Whats the situation with the potential bitcoin fork
For a broader coverage of bitcoin, see Bitcoin. For a broader coverage of forks, see Fork blockchain. Retrieved 22 March Programming the Open Blockchain 2 ed.
O' Reilly media, inc. Retrieved 23 April The Decentralized Alternative to Central Banking. Retrieved 17 January A Basic Beginners Guide - Blockgeeks". Retrieved from " https: Bitcoin clients Computing-related lists Clients computing Cryptocurrencies.
Pages using citations with accessdate and no URL. Bitcoin has skyrocketed in popularity in the past few months. Along with that success, however, is the fact that Bitcoin use became so popular that the network became very congested and slow to use. The only way for customers to speed up their Bitcoin transactions is to pay a significant network fee the reason why platforms like Luno introduced sending fees. As mentioned earlier, developers can make a proposal for improvements to the Bitcoin software.
Miners then vote on these proposals, signalling if they will support it or not you can see the miner support for proposals here. If a proposal is significant enough, it may require changes to the software that will make it incompatible with the original version.
Miners and platforms then may have to make updates to handle the new software. The various stakeholders may collectively agree that the original version of the software was flawed or otherwise outdated and the new version gets uniformly adopted. Bitcoin had a fork like this back in and support for the old branch fell away.
Sometimes, though, there may be significant support for the original version and the new version of the software. We now have Ethereum and Ethereum Classic operating as separate digital currencies, each with their own exchange rate, miners, developers and platforms. After a hard fork or the creation of two distinct currencies you will, in theory, hold an equal amount of the original currency as you have of the new one. There is mostly an agreement in the Bitcoin community that an increase in transaction capacity should be implemented, but there is a debate about how it should be implemented.
Many miners signaled support for it we wrote about it here , but despite the gain in popularity, it didn't reach sufficient support to happen. Instead of making the block size bigger as proposed by Bitcoin Unlimited , Segwit changes the way that transactions fit into the block, which in turn increases the transaction throughput capacity.
In the past three months, there have been three major proposals to implement Segwit: The most important takeaway from this is that as long as enough miners keep supporting it: Often when technical and opposing proposals get amplified, it confuses the market and has a negative impact on the price, as it has in the past few weeks.
The price of Bitcoin rebounded right after BIP 91 was locked in, as the market regained some confidence in the Bitcoin community solving the scaling debate. Even though Segwit allows for increased transaction throughput, not everyone is happy with its implementation.
At this time it is highly unlikely that Bitcoin Cash will have significant support from all the right stakeholders — miners, developers, platforms and users. Most Bitcoin platforms, including Luno, will not be supporting Bitcoin Cash.