Hi everyone. This is just a quick update on the activation of SegWit (Segregated Witness) on the Bitcoin (BTC) blockchain :)
Segregated Witness (SegWit) will be activating on the BTC blockchain in less than three hours from posting time (around Aug 24th at 1:45UTC). To find out how much time is left before activation, visit segwit.party!
What's SegWit?
SegWit is a technology/process that increases the Bitcoin blocksize limit. However, instead of altering the hard limit, it removes ("segregates") the transaction signature ("witness") data from the transactions themselves. SegWit also provides opportunities for services such as the BTC Lightning Network, which theoretically can allow for lightning-fast low-fee transactions on Bitcoin. Additionally, SegWit may even help reduce high BTC transaction fees and help transactions confirm quicker on the network.
The activation of SegWit can vary depending on many factors, ranging from:
- block mining time/difficulty
- hash rate fluctuations
and others, though we're close enough to assume that SegWit will activate in the next three or four hours (10 blocks). You can always go to this link to view the estimated SegWit activation time, or vistit XBT.eu for another precise activation time estimate, and the exact number of blocks left before activation.
See you in a few hours at the SegWit party ;)
Thanks for reading,
— @mooncryption
Edit: Updated activation times (new predicted time is about 1:42 UTC Aug 24th)
Edit 2: SegWit has activated (as of 1:55 UTC Aug 24th).
I joined the BTC rocket ship. Wanted to get in many times but something always held me back.
An hour ago I made the decision to just jump in. I wasn't going to miss another opportunity of going to the moon. If we have lift off... AWESOME. If we crash, we crash.
It was only after I bought BTC that I read about the segwit activation in a few hours. I'm expecting this to boost the price upwards. I'm excited to
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Yeah, I'm hoping SegWit can have a positive impact on the BTC price as well.
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Update 2: SegWit will be activating very shortly. As such, http://segwit.party is now showing the amount of blocks left rather than the estimated amount of time. This is it, everyone.
I'll be replying to this post for future updates.
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One block left. This is the last one.
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SegWit has Activated!
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Update: The activation time greatly decreased. Predicting SegWit activation in less than 45 minutes! #segwitparty @originalworks
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@OriginalWorks Mention Bot activated by @mooncryption. The @OriginalWorks bot has determined this post by @mooncryption to be original material and upvoted it!
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I really hope this helps. My wallet wanted to charge me $10 to send about $55 worth of bitcoin and this wallet doesn't have a bunch of dust transactions. It was nuts and makes me feel like my bitcoins are being held hostage.
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The BTC fees are going crazy! It took me over $7 to send $20, and that fee still took quite some time to confirm on the network. Just like you, I'm hoping SegWit can reduce fees and help BTC confirmation times :)
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This post has received a 1.04 % upvote from @drotto thanks to: @banjo.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bob-kremton from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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