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Here we are. At the next real move in the Bitcoin network after august 1st.
First of all, i'm not an expert in this world. But i try to put here in a simple way, some information that can help other simple crypto people like me. Hope it helps for others too.
After the fork was a little bit of silence then some big moves in the market.
First move came from Bitcoin when it raised at almost $4500 (highest was on august 17 = $4484.70) then the second (few days ago) when Bitcoin cash was pumped up by Koreean exchanges till almost $1100 (highest on august 19 = $1091.97)
(data collected from: coinmarketcap)
Bitcoin (BTC) Historical Data | CoinMarketCap
Bitcoin Cash (BCH) Historical Data | CoinMarketCap
Of course other coins went up, like Neo, Monero (XMR), OmiseGo (OMG) and others. But the focus now is on the next change in the Bitcoin network.
This SegWit (Segregated Witness), brings to an end the upgrade to the network.
In simple words, i gathered from different sources some good things will bring that change:
First:
quote (from link below)
it removes transaction signatures from bitcoin blocks—the batches of transactions that are approved every ten minutes. This will increase room for transactions by about 60%, reducing the time users wait for transactions to be approved. It is supposed to make using bitcoin cheaper, faster and more secure.more info here:
How SegWit Made for a More User-Friendly Bitcoin | Investopedia
Second:
more info here:
- It rearranges how data is stored in bitcoin blocks.
- It boosts capacity while remaining compatible with past versions of the software.
- It removes transaction malleability, a bug that's been the primary roadblock for many bitcoin projects.
50 Blocks to SegWit: Bitcoin's Coming Upgrade Is a Blockchain Game-Changer - CoinDesk
Some other details about Segwit are here:
Explainer: What Is SegWit2x and What Does It Mean for Bitcoin? - CoinDesk
Segwit2x and the Tale of Three Bitcoins - Bitcoin News
I read also a Trezor post regarding SegWit changes. They say about what that changes means and how will it be implemented in Trezor Wallet.
There it will be two different accounts in Bitcoin wallet, one of them being empty. You will need to move funds from old one to the new SegWit accounts:
How will Segregated Witness work in TREZOR Wallet? After SegWit activates, you will be greeted by two sets of different accounts in your Bitcoin wallet. Your new SegWit accounts, simply labeled as Account #, will be empty, as they are completely new. Do not worry though, all your funds will be available in your Legacy Accounts.also:
If you wish to use new features, you will need to move your funds to the new SegWit accounts. You will be able to do so by sending a normal bitcoin transaction to your own address. SegWit (P2SH) addresses begin with a “3”, like multisig addresses.You can find more answers regarding Trezor Wallet here:
If you do not want to use SegWit features, there is no need to do anything. We will continue to support Legacy Accounts indefinitely.
Ready for SegWit activation on Bitcoin? – TREZOR Blog
So, if we have money on exchanges like Bittrex, Poloniex, Coinbase, there is no need to do anything.
How will next major forks will change the market? From all done till now, it moved it up and down but raised the value of main crypto currencies.
We'll see to the next ones what will do.
Also, don't forget about Segwit Party :-)))
photo source
SegWit.party
at the post time, were remaining: 3h 17m
L.E:
I forgot to put the link where you can see how many nodes are running SegWit2x software and how many pools support it:
[Coin Dance | Bitcoin Nodes Summary](https://coin.dance/nodes)
[Coin Dance | Bitcoin Block Details](https://coin.dance/blocks)
*Till next time dear steemers!*
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You can also read this article here:
BLOG:
READY for BITCOIN SEGWIT Activation? ->4 hours left - august 24th, 2017
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READY for BITCOIN SEGWIT Activation? ->4 hours left - august 24th, 2017 — Steemit
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