SegWit: the countdown progresses


#1

Originally published at: https://wirexapp.com/segwit-countdown-progresses/

The Bitcoin scaling debate is now entering a key phase. SegWit2x and BIP148 are two of the most popular scaling proposals that intend to activate Segregated Witness (“SegWit”) within a month. If this happens, the protocol upgrade could be in effect within two months. When this happens, Bitcoin could conceivably split. If both SegWit2x and BIP148 diverge from the present Bitcoin protocol, even more splits could result.   What is Segregated Witness? Segregated Witness, or Segwit, is a…


#2

SegWit2x has been called off, or at least for now postponed. Why is this and what does this mean for Bitcoin?


#3

In the simplest term possible; SegWit2x seems to have presented more potential problems than solutions.

It was both a proposal that seeks to change bitcoin’s technology and a formal written agreement reached between certain parties interested in that change.

Mike Belshe one of the lead architects of the SegWit2x protocol, stated:

Unfortunately, it is clear that we have not built sufficient consensus for
a clean blocksize upgrade at this time. Continuing on the current path
could divide the community and be a setback to Bitcoin’s growth. This was
never the goal of Segwit2x.

The recent price spike in Bitcoin to $7700 after SegWit2x was called off suggests that the community is happy with this decision.