Investors in Bitcoin are on the edge of their seats to see what November holds for Bitcoin trade. The events in the coming month will certainly have a big impact on the market. November’s big event will be the upgrade of Bitcoin blockchain’s network.
The whole process will result in the current 1MB block size increasing to 2MB and this will fall under SegWit2x. The goal behind this action will be to basically increase the computational capacity of the blockchain network.
The Role of Miners
Since Bitcoin miners play such a big part in this movement, a lot of companies joined the miner’s side in the growing of the block chain network. This can possibly lead to Bitcoin splitting into two networks. If the split does happen then a third version of the world’s largest cryptocurrency will be created.
Eric Lombrozo, Bitcoin’s core developer stated that “even though no core developers signed on, a number of them have been working to make sure it’s not a disaster anyway. At the same time, he believes that the companies who teamed up with the miners but didn’t manage to get any core developers on board allied with the wrong group.”
Eric Lombrozo also sided with the other core developers against the increasing of the blockchain size as they believe it will result in a number of miners having more authority over the network.
Investors are also concerned about the whole SegWit2x movement as investors that’s new to Bitcoin do stand a chance of losing money due to them assigning the wrong value to their investments.
The whole Fork happening in November is a result of both miners and developers having different visions for the ever-growing cryptocurrency market. The Bitcoin market is currently so over populated and this is effecting the price of Bitcoin, and too many parties have their own thoughts and opinions on how to deal with the problem. One solution is as mentioned the 1MB to 2MB upgrade.
Having three versions of cryptocurrency in the market investors are saying that this is paving the way for competitors to surface as well and advantage of the shared capital in the market.
But to avoid the split in November, 92 percent of the miners need to side with SegWit2x and their 1MB to 2MB upgrade but the chances of that happening are incredibly slim. SegWit2x did, however, receive 93 percent of the votes back in July, but it appears that both miners and developers are withdrawing their vote in recent days. Wang Chun, co-owner and chief administrator of F2Pool even said that he is 100 percent sure that the split will happen and investors should start preparing for it.
Next Steps in Fork
However, since it’s likely that come November the world will have three main Bitcoin versions, only one will prosper and succeed in the market. As majority will certainly side to the main version, the other two will fall away until more competitors emerge and cut their growth even further. Currently, it’s still uncertain as to which version of Bitcoin will be the actual Bitcoin version, we can only sit back and wait and see.
It is expected that the cryptocurrency who can handle the most people on the network and has the best speed will ultimately prevail above the rest as one of the main reasons that the split is happening is because of too many people being active in the Bitcoin market, resulting in slower speeds for the network.
Peter Todd, one of the core developers said that the split in November can be bigger than the past splits so investors are warned to plan ahead.