Oct 31, 2017 by Andrei Calina
Facebooktwittergoogle_plusredditpinterestlinkedinmail

Less than three weeks (November 16 or so) separates us from what many call the “hard fork”, the Bitcoin split in two. With so little time remaining, users are still wondering what changes will this breakup bring.

The hard fork has the potential to create two blockchains, each with its own set of coins. A division that was about to happen eventually, after a three-year-long battle between two factions who’ve been fighting on how to increase the amount of transactions the blockchain can process per second.

The amounts of money this can generate are ridiculous

A separation that can be summed up with four incredible words – one hundred billion dollars.

Twitter, Slack channels and email lists are the battlefields now and none of the two sides is willing to back down. “I don’t think it will cause havoc at all,” said Mike Belshe, one of the developers working on the new fork of Bitcoin, according to Forbes.

Disagreeing with the process by which the decision to hard fork was made, Bitcoin protocol developer Matt Corallo declared that the decision to do the SegWit2x hard fork was pretty much a declaration and that this separation is incompatible with the process that is Bitcoin core.

Users aren’t fancying the idea

And many users seem to be against the hard fork, while on multiple exchanges, SegWit2x tokens are trading at around 15% of the current value of a Bitcoin, with 1x tokens having a much better time, at about 85%.

However, the SegWit2x chain is likely to have a “fan base” composed of the miners who run the network. Despite this probability, Matt Corallo is sure that an attack on the minority chain won’t be productive for miners. He also gave the example of the previous Bitcoin fork, that created Bitcoin Cash, and that hasn’t yet been attacked.

Don’t be too surprise if from the whole November hard fork, Bitcoin Cash ends up actually being the winner.

Facebooktwittergoogle_plusredditpinterestlinkedinmail