The split

The split

theldo
Aug 2, 2017

What's actually going on?

Key miners and developers of bitcoin agreed last week to adopt a new way of operating the cryptocurrency. since the technology is open source, changes are made to its underlying code if agreed by a consensus of users. The new technology, called Segwit2x,which have been rivaled by a system called bitcoin cash which was launched on tuesday,has gradually been adopted by key players in recent days and appeared to avert a “civil war” over how to move forward.

Is technology changing?

Bitcoin is struggling to cope with a recent surge in popularity that has seen its price jump from about £750 at the start of the year to over £2,000 now.This has led to a boom in the number of bitcoin transactions that the existing technology is struggling to cope with. Bitcoin transaction is completed when a when a “block” is added to the blockchain database that underpins the currency.At peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency because at present, blocks are limited to 1MB every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa Segwit2x and Bitcoin Cash being the two rival proposals are both seeking to solve this problem in two different ways.

what differs?

To allow more transaction to take place, Segwit2x have propose to move some of bitcoin's transaction data outside of the block to a parallel track.After that happens, blocks would double in size some time in November. While Segwit2x propose the above, bitcoin cash does not rather the want to increase the size of each to 8MB.Its backers are sceptical that the Segwit2x plan will follow through with doubling the block size later on.



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