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Author Topic: SegWit and What it Means for Your Bitcoin  (Read 1863 times)

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Offline sabrina8089Topic starter

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SegWit and What it Means for Your Bitcoin
« on: August 10, 2017, 02:06:33 PM »
SegWit, or Segregated Witness, is a potential solution to a problem that has caused much debate in the Bitcoin community for a while. The idea behind SegWit is that there was a scaling limit to Bitcoin that would always prevent it from having more than a certain amount of transactions per minute. Right now, only 1 megabyte worth of transactions can be executed every 10 minutes and this is creating a backlog. As more users show interest in Bitcoin, this popularity tends to work as a double-edged sword resulting in delays in the system. It also makes it entirely implausible to implement systems that use micro payments or anything of the sort.


Offline neowebwallet1

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Re: SegWit and What it Means for Your Bitcoin
« Reply #1 on: November 20, 2017, 12:00:06 PM »
 The scaling proposal called Segregated Witness (SegWit) is expected to lock in on the bitcoin network today. SegWit is projected to meet the necessary threshold later this afternoon (around block 479,708). And while it's theoretically possible miners could change their minds, it's unlikely they will – in short, miners have a huge financial incentive to enforce the change.

Offline blawks

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Re: SegWit and What it Means for Your Bitcoin
« Reply #2 on: November 20, 2017, 03:19:16 PM »
"The Segwit2x effort began in May with a simple purpose:  to increase the
blocksize and improve Bitcoin scalability. At the time, the Bitcoin
community was in crisis after nearly 3 years of heavy debate, and consensus
for Segwit seemed like a distant mirage with only 30% support among miners.
Segwit2x found its first success in August, as it broke the deadlock and
quickly led to Segwit’s successful activation. Since that time, the team
shifted its efforts to phase two of the project - a 2MB blocksize increase
...

As fees rise on the blockchain, we believe it will eventually become
obvious that on-chain capacity increases are necessary. When that happens,
we hope the community will come together and find a solution, possibly with
a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade."


 

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