The second phase of segregated witness, dubbed Segwit2X, that was cancelled earlier this year stating a lack of support for the software has returned and will fork the blockchain on December 28th, 2017.
[info title="Update: Fork Information" icon="info-circle"]The Segwit2x fork will happen with block 501451 on 12/28/2017.
“Our team will carry out the Bitcoin hard fork, which was planned for mid-November,” - Jaap Terlouw, Lead Developer
Terlouw states that the bitcoin blockchain ridiculousness has rendered it useless as a payment method. A fact we've been reporting for a minute now in articles such as this explaining how miners, who have the ability to overrule the network rules and reduce fees, are essentially shooting themselves in the foot by refusing to do so.
The fees and congestion is at an all time comical state that's so pathetic the only thing you can do is laugh about it.
However they have no control over the blocksize or congestion and that's another thing S2X addresses if adopted.
The Segwit2x fork will reduce block times to 2.5 minutes and increase block size to 4MB which if adopted, would "make the blockchain great again".
With the miners refusal to do anything about the fees which are ridiculously higher in some blocks than the actual block reward itself, it's uncertain that full consensus will occur with Segwit2x. However it at least puts a solution out there placing the full weight of them blame on the miners if they don't install the upgrade.
In recent weeks the cry from the user community has grown tremendously with people being unable to pay for things and use bitcoin for its everyday purpose.
If you want go give milking the event for some free money, be sure to offload your coin to a local wallet you own the private key to. Don't worry about the Segwit2x coins right now, there will be plenty of information on how to get them in the coming hours. Just get them somewhere safe as a priority then worry about that later.
If you rely on an online wallet, there is zero guarantee you'll ever see your value on the new chain.
DON'T STORE BITCOIN ONLINE!
It's been a while since we've blurted that one out. It still stands and you shouldn't be doing that anyway and as a result, you shouldn't have to worry about Segwit2x either.
There's been quite a few forks this year with Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, so on and so forth but all were pushed without an opportunity for consensus really resulting in a bunch of altcoins. Bitcoin Cash being the only real contender but ultimately the longer chain wins and it's not bitcoin.
Is Segwit2x the answer? Hard to say. There are many varied opinions on the topic. Right now however, it has the best shot of getting something accomplished because just about anything that speeds up the blockchain and reduces fees would be welcome globally now.
Bitcoin is currently not usable. That is a massive problem and if it fails to reach consensus, bitcoin could be in trouble unless another solution is presented almost immediately to fix the problem.
I guess there is always Bitcoin God. Yes, I am afraid that is actually an upcoming fork on the map.
Let's hope it doesn't come to such ridiculous things.
[accordion] [item title="Author and Credits"] Article by dinbits
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