The 1st August is just around the corner, and the clock seems to be ticking faster than ever. It is a relief to see that in the last few days, the Bitcoin community has finally come to a realization that we haven’t much time left; not a second should be wasted on calling bluffs or stroking egos.
The chart below is a straightforward illustration showing Segwit’s timeline and possible Bitcoin scaling outcomes. By showing you a visual image of probable results, this flowchart intends to urge Bitcoin stakeholders to act rationally and encourage all of us to get involved in this important debate.
Explanation of Technical terms
Soft Fork: A backward-compatible change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid, but old nodes will still recognise the new blocks as valid.
UASF: User-activated soft fork is a soft fork activated by flag day or node enforcement instead of miner’s signalling.
Hard Fork: A bitcoin protocol upgrade that introduces a new rule to the network that isn’t compatible with the older node. Old nodes will not validate new blocks and new nodes will not validate old blocks either.
Segwit: Segregated Witness (BIP141) is a soft fork that aims to speed up transaction time and introduce potential scaling projects like Lightning Network.
Segwit2X: Includes Segwit and later a 2MB block Hard Fork.
Bitcoin ABC: A scaling proposal supported by miners and mining pools.
It is in everyone’s interest to avoid a split in Bitcoin. Whether you are a miner, holder or trader of Bitcoin and Altcoins, this is going to affect us all. As Bitcoin plays such an important role in the cryptocurrency universe, not only is it the coin with the highest market cap but also is the most recognized cryptocurrency in the world. To achieve success in promoting cryptocurrency to global adoption, Bitcoin is the golden ranger in this revolution.
A successful activation of Sewgit before the 1st of August will be a much-needed dose of adrenaline to the community for surviving future fork or split-threat. It is also a big shout out to the world that intelligence can outbeats our subjective human flaws. Decentralized democracy should be our goal and not a joke.
Disclaimer: This is not investment advice. Prescott Regency is not responsible for any loss from the price change in Bitcoin resulting from the above events.