But how to be the "owner" of Bitcoin?
In the Bitcoin protocol there is a program called "Consensus Rule", a specific set of rules that all complete nodes use. It is crucial that all nodes follow the rules to maintain network consistency and security, for example, Bitcoin's consensus rules require blocks to create only a certain number of bitcoins. If a block creates more bitcoins than is allowed, it will be rejected even if all the world's nodes and miners accept it. The addition of new consensus rules can usually be done with a soft fork, where there is no major chain break, while the removal of any consensus rule requires a hard fork.
In this second alternative is where the "problem" resides. When there is a hard fork, all those who do not update their client software end up being "disconnected" from the network, that is, if you do not update your software with the new rules, everything you do will no longer be considered "part of the network main". Due to its complexity, for a hard fork to occur, 95% of the network must support and support the new change. As one friend would say, "that's where it knotted," because today, roughly speaking, most miners and companies want the implementation of SegWit2x and announced support for change. However, the "heirs" of Bitcoin, Bitcoin Core, which today is responsible for Blockchain originally created by Satoshi Nakamoto, is against its implementation.
Controversial opinions
Two phrases, one from Bobby Lee, CEO of BTCC, brokerage and Chinese crypto-gold miner, that has generated a big "fight" on the network, and another from Bitcoin Core collaborator Eric Lombrozo are interesting to understand what's at stake.
I hoped the intent of all this would be to activate SegWit and then work together as a community to build a consensus for further updates. Instead, it turned into a coup, said Eric Lombrozo.
According to Bitcoin's rules, Bitcoin (BTC) will continue to be the chain that has the most accumulated hashing power and produces the longest Blockchain valid. BTCC supports the mining of altcoins. Earlier this year, we started extracting Litecoins and will start extracting Bitcoin Cash soon. In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing support for the BTCC Pool based on market demand, said Bobby Lee.
With this sentence, Lee states that, for him, Bitcoin (BTC) will be the one that has the highest accumulated hashing power, that is, greater mining power independent of the position of Bitcoin Core (which leads to understand that SegWit's proposal was actually a blow to "take the bitcoin by storm"), which, according to him, if he did not join SegWit2x and the "Sec" has greater hashing power, the currencies that the Bitcoin Core developers produce, which today are considered the "true" bitcoin, they will be an altcoin (like Ethereum, Bitcoin Cash, Ripple, IOTA and many others).
Consequences of this dispute
It is important to understand that this "fight" did not start from scratch, but comes from long conversations among the community about improvements in the Bitcoin network, which suffers from scalability problems (the more people send and receive Bitcoins, the network tends to slow down and with more pending transactions). So two change agreements were made, one in Hong Kong in 2016, the other in New York this year. In these agreements solutions were proposed for the problem of scalability. The solution was called SegWit, which, among other improvements, would increase the size of the block, today at 1MB (SegWit2x). Bitcoin Cash, for example, arose from the disagreement between the deadlines and proposals stipulated in these agreements.
Will my bitcoins become "Segwit2x" or "Core"?
Although it is too early to say for sure, the trend shows that SegWit2x should become a new altcoin. That's because the developers and supporters of Segwit have already added protection against repeat attacks.
In the Bitcoin protocol there is a program called "Consensus Rule", a specific set of rules that all complete nodes use. It is crucial that all nodes follow the rules to maintain network consistency and security, for example, Bitcoin's consensus rules require blocks to create only a certain number of bitcoins. If a block creates more bitcoins than is allowed, it will be rejected even if all the world's nodes and miners accept it. The addition of new consensus rules can usually be done with a soft fork, where there is no major chain break, while the removal of any consensus rule requires a hard fork.
In this second alternative is where the "problem" resides. When there is a hard fork, all those who do not update their client software end up being "disconnected" from the network, that is, if you do not update your software with the new rules, everything you do will no longer be considered "part of the network main". Due to its complexity, for a hard fork to occur, 95% of the network must support and support the new change. As one friend would say, "that's where it knotted," because today, roughly speaking, most miners and companies want the implementation of SegWit2x and announced support for change. However, the "heirs" of Bitcoin, Bitcoin Core, which today is responsible for Blockchain originally created by Satoshi Nakamoto, is against its implementation.
Controversial opinions
Two phrases, one from Bobby Lee, CEO of BTCC, brokerage and Chinese crypto-gold miner, that has generated a big "fight" on the network, and another from Bitcoin Core collaborator Eric Lombrozo are interesting to understand what's at stake.
I hoped the intent of all this would be to activate SegWit and then work together as a community to build a consensus for further updates. Instead, it turned into a coup, said Eric Lombrozo.
According to Bitcoin's rules, Bitcoin (BTC) will continue to be the chain that has the most accumulated hashing power and produces the longest Blockchain valid. BTCC supports the mining of altcoins. Earlier this year, we started extracting Litecoins and will start extracting Bitcoin Cash soon. In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing support for the BTCC Pool based on market demand, said Bobby Lee.
With this sentence, Lee states that, for him, Bitcoin (BTC) will be the one that has the highest accumulated hashing power, that is, greater mining power independent of the position of Bitcoin Core (which leads to understand that SegWit's proposal was actually a blow to "take the bitcoin by storm"), which, according to him, if he did not join SegWit2x and the "Sec" has greater hashing power, the currencies that the Bitcoin Core developers produce, which today are considered the "true" bitcoin, they will be an altcoin (like Ethereum, Bitcoin Cash, Ripple, IOTA and many others).
Consequences of this dispute
It is important to understand that this "fight" did not start from scratch, but comes from long conversations among the community about improvements in the Bitcoin network, which suffers from scalability problems (the more people send and receive Bitcoins, the network tends to slow down and with more pending transactions). So two change agreements were made, one in Hong Kong in 2016, the other in New York this year. In these agreements solutions were proposed for the problem