Hey guys, is there some centralized place where us noobs can find information to understand WTF is going on these days with Bitcoin? A lot of people who are in this from the beginning will probably understand all of this, but if you're not a tech nerd, it's very difficult to wrap your head around all these beeps and other folks.
I've been trying to scratch together all kinds of bits of information around the world wide interwebs about what's going on with Bitcoin. And all I find is it becomes ever more complicated.
Héééélp !
Ok well you can check out my article that talks about that for more details, but now it is not as important since BIP-91 hase been locked and that's where bitcoin is going. Currently the issue is on the verge of being resolved so the number of possible forks is close to 0 now.
In short: all of these protocols have been proposed because bitocin has scalability issues: transactions fees are getting too high, and take too long because the network is saturated. 1st option: increase block size to 2MB. 2nd option: Segwit, which is a bit more complicated. BIP= Bitcoin improvement protocol.
By now, BIP-91 has been locked in by >90% of the miners. BIP-91 includes both BIP-148 and Segwit2x. This means that in the coming days, non-segwit blocks will be rejected by most of the community, which means that Segwit will reach 95% approval that it needs to become implemented. This is huge because we are finally finding a way to improve bitcoin wih everyone agreeing... for now
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That was very helpful already @anomiej, voted and resteemed you're article.
So if I get it right we may just as well forget and go on, or do we have to keep an eye on things so we can proact or react swiftly to spikes like those of yesterday?
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Thanks a lot! well for the upcoming days it should go as I desribed (BIP-91 lock-in> Rejection of non-segwit blocks>95% threshold reached> Segwit implemented). There are some minor gorups that may try different forks that aren't even mentionned on the diagram but they are minoritary and not worth mentionning. The next issue is going to be about increasing the block size from 1MB to 2MB. As you can see BIP-91 plans for this increase 3 months after Segwit, so around November 2017. The controversy here is that this change will lead to a hard fork, and some people don't agree with that, especially if Segwit manages to solve the scaling problems... so there may be some turmoil in november...
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@pagandance,
That's really useful article! Thanks for sharing with us! Appreciate your effort friend!
Cheers~
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Nice...That is very useful article!..great work @pagandance thank you so much sharing with us this post...keep it up..upvoted
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there are many people from where you can learn in very simple way i think you must follow they are @hilarski , @xaero1 , @investing and many more to follow ...
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It is a good idea to head over to @thecryptofiend and give him a follow.
He gives a great run down of what is happening regarding segwit and Bitcoin Improvement Proposal 91.
It seems like @anomiej has been a great guy and decided to help you out already.
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