notable changes at that time.
Stay informed my friends!
Sources:
https://www.coindesk.com/its-official-segregated-witness-will-activate-on-bitcoin/
Image Sources:
https://www.cryptocompare.com/coins/guides/what-is-segwit/
https://www.cheapoair.com/miles-away/6-insanely-cool-spots-on-this-earth-that-will-blow-your-mind/
Follow me: @jrcornel
We will have the privilege to witness the competition between on-chain scaling versus off-chain scaling. Bitcoin versus Bitcoin Cash.
The real competition seems to be between Segwit2X and UASF/1MB, and I'm concerned it will be pretty messy. At least, everyone on the Bitcoin Cash side is so far honest enough to agree Bitcoin Cash is an altcoin ... while it seems to me that in October we'll have a chain split without any designed replay-protection and with both sides claiming their chain is the only real Bitcoin.
Any source?
Just 8 days after the fork and we already have 12 thousand more BTC's than BCH's? It has something to do with it?
That scenario you're proposing could be a life saver for Bitcoin Cash as some people would try to get out that turmoil, and they're hoping to get some confidence by then...
Anyway, eyes on NEO, great potential out there!
@jrcornel
I got the idea that segwit opens up BTC to collusion attacks from miners that could result in thefts.
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I feel this is a bit of a non-news since miners have been rejecting any blocks that do not support the SegWit changes since the BIP-91 lockin already.
Thanks for update. No change in transaction fees yet. BTC purchases on coinbase.com are still as expensive (or more expensive) than what I get charged by master monopolists Visa and Mastercard to use their charge cards.
Will be interesting to see if transaction fees do drop? Or are we still buying into a scam of the amazing excellence of BTC and transactions fees being lowered, while exchanges charge more than credit cards do.
There is some danger of an "emperor has no clothes" type of moment in the near future, if the transaction fees don't take a big dip.
STEEM On!!
DaveB
Good points. It won't fully be implemented until August 21st, so I wouldn't expect to see much change until then. It will be interesting to see how much of an effect it has though... (if any)
Bitcoin > millionaire asic mining manufacturer
Thank you for posting @jrcornel.
Well said.....in an engaging way.....very relevant as well.
Always enjoy hearing any news with regard to cryptospace
All the best to you and yours. Cheers.
Segwit in, BITCOIN should continue to climb and lead by example.
It sounds like $5000 around the corner.
Bitcoin cash is just there.
The future for cryptocurrency is getting brighter day after day.
Keep on steemit!!
Bitcoin Cash is just there, like that wallflower in high school that you didn't really notice, only to realize later on in life that said person was intelligent, attractive, humble, and funny. They probably liked the same sports team as you too.
Don't make the mistake of writing off Bitcoin Cash. Scaling to 8MB blocks is going to provide immediate relief and when Bitcoin Cash becomes as profitable to mine as Bitcoin, you might see miners shifting their computing power, making BCH even faster and more desirable while putting more stress on the BTC ecosystem.
It's a wild ride for sure!
https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money
lock in!
Thanks for sharing
Superb news
Guess the Segwit2 upgrade will happen without issues and at the end of 2017 we will still have Bitcoin and Bitcoin Cash. The only difference is that the miners will divide their capacities for the most profitable coin on one hand and the best coin on the other hand (or at least for a while)
That is bad thing when bitcoin is splitting and what miners hated
I was always seeing that this fork had a more effective psychological impact! Anyone agree ?
Interesting that segwit will be implemented on the 21st August as this is also a phi mate turn date and a total solar eclipse - all very auspicious!
Interesting indeed. Wonder what it all means? :)
It means that now, even nature thinks BTC is going to the moon! ;)
Haha, I wonder if nature's track record is as good (or bad) as Goldman Sachs?! They called for $4k BTC within the next couple months about 2 months ago.
https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money
Since, technically, the Segwit isn't technically implemented completely until tomorrow and then more technically in two weeks, I think Bitcoin is hitting $4k by Fall. No reason not to with all the positive news.
The real question is, where will Bitcoin Cash be in the Fall....hahah :)
That is a great question... and technically a great observation, technically. :) Personally, I think Bitcoin Cash will continue to trend lower, but who knows, if for whatever reason SegWit doesn't do enough and the market starts thinking that Bitcoin Cash was the correct way to go, perhaps money flows back that direction...
Agree.. goes up, lower, and moon
After getting hammered to a low of $190 a couple days ago and seeming to settle in around $350-400, I'm starting to think Bitcoin Cash might have a future.
Perhaps newer investors won't see much of a difference between the two and would rather have a full BCC instead of a tenth of Bitcoin. I wouldn't be surprised if BCC rebounds to see it's all-time-highs within the next year.
Or maybe it will just die. Who knows...
