What Is SegWit2x?

July 24, 2019

FrederikNielsen
45

What Is SegWit2x?

Everyone has already heard about such a concept as SegWit2x and that in the coming months, bitcoins are waiting for dramatic changes. Let’s try to figure out what SegWit2x is, what will happen to Bitcoin in the coming months and whether it is worth selling Bitcoin now. It is such a technology as SegWit2x that is designed to resolve all these issues, to make Bitcoin again fast, profitable and fresh. Without going into complex technical terms, SegWit2x is what should give Bitcoin a new breath, move it to even greater popularization and new heights in value.

If we go back a few years ago, when it only became known about Bitcoin, and he was not so interested in serious investors, even 640 KB was quite enough. However, from year to year, the popularity of cryptocurrency increased, as a result of which there was a need for the emergence of a new unit, allowing transactions of 1 MB in 10 minutes. But this over time turned out to be little, and the sharp influx of people interested in Bitcoin demanded an increase in the speed of transactions.

The load on the system has increased so much that most transactions began to hang, and the technology SEgwit2x was designed to solve this problem. At the same time, it would not only allow to increase the number of transactions processed per unit of time but also protect against certain types of attacks, increase the overall efficiency of calculations and make cryptocurrency not only financially attractive but also very convenient.

Unlike the previous SegWit

Unlike the previous SegWit technology, which left the base unit size limit unchanged while moving a certain piece of information into a special additional unit, the SegWit2x technology also provides for an increase in the size of the main unit. Proponents of the latest technology offered to gradually increase the limits, and if by August 2017 it should have been 2 MB, in September it should double to 4.19 MB, then as of August 2019, it should already be almost 16.8 MB.

Who supports Segwit2x, and who opposes its implementation?

It is worth saying that all supporters and opponents of the new technology, first of all, are guided by their own interests, and not the interests of the crypto community in general. So, for the early implementation of SEgwit2x, large mining pools, well-known startups (Blockchain, BitPay and Coinbase), as well as developer Gavin Andresen from Bitcoin Core, who is no longer working in the company, have already spoken for Among the opponents of this plan are cryptocurrency exchangers, some node operators and Bitcoin Core developers, whose duties include software technical support.

What is the future of Bitcoin

What is the future of Bitcoin after the introduction of SEgwit2x, which will take place on November 14th? It is quite difficult to say unequivocally, because some market participants who support the introduction of this technology claim that this will further stimulate the already considerable bitcoin rate, which has already managed to overcome the $ 7,000 mark for one cue ball, while other experts say that technology can create serious pressure on Bitcoin quotes and lead to solid problems, up to the total split of the crypto community. And how everything will be in reality, time will tell.

As for market experts, they do not recommend users to rush into selling bitcoins. So, Michael Vogel predicted cryptocurrency “a long and bright future,” saying that he will continue to be a supporter of bitcoins. He agrees with his opinion, and the expert Alexander Matanovich, urging the owners of bitcoins not to panic and keep bitcoins on offline wallets.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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