Update about the SegWit2X hard fork article "Bitcoin hard forks – Bitcoin Gold and Bitcoin 2X "
The Bitcoin community was alerted that blockchain was supposed to split into two blockchains in less than a week, But it looks like SegWit2x supporters couldn’t convince enough users of the crypto space to make the SegWit2x blockchain the new mainstream bitcoin blockchain.
For some analysts of the crypto space, the cancellation appears to be a later victory for Bitcoin Core, which may be just the beginning of a long battle between Bitcoin Miners and Core Developers, impacting the hole crypto space.
The story began years ago, it was the heart of the bitcoin community debates, the scaling battle, a war for the control of the Bitcoin system between the Core Developers and the Bitcoin Miners and for that I can say Companies ( which act on behalf of thousands or millions of their users or investors ). Miners wants bigger block size so that they can earn more fees on transactions as the blockchain network scales, in the other side, we have Core Developers who wants to implement the SegWit allowing the blockchain to scale via side chains, bypassing by that miners.
The battle settled eventually by the what called the New York consensus or agreement, in which they agreed to activate the SegWit1X on the 1st of August, and then in return Companies or Miners will get bigger block size via the hard fork of SegWit2X in November;
Bitcoin Cash as a backup plan.
After the Hong Kong agreement, Miners created the Bitcoin Cash as a backup plan in case the SegWit2X fails to be activated as promised. Today SegWit2X has indeed not been activated, companies and miners are now forced (sort of) to fully support Bitcoin Cash.
This may cause a lot of speculations more than what's already seen, Bitcoin2X was traded at prices higher than (2K USD) even before its main adoption, and yet the long term battle will bring miners to support more Bitcoin Cash to secure their business model and the escape the position which hold them to the mercy of Core Developers.
The Miners or the Developers, who look for the control of Bitcoin ?
The real values and soul behind bitcoin stands on the fact the Bitcoin is decentralized, in which, the competition over offering the hash power the blockchain network is the key to let the blockchain alive, developers were never meant to control the system, but miners do, this what's probably can explain the rise of Bitcoin Cash, which hits 1K USD at this time.
Starting from the fact that Bitcoin is not a company like Facebook or Google where there is a central governance, and these with other features gives Bitcoin it's real value. Miners companies are never going to invest in a bitcoin mining where the Core Developers can change the rules at any given time in the future and wipe out millions of their investments.
The revenge is started and we are already noticing this pick in the price of BCH, miners and companies are looking to take back control from Bitcoin Core?
Disclaimer: This article is not meant for marketing purposes, This is an author personal perception of the subject based of different resources and analyses of the informations given in the subject, and does not represent any advice.
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