Blockchain Update for miners and investors 》Get ready for August 1st [SegWit] Important for Altcoins as well!
On August 1st 2017 SegWit is going to change Bitcoin and a known problem once and for all.
Currently one block in the blockchain is limited to 1mb.
This is because in 2009 - 2012, the amount of transactions were not that many / acceptable
but with the gigantic popularity of Bitcoin nowadays sending bitcoins from one adress
to another will take longer than before which is bad not only for you but also for investors.
Meet Segwit on Augusta 1st and its Issues
After SegWit on block is limited instead of 1 mb 4mb.
So each block in the blockchain wil be limited to 4mb and therefore making transactions faster again.
This rescaling will carry one enormous problem: Splitting.
If the majority of miners of nodes stick to the old version, we might see a splitting of the blockchain!
Basically this could result into mayor troubles for example, we might even see a differentiated coin or even community.
Many mining pools agreed to the updated version and this is the essential key here🗝 to get as many people,mining pools, nodes to the new version otherwise we might rather get a 'hard-fork' instead of a participated 'soft-fork'.
Segwit will also prevent us from paying higher fees and as stated aldeady above a slow-down of transaction. Segwit will be activated when they get 95% signalled support of the hashpower. And currently the majority seems to be for SegWit2x at 88%. Infact the top 100 Bitcoin firms said that they'll support SegWit or are working on it. A Hardfork would be disastrous as we would have something like BTCA and BTCB.
What does this mean for other cryptocurrencies?
If you haven't noticed, if bitcoin takes a hit, the majority of other cryptocurrencies take a hit (correct me if I'm wrong). And it is very well predicted that after SegWit Bitcoin will plunge a little bit down so my personal advise would be don't buy until August 1st and see how the price changes.
Who knows maybe Bitcoin will br worth $10k after SegWit or $1350 USD ... or it'll stay at $2k USD.
I guess SegWit will make bitcoin plunge a little bit like for example:
right now 1btc is woth $2180USD
After Segwit my prediction is it will go down to $2k or as low as $1900USD.
🍩That's my prediction and if you liked this post ether click on the arrow up as I'm trying to reach 100STEEM total <<< 14% completed or vote downut🍩 but you'll also make the donut emoij sad ):.