Hey guys, Been spending a lot of time searching the threads for a good description on the upcoming fork, found bits and pieces but nothing complete. Also what is a fork in general.
Can you explain what exactly will happenn and why? Explain it like its your 5th grade cousin. BTC Thoughts?
SegWit2x was scheduled for November 2017. The developers confirmed that the hardfork will take place on block 494'784, which will be generated in November. After activating the protocol Bitcoin will switch to the improved Segregated Witness technology. This technology does not fit in with blockchain Bitcoin, and the first attempt was crowned with the appearance of Bitcoin Cash. And this time the developers do not exclude the appearance of another fork Bitcoin.
If in November there will be another split in the Bitcoin network, then this will be the third fork, which can lead to the distribution of capital and resources to three sides. To avoid a split, it is necessary to collect support for 92% of the network capacity. At the end of September, there is no such support, only 87% support SegWit2x. It says only one thing - the split can not be avoided.
The best way out for Bitcoin (
BTCBTC) in the current situation will be if all new forks (bch & new) do not get user support and eventually disappear from the market.
And Bitcoin with the updated protocol will continue its journey.
But this new coins from the fork will not affect the number of BTC that is on the market right? but why is it affecting the price of BTC whenever a fork is about to happen. Will the new coin also be mine-able or the quantity will be fixed on the quantity that BTC is currently circulating?