Explainer: What Is SegWit2x and What Does It Mean for Bitcoin?

Explainer: What Is SegWit2x and What Does It Mean for Bitcoin?

As two proposals for boosting bitcoin's transaction capacity approach key deadlines, one proposal, known as SegWit2x, has perhaps garnered the most attention. The plan, first proposed in May, quickly won favor among many of bitcoin's startups and mining pools. Yet, it has also emerged as contentious in some quarters, owing to its specific goals and technical construction. But, what's at the heart of the arguments for and against? First, SegWit2x seeks to upgrade bitcoin in two ways: It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data....


Related News

Battle of the Explainer Videos: Who Tells Bitcoin's Story Best?

Many have tried to explain bitcoin, some with more success than others. Creating a short and snappy video that makes bitcoin accessible to a general audience, while simultaneously doing justice to the complex ideas behind its technology is a big ask. Anyone who tries should be applauded. However, while some have clearly done a very good job, others haven't quite cracked it. Below, Kadhim Shubber takes a look at some of the best (and worst) bitcoin explainer videos out there. You can let us know which is your favourite by voting at the bottom of the article - or suggesting your own in the....

Segwit2x Testnet Unintentionally Forks, Prevents Blocks From Being Created

Yesterday, the testnet for the most recent Bitcoin scaling proposal, Segwit2x, experienced a fork in the chain, causing the creation of new blocks to halt completely for just around twenty hours. What is Segwit2x? The controversial change to the protocol calls for activation of segregated witness with signaling from 80% of the hash rate with a hardfork to raise the blocksize parameter to 2 MB scheduled for three months after activation. This compromise comes after over a year of infighting over different scaling solutions and has the backing of many of the industry’s top....

Op Ed: Why SegWit2x Makes No Sense

A number of Bitcoin companies and miners have agreed to run code that will implement a hard-forking increase to the non-witness data in blocks roughly three months after the activation of Segregated Witness (SegWit). According to some of its proponents, the proposal, known as SegWit2x, is said to be the only viable solution to the Bitcoin scaling debate. However, agreeing to initiate a hard fork without knowing how speculators will react to such a change comes with risks. If there is not full support for the hard fork from bitcoin holders, the end result could be a split of Bitcoin into....

Video: International Bank BBVA's Quick Explanation of Bitcoin

Do you wonder how big banks view Bitcoin? BBVA, who recently ranked Swedish exchange Safello as a finalist in their annual financial technology competition, BBVA Open Talent, followed up with a short explainer video on Bitcoin. In the space of three minutes, BBVA customers are treated to an accurate portrayal of how Bitcoin works from the perspective of a consumer. Also read: New York Stock Exchange and Former Citigroup CEO Invest in Coinbase; https://www.youtube.com/watch?v=l8S-wkpBDW0

‘DASH School’ Explains Blockchain Like You’re Five

Many online tutorials and guides exist to explain what a blockchain is and what it does, but most aren’t suitable for a five-year-old. And in this very new tech space, it’s safe to say that many people probably feel like they’re five years old when introduced to blockchain-ery. So why not make their introduction more fun, friendly, and easy? That’s exactly what we’re doing. Welcome to the Dash School Dash School Is in Session. I’ve just published this six-video mini series which takes the viewer from the simplest introduction of blockchain technology....

Quotes

We've been a strong supporter of Bitcoin for a number of years as it allows overseas transactions with less fees and exchange rate fluctuations.

David Brim, CEO Tomcar Australia