Or there is that as well. Ether and Ether Classic seem to be coexisting quite well... It was interesting how the value behind BCC was basically created out of thin air, $5 billion market cap without BTC going down at all... you don't see that very often.
Good point. It basically acted like a dividend for Bitcoin holders.
you should check this article out:
https://steemit.com/bitcoin/@belerophon/the-black-swan-that-could-turn-bitcoin-upside-down
First of all, thanks alot for posting this information about Segwit, i followed a livestream about it before but really dont got a hold of what it was acctualy doing, but now i know :)!
It is quite awsome that this is implemented and that it might help speed up the transactions in the network, something that i personaly belive is the problem with bitcoin now.
Also i just got accepted into steemit and it is really nice to see that this kind of information will be what my first comment is going to be on :D
That's awesome. Welcome! Glad you decided to join!
Thanks Jrcornel! it is nice to see that this community seems alot more friendly then other similar places :)
Check out the newest post from @sneakgeekz: Singapore July 2017 Blockchain 2.0 Master Class and follow if you like the content :)
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You always manage to get a smile on my face when i read your posts man. Well not always 'technically', but a lot of the times ;)
Haha thank you! I'm glad :)
tip! post
resteemed.
Thank you! Gave your latest post a little bump as well :)
Thank you that's really appreciated!
It is indeed great news for Bitcoin. We'll see how the 2 Mb block size hark fork will go in approx. 3 months, but if everything goes well without any further chain splits, I believe we might see $5000 Bitcoin as a Christmas present :)
Awsome. Let's hope everything goes flawlessly. We'll see $5000 BTC in August or September and perhaps even $6000 before new years.
Hopefully
The civil war is coming
Thanks for the update!
2mb lets see what happens
Great news! Viva le bitcoin!!!
Upvoted & Resteemed
Cheers, from @thedamus
Good point
@marmarena
Yesss my dreams came true wooooooooo
10k bitcoin baby
Yeah, but it's "just a bandaid" or "lipstick on a pig", blah, blah, blah... Whatever.
You know, I don't mind hearing the haters speaking out against Bitcoin - it reinforces to me just how much more room there is to run.
Good point, if there was no wall of worry to climb, we might be in trouble in terms of price. :)
thanks for shareb @jrcornel
Nothing can stop Bitcoin
i don.t like this 😣
As of a few moments ago the steady price climb is continuing .
Bitcoin will rise up to 10.000$ 😉
Thanks, Very excited by the news.
bitcoin very STRONG! will lead way for DECENTRALIZED universe!!
My price target for Bitcoin is $5000.
Good for Bitcoin.
Good add
Great! I'm pretty done with the news on Bitcoin and i'm happy with the gains from the market finally!
You and me both.
Finally I understood what the segwit will do. Thanks ;)
So, when should be finally get faster confirmations and lower fees?, after august 21?
Yes.
Until a new chapter opens...
Hello there, too much info for me I'm new into this crypto world but triying to catch up. Thanks for the heads up!
Exciting to hear that scaling will be easier! Great post!
The sky is the limit now!
I'm glad you posted it @jrcornel. I have kept my small earnings here in Steemit into bitcoin, it may not be big but I believe in bitcoin's potential. I am waiting for it to be 3800 dollars then I will sell it. Again its not that big, but that will be the payment for my studies.
Hey would you mind explaining what all the November hoo-ha is then? I am still confusing by all this stuff. I actually thought Segwit was already locked in. And why are people saying another fork could happen in November? Thank you!
Sweet...sounds like good news to me. Bitcoin to the moon!
Segwit will indeed mark a new era for Bitcoin. Now, governments will be able to collude with miners to steal your Bitcoin (in addition to other nefarious actions). It's an era I have no desire to participate in.
@shenanigator, haven't seen a post in some time. Hope all is well.
Thanks for continued support with upvotes. Much appreciated!
Are you completely getting out of the cryptocurrency game?
All is well, thanks! Life has kept me busy lately. I'm not getting out of crypto, just Bitcoin. I believe crypto is a game changer, and am excited about its future.
It's good to hear from you. Thanks for the extra info. I think the future in crypto is going to be a fun ride.
Hey thanks so much for the explanation. I've been looking for more on it and this is great!
I was watching along with Andreas Antonopolous on twitter earlier and he was going nuts over it. I like how you put it as a new era, I am very new to all of this and I love it.... I cant get enough, I think the new era is already here.... i think the market cap numbers can agree to that :D
Only 20 blocks left before technical lock-in.
ETA ≈Wed, 09 Aug 2017 11:46:58 GMT
Excellent post @jrcornel and I'll be tuned in for the 21st August update. I'd no idea about SegWit and thanks to you I do now, off to Google for a bit a research. Upvoted and Following.
What if invests in Bitcoin in 2011 - let's find out how much you earn? ...
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