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Home / Bitcoin Guide / SegWit Date Set As Bitcoin Prepares For Another Potential Hardfork

SegWit Date Set As Bitcoin Prepares For Another Potential Hardfork

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The SegWit2x project will come to a close as a date has been set for its implementation. Weeks of waiting after the BIP91 proposal was locked in, it has been announced that the SegWit code will be implemented when the 494,784 block is mined.

“During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.”

segwit

The block size has remained crucial to maintain the speed and stability of the Bitcoin network, but with the current size, a much smaller number of transactions are able to fit in one block, forcing many users to add huge fees ranging from 10$ to 200$ every transaction to enable them to be confirmed within the next block. Bitcoin cash which launched on 1 August also attempted to solve this problem by enabling larger block sizes but remains considerably smaller in terms of market cap than Bitcoin. You can still cash out your Bitcoin cash by importing your Bitcoin private keys into the Bitcoin cash wallet ! Please empty your Bitcoin wallets before this to prevent any chances of assets becoming compromised.


To conclude, the SegWit date has been finalized by developers to be on the day of the 494,784 block. It is hoped the project will enable Bitcoin t transition to a more mainstream platform as the increase on block size will permit faster and cheaper Bitcoin transactions. While the Bitcoin Cash project also aimed to achieve the same goal, many have been reluctant to support the project as prices nosedived their peak to current levels of $300. The risk of another hardfork which will cause another blockchain forming and splitting off is still a possibility although the chance is extremely small.

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