Rumour has it that Bitcoin Miners finally agreed to integrate SegWit for Bitcoin within the next 3 months!
This could be a huge development for Bitcoin as well as the whole cryptocurrency world!
Nothing has been confirmed yet, but several sources reported in the last few hours that Bitcoin Miners might have finally come to a conclusion.
What is SegWit and why is it important?
The Bitcoin network is currently overloaded - it's getting more and more popular, so the network has to deal with more transactions than it was built for. Currently, it can mange 7 transactions per second.
Due to this capacity overload, some transactions are currently taking too long to be confirmed.
This is where SegWit comes in: SegWit stands for segregated witness.
It's a process which reduces the size of blocks on a blockchain, by removing signature data from the transactions.
Therefore, there is additional capacity on the blockchain for more transactions and confirmations can be completed quicker.
The Rumours
There have been several rumours about the Bitcoin SegWit activation and a 2MB block size in the last couple of hours.
A post on reddit showed a screenshot of Charlie Shrem supposedly hinting about the update in a Telegram group, telling people that there were big, segwit-related news and that people should buy bitcoin now.
Whether this conversation is real would still have to be confirmed.
CoinDesk's huge Consensus 2017 Conference has just kicked off in New York City today, and supposedly some Bitcoin Miners met up yesterday to discuss the SegWit activation.
Jihan Wu and Barry Silbert supposedly also confirmed the integration of SegWit into Bitcoin.
Entrepreneur Alistair Milne tweeted that a meeting organized by Silbert at Consensus produced what “may conclude the Bitcoin scaling debate (for now).”
You can read more about the Bitcoin SegWit activation in this and this bitcointalk thread.
According to these sources, SegWit could be activated within the next 3 months - or even earlier!
Rumour has it that an official announcement will follow tomorrow.
This would mean that the Bitcoin price could make a huge jump tomorrow, but eventually other Altcoin prices may drop as all eyes are on Bitcoin.
What's your opinion on this? Will the SegWit-BTC-Activation happen sooner than we think ?!
Sources: 1, 2, 3, 4, 5, 6, 7, 8
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© Sirwinchester
That would be bloddy awesome!
I think it's about time actually!
Good news for the bitcoin community. I have been reporting on bitcoin's waning dominance in my report on coinmarketcap . Bitcoin dominance has reduced drastically to 46.4% from about 60/70%. Ethereum now has 50% of bitcoin's total market share. If care is not taken, it will displace bitcoin. Remember that some UN projects (e.g world food program) have adopted use of ethereum for execution of smart contracts. There is a current, ICO backed by the UN, Ecobit Green project, http://www.ecobit.io/ , that is using ethers for crowdfunding. So ethereum is darling of the United Nations. Thanks for sharing. Upvoted your post.
Yeah, if they don't activate Segwit, the other ALT's are going to push Bitcoin into irrelevance. I think the miners are starting to understand this and they will take a hit to profits now, but will gain in the future as Bitcoin will be king once again.
and after that happens. TO THE MOON!!!!!
exactly 🚀🌙
To the moon thats Dogecoin??? 😀
True, I also wrote a post about Ethereum being used by the UN. Seems like bitcoin needed some big news like these to get ahead once again!
Let's see if an official announcement will confirm these rumours tomorrow!
It is nice to see Bitcoin take over the bullish trend again. If really BTC scaling debate sorted out without a hard-fork which is unlikely, we might see BTC rocketing while most Altcoin with fake volume which currently survive on BTC static state will go to the bottom so fast.
Exciting & Dangerous time in cryptospace
Good article @sirwinchester
Congratulations @sirwinchester!
Your post was mentioned in my hit parade in the following category:
Yes, it's true. Read more here: https://steemit.com/bitcoin/@aaronkoenig/big-bitcoin-players-have-agreed-on-segwit-2mb
An announcement has been made, but we still need to wait for Core's response. Remaining patient, but hopeful. It sounds like progress.
https://steemit.com/bitcoin/@neoncow/83-hash-power-consensus-on-segwit-2-mb-plan
Rumours seem to be true guys!
Let's see when the official announcement follows, and what will happen to the BTC value after that...
An announcement has been made, but we still need to wait for Core's response. Remaining patient, but hopeful. It sounds like progress.
https://steemit.com/bitcoin/@neoncow/83-hash-power-consensus-on-segwit-2-mb-plan
Nice, I was just talking about this in my article about How litecoin might be under-evaluated, and eluded to the what BTC + SegWit would mean for LTC's value.
Seems like your timing was perfect, the scenario might become true tomorrow!
It did come true, lol. Gains of >30%.
klingt sehr spannend! Danke fürs Teilen!
😉 ich freue mich wenn ich so "frische" News teilen kann!
das glaub ich, bin auch immer auf der Jagd!
Jihan Wu has been playing this game for way too long now. says he's gonna do it then doesn't, it's all bullshit, don't believe anything you hear from miners. they care about one thing and one thing only money, and yes that is how the world works, i get it which is why i say rest assured this chinese miner takeover of bitcoin is far from over. the only way out is to ditch bitcoin for something with decentralized mining. there are a number of choices.
They better hurry to announce good news if they don't want Bitcoin to become the new barbarous relic. The flippening has never felt that real, and every day that passes puts one more nail in Bitcoin's coffin.
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upvote and RS for u
very nice!
Thanks for the heads up :)
The segwit in bitcoin looks good...I Hope...