THIS IS A MINNOWS ATTEMPT TO EXPLAIN SEGWIT2X AND THE WHOLE BITCOIN HARDFORK PHENOMENON!
For Crypto Novice and Newbies, SegWit is not a coding phrase; it simply means Segregated Witness...
That been said, for not-so-techy folks like me; what is the meaning of this term?
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.........Investopedia
So after few months as a rookie in the cryptocurrency world, i have come to realize that a whole lot of drama comes with the blockchain and the battle of supremacy between Altcoins; for all i know and have seen, Bitcoin is still taking the lead even though the dramatic decline in prize is not over yet, there seems to be a Touch Down over the last couple of days which has impacted some other Altcoins. "The episode is not anywhere close to finishing yet"
SegWit as seen earlier are this digital signatures that needs to be splited from other data transactions, a process that was proposed by Dr.Pieter Wuille. This happens to be a viable solution to Bitcoin platform problems where additional blocks are added to the chain as many transactions are continually implemented.
This huge loads of several transactions that each blocks stands for is killing the Bitcoin network with delayed response time creating process stagnates and wiping off of many transactions- that is why your coins go missing at times.
Age long heavy loads of Bitcoins transactions on the Blockchain
Let us all imagine all the transactions that had been carried out in bitcoins from the creation of bitcoin almost a decade ago all still laying down there on the network(blockchain) and multiple transactions still been added. Hence, SegWit2X seems to be the exponential change that could relieve the Blockchain of this age-long loads it's carrying.
As of may 2017, SegWit is yet to be put in effect because 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore clients for at least two weeks before SegWit can successfully be implemented......Investopedia
Presumably, this two weeks or more waiting period could start on the 20th of July to the first week of August, as it has been rumored. But experts says it might extend till November before the dusts will clear off. Countless of advise had been issued to traders and investors as the Volatility of Bitcoin might exponentially increase and many coins flushed away during this process. "Maybe that is why the sudden fall in Bitcoin price is so rapid, time will tell".
SegWit2X is relative to the Bitcoin Hardfork which all hope is that, it will make all the necessary changes that accompany this upgrade to be acceptable into the core of Bitcoin.
Even though some major Shareholders do not want core control of reference client(Whatever that means to Crypto Rookies); As far as the media and internet has it, major big-horns like Poloneix, Bithumb, Kraken, Chaincode etc have not signed this agreement to core run this software as they are not mandated to adhere by it.
What impact this Whole Bitcoin Hardfork Phenomenon and Segregated Witnesses has on common Crypto Novice like us is not clear, but we sure hope it doesn't not crash the price of other Cryptocurrencies especially our own dear Steem!
Credits: Jimmy Song
You deserve resteem and upvote. Thanks a lot. Getting to understand this segwit of a thing better as well as the challenges of Bitcoin. I don't think it will affect Altcoins for so long. It's effect will be temporary.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks mate, hoping this effects wear off soonest!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by oluwoleolaide from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. 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.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Transactions can not be wiped once they have 6 confirmations. The limited capacity of the network creates a backlog of transactions waiting to be processed, which drives up fees as people attempt to compete for the first couple places in line. This cannot make coins go missing - when you broadcast a transaction it either gets included in a block, in which case it is confirmed, or it fails to be processed because of the backlog - in which case the coins never left your wallet.
If you are referring to the issues that have been rampant at Poloniex with deposits and withdrawals going missing - these issues have nothing to do with blockchain technology itself, and everything to do with either malice or incompetence (or both) on the part of that exchange.
If you have money on deposit at that exchange, I urge you to withdraw all of it and never look back.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good man you are, but have ever heard of transactions going missing?Not ever?...well i have two occasions, so can you explain that to me?
Poloneix is not the subject of the matter.....
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit