Prepare Your Self on August 1

Bitcoin Chain Split

Prepare Your Self on August 1 – Bitcoin Big Days, Chain Split Possibility

Bitcoin Chain Split. Soon on August 1, will become the historical moment into the Bitcoin network. Surely, it wasn’t become bitcoin judgment day, but it was, would be the first time in the bitcoin network, possibility for several chain split network.

Cryptocurrencies world, has already seen the phenomenon on ethereum, but there is a big possibility would also happened into bitcoin. It was suggested by Shaolin Fray who proposed BIP148, that soon well known as User Activated Soft Fork (UASF).

UASF, brings idea to activated segregated witness (Segwit), without to increase the block size limit into 2 Megabyte. It quite different with Segwit itself, since its already planned to be activated on November 15 by Bitcoin Core Developers.

At the other hands, there is also proposal to activated Hardfork bundles based on Silbert agreement called Segwit2x, that will increase block size limit into 2MB by Hardfork. The agreement consensus was signed by some bitcoin big mining pools that having a huge hashing power, and also other companies on bitcoin ecosystem.

segwit roadmap

Segwit Roadmap (bitcoinmagazine.com)

Segwit2x plans to activate Segwit behind BIP91 activation on July 29. Firstly, their roadmap begins on July 14 for all the participants to begin installing and then testing milestone. The segwit2x signaling begin exactly when the node start running on July 21. What do we need to know here is, soon the node running, it will also trying to support the hardfork code that it’s already been planned. Of course, it will happen if they got over 80% support coming from bitcoin miner on the bitcoin network.

Chain Split Possibility

As we see the Segwit roadmap above, there is a big possibility that it will created chain split on bitcoin network. And the most big possibility chain split would coming from Segwit2x into the line, since they will create a solution that will enforced by big power hashing mining ecosystem.

Both of Segwit2x and the UASF, actually follow the similar paths, but since the big possibility chain split will be occur if all the Segwit2x supporter begins to introduce their 2MB block size limit, much different with UASF because it doesn’t increase the limit.

With the chain split possibility, it must be followed by the bitcoin user holder asset to start securing the Bitcoin. Bitcoin holder asset should moving their Bitcoin from the exchange wallet as soon as possible, regarding the network attack alert that might be happened.

Leave a Comment