Bitcoin is a kind of digital currency that is independent of the traditional banking system hence they are a type of currency that you can send and receive money via the internet. However, the real test for this online money is set to be determined this coming November which will decide whether this currency will continue trading or split.
In the middle of this year, the principal actors in the Bitcoin currency such as the exchangers, wallets, and businesses that represent millions of its users worldwide that are connected with the major miners are pushing forward for a compromise which they believe it will bring to rest once and for all.
With the help of SegWit, Bitcoin’s core developers are likely to be able to a new and ultimate scaling solution known as the “lightening network.” According to the announcement that was made, the next Bitcoin core will be released before November, and once that happens, the original Bitcoin will not be able to connect to its running codes in the SegWit2x.
When Bitcoin was founded, it was made in such a way that the core developers did the decision-making as opposed to the few individuals. The miners are the ones that are authorized to write blocks on blockchains. Then the nodes of the user make an up to date ledger across the Bitcoin network. Therefore, when the miners make a block, Bitcoin’s nodes propagate that update to all users.
By November, when the developers build the new scaling solution, Bitcoin’s core nodes wil no longer be able to run the SegWit2x code as they used to. The miners will still be in a position to send their blocks to the network, but the systems that will be running the Bitcoin’s core will only be moving blocks that are executed by the same customer.
When this happens, it will lead to the decline of the level of decentralization and so even if you have the Bitcoin cash, those that are supporting the SegWit2x want the chain to be split.
November is likely to be a deciding month for Bitcoin’s future. What will happen due to this dramatic showdown is that the prices of the cryptocurrency will become more volatile as we near the expected date.
The more than 83.3% of the hashing powers that are remaining will be committed to the SegWit2x plan come November which is inevitable. It is reported that more than 17% of the hash power did not sign for the NYA. All those that did not sign the NYA are not under any obligation to mine from the 2x chain. Therefore, if they do not find the mining in the SegWit2x mining process being profitable enough, they have the option of continuing to mine from the Bitcoin.
So, whether you like it not, Bitcoin is going to be split come November. And once this happens, it is likely to create a third type of cryptocurrency which means that Bitcoin will have three offshoots which will further scatter Bitcoin’s capital and resources.
To avoid this from happening, the miners will require a minimum of 92% consensus support of the SegWit2x, but that is unlikely to happen. So be ready for a splinter of Bitcoin in November.