• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home bitcoin

      BIP 148 and Segwit2x Explained : Major Change To Come In Bitcoin

      Hitesh Malviya by Hitesh Malviya
      June 19, 2017
      in bitcoin, Cryptocurrency
      0 0
      2
      bip 148, segwit2x
      15
      SHARES
      182
      VIEWS
      Share on FacebookShare on Twitter

      There are a lot of whispering going on in bitcoin community about these two term BIP 148 and Segwit2x. In order to dive deep into this topic I strongly suggest you to go through the bitcoin scaling issue first.

      With a lot of people getting involved in bitcoin investment, the load on bitcoin blockchain has increased very much. When bitcoin was created, creators never thought that there is gonna be such huge traffic on bitcoin blockchain in upcoming years. Situation is only worsening with time, as use of bitcoin is increasing. Which is causing load on blockchain, resulting into slower bitcoin transactions. In blockchain, a block is like a page of ledger keeping records of all the transactions happening in a fixed time interval. There are thousands of transactions happening every minute and blockchain’s block has just 1mb to record all those transactions and to validate them. That is why with increasing load, time to validate transactions is increasing and will keep increasing if further improvements are not activated on blockchain. This was just an insight of bitcoin scaling issue.

      Now, let’s come to the point.

      BIP 148 and Segwit2x are the solutions provided by bitcoin community for bitcoin scaling issue. Both of the solutions are provided by different but major bitcoin communities. As the bitcoin is a decentralized cryptocurrency, any kind of central authority can not decide the fate of bitcoin on his own. In order to change even a bit in bitcoin’s structure, there must be approval of all the bitcoin community members, mainly includes miners and users. Bitcoin miners are the roots of bitcoin structure, to know more about bitcoin mining and miners click here.

      So, let’s see what kind of improvements these solutions suggest?

      What is BIP 148?

      Bitcoin Improvement Protocol 148 is a User Activated Soft Fork (UASF) suggested by core developers of bitcoin, that is designed to activate the existing Miner Activated Soft Fork (MASF) in all capable nodes on network (about 80% of the nodes). This protocol doesn’t require miner’s acceptance to activate. It is a user (not miner) activated soft fork which requires economic majority insated of miner’s. In simple terms, BIP 148 proposes to upgrade the nodes without miner’s support, because some of the miners doesn’t want to get upgraded while some them want to upgrade. This will cause a weak execution of BIP 148 without fulfilling the actual goals of advancement. So, BIP 148 will ensure to upgrade the network and those miners who are not willing to support it would be generating nodes which will no longer be validated by the chain. This would cause splitting of bitcoin chain in two parts, upgraded and non-upgraded. Those who will not support BIP 148, will be generating an altcoin instead of bitcoin, having similar features but with old version.

      “BIP148 requires support from the economic majority, particularly exchanges and wallets. If this does not occur, node software supporting BIP148 should not be run after August 1st as it will cause a chain split leading to the abandonment of BIP148. There are strong economic incentives in the Bitcoin system for nodes to cooperate and remain in consensus to prevent chain splits. If the economic majority is signalling as of August 1st, miners have many incentives to follow along. Not following along would make it difficult to sell coins mined after August 1st as the blocks would not be accepted by the economic majority. Essentially, miners would be producing an altcoin not recognized by users and exchanges, making them less useful and in lower demand.” As written on USAF website.

      What is Segwit2x?

      Segwit2x is a proposal given by many bitcoin related companies during there meet at Consensus 2017, newyork. Segwit2x is kind of same proposal to rectify bitcoin scaling issue. This proposal differs in way that it gives completely freedom to miners. If some of the miners don’t want to upgrade, they can remain in their old version of bitcoin, while old version will also be able to create and validate newer version compatible nodes. According to some results, a lot miners are in support of Segwit2x. It will increase the blocksize to 2mb. (Actually both of the proposal will increase the basic block size)

      BIP 148 is gonna activate on 1st of august no matter what. So, Segwit2x is likely to activate before 1st august to avoid split. So that majority of hashrate, around 80% which is in support of Segwit2x will be accountable, when the code will activate. That means, those who agreed upon Segwit2x will have the majority for further changes because they have 80% of hashrate.

      Still, there are chances that the chain might split because Segwit2x is supposed to attempt hard-forking to increase the basic block size. Unlike soft fork, hard fork is not backwards compatible and can lead to chain split if there is support for it on minority chain.

      If in any case chain splits, there will be two cryptocurrencies running on different networks and the same could happen When Ethereum used hard fork to bail out DAO token holders and two networks are there now, Ethereum and Ethereum classic. Nobody is still sure what outcomes are gonna occur after activation of both proposals. All that we can do right now is just to hope that Bitcoin doesn’t split.

      There might be still a lot of points not covered here, you can ask your queries in comment section below.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Share6Tweet4Share2

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      by Hitesh Malviya
      January 14, 2023
      0

      RINO, an enterprise-focused Monero Wallet, has recently launched a free Community Edition that allows everyone to benefit from some of...

      Learn How to Find Undervalued Coins

      Learn How to Find Undervalued Coins

      by Aniketh Paul
      October 29, 2022
      0

      Let's Learn How to Find Undervalued Coins using an amazing fundamental research tool called token terminal. Many times people judge...

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      by Aniketh Paul
      November 22, 2022
      0

      Token airdrop is the new trend in the market that is popping up in popularity after Aptos Token Airdrop Event....

      Top 10 Ways to Make Money in Crypto

      Top 10 Ways to Make Money in Crypto

      by Aniketh Paul
      October 19, 2022
      0

      Making money in every domain is challenging but in crypto, it’s totally different. There are many ways you can create...

      IOX Token Offers A High APY Per Day Through Staking Rewards And BNB Dividends

      IOX Token Offers A High APY Per Day Through Staking Rewards And BNB Dividends

      by Hitesh Malviya
      September 16, 2022
      0

      IOX is a new staking decentralized application (Dapp) that provides all users an excellent return on investment. Through IOX, users...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Trading Tips for Altcoins

      6 Lesser known Trading Tips for Altcoins

      February 17, 2020
      Be warned! Hackers are abusing API keys and stealing your funds

      Be warned! Hackers are abusing API keys and stealing your funds

      June 15, 2021
      Top 10 DAOs to Join as a member in 2022

      Top 10 DAOs to Join as a member in 2022

      December 17, 2021
      crypto passive income

      Top 5 passive money making ways in the crypto market

      April 10, 2020
      Highly Scalable Blockchain Projects

      Top 3 Highly Scalable Blockchain Projects

      March 9, 2020
      Polygon: The Swiss Army Knife of Web3

      Polygon: The Swiss Army Knife of Web3

      May 27, 2023
      Worldcoin: The Biggest Crypto Scam or Innovation?

      Worldcoin: The Biggest Crypto Scam or Innovation?

      May 18, 2023
      EIP-4844 Explained | The Biggest Ethereum Upgrade

      EIP-4844 Explained | The Biggest Ethereum Upgrade

      February 7, 2023
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29635 shares
        Share 11843 Tweet 7402
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9933 shares
        Share 3972 Tweet 2483
      • Top 10 Low market cap altcoins to invest in 2021

        7269 shares
        Share 2906 Tweet 1816
      • Top 10 NFT Crypto Projects You Should Know

        7256 shares
        Share 2623 Tweet 1640
      • List of leading partners of Ripple, and How they use XRP?

        6150 shares
        Share 2460 Tweet 1537
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.