The times that bitcoin lives from meteoric rises and the consequences that imply have also brought another complication: the hard forks. Last November bitcoin experienced among others, the announced Segwit2X, which was canceled. However this week the bitcoin community has been surprised with the “resurrection” of that failed hard fork for this December 28.
Transactions within the Bitcoin network reached incredible values. The average commission on the network is US $ 15-20, and the confirmation fee can be several days. Bitcoin has become virtually impossible to use as a means of payment due to these delays.
In this context, block 501451, which will be extracted on December 28, 2017, can become the determining factor for the new and old Segwit2X fork and a kind of “Christmas gift” with a few days of delay for the entire Bitcoin community. The “developers” have changed their efforts to phase two of the project after achieving, according to them, several milestones. The advances include increasing the size of the block up to 4 MB and the production speed of the block to 2.5 minutes. The team has also developed a unique address format and implemented the complexity recalculation function after each block, as well as the introduction of the X11 encryption algorithm. So far everything looks bright, but the general skepticism has not been slow to manifest.
With the first attempt of SegWit2x many were in healthy expectation and showing enthusiasm, they defended the hard fork as a proposal that would move the implementation threshold to 70 percent or more. That intensified after Bitcoin Cash entered the scene. Many in the Bitcoin community then quickly criticized the idea and did not agree with the process by which the decision was made to take that hard fork. The initiative divided the Bitcoin community as many worried that a division of the chain would occur. Now abruptly reappears.
The consequences of the hard forks in the bitcoin chain have not been sufficiently anticipated, and the fears are not unfounded.
“Our team’s plans do not include a complete replacement of the existing standard, but a peaceful existence and an addition to the classic Bitcoin. During the Hard Fork in block 501451 (December 28, 2017) Bitcoin Segwit2X will not only reactivate, but will further improve the network. “It can be read on the website of this resurrection of the Segwit2X.
We are only a few days away from the resurrection of that hard fork. Again the bitcoin community will be expectant. Will it be canceled again? it will work? Is it legitimate? These questions will also be answered that day.