Bitcoin scaling argument can be discovered back to 2014-15 then that the Bitcoin community has started considering the fact that there can be a restriction to the transaction capacity of the network. That restriction could be, seven transactions per second, and that is certainly too low for a big user base.
The fears have proved themselves: after two years, the Bitcoin network is apparently unable to tackle the frequency of transactions which is coming from fast growing users. The audiences have been undergoing high waiting times for the several months..
There is almost no dispute that Bitcoin has to be fixed somehow to make it technically workable for the user base to keep thriving. Therefore we can see how it could be done.
The two main solutions came into picture to the scaling issue are Segregated Witness (SegWit) and Bitcoin Unlimited (BU). Both are accomplished, in the standpoint of software. Nevertheless, before anyone can argue that one of them has been taken over by the network, they need to get the great rate of favour from the miners. It consequently made really hard to attain, as both updates are bothering large disagreement on varies grounds.
Those things don’t appear to be interrupting miners, as Bitcoin Unlimited is now the most supported proposal, accepted by the share of network’s hashrate signalling for its favour- 37.2 percentage. If that percentage approaches 50% or more, it is likely for a unexpected hard fork to arrive, i.e. the miners are determining to proceed and turn to BU, hoping that the remaining community will be enforced to act according to them.
ImageSource: CoinTelegraph
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Both BU (or, rather, "Emergent Consensus") and SegWit needs significantly more than 50% support to "win". Forcing through SegWit or bigger blocks without sufficient miner and community support may cause a chain split, which may be very harmful indeed. I find it particularly weird that those who have been arguing loudly that the protocol shouldn't be changed without "full consensus" and that a hard fork is dangerous due to the risk of a lasting chain split now seriously want to force through segwit at the 1st of August, come hell or high water ... it just doesn't make any sense to me.
Now there is the compromise segwit2x, that's my favorite proposal for the time being.
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I also hope that the proposal of SegWit2x go forward as it may rescue Bitcoin from it's current crisis... Indeed its very explanatory article @tobixen i like your post in the blog
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BU is for small minded greedy people. SW is by far the most sensible and risk-adjusted best solution.
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This rift in the bitcoin community shows a lot of uncertainty for bitcoins future to outsiders who don't really understand the technology.
I think the flippening of ETH and BTC might happen shortly after august 1st, I'm predicting a big rise in alt coin use
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@moomoo Yes we will see the effect very soon. The value of alt coins will go high for sure...
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Ive thought the same thing, i assumed it would happen a few weeks ago, but if this actually goes through, bitcoin will be ripped apart and ETH will take the top spot without even having to break a sweat
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BU is far from accomplished software. It has crashed too many times and there's a dominant opinion that its code is just too crappy and unsafe. The hashrate that is signaling in its favor is basically more or less directly connected to Chinese mining king Jihan Wu and his company Bitmain. It will not increase further. Segwit on the other hand is more or less inevitable in one package or the other. The problem with it is that it presents a radical change of the bitcoin protocol as designed by Satoshi and it will bring more unforeseen technical issues. However, it solves one of the serious problems of the bitcoin network (malleability issue) and that was actually its primary goal, not solving scaling issues. Network congestion is a real problem (although somewhat artificially created) which will not be solved by SegWit (maybe short time since it technically will increase block capacity by over 2x times). So the proposal that might get the most support is actually the one that compromises with both SegWit and some degree of scaling known as SegWit2x (this article explains more about the proposal but mostly about the possible route of activation.
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great post. Top of your head which altcoins would you consider promising?
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ETH, LTC, XRP, DASH seem to have the brightest futures ahead of them
Steem will make it as well as long as the community continues to grow at a healthy rate
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That hardfork is going to absolutely destroy the price of BTC
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Hallo, could sb explain BU? i know segwit (eg litecoin) and segwit is a thing that would solve lots of problems of BTC but i dont know the other methods to bring BTC to the next level...
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Scaling solutions HAVE to be implemented and fast! The longer miners and users wait to scale Bitcoin, the more likely chance investors will look elsewhere for a scalable Cryptocurrency. FIX IT!
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Why don't they just combine both and become segwit unlimited 😀
Then we could have the best of both worlds, a group egotistical Devs and the Chinese mafia mining btc
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@saithe SegWit Unlimited interesting name
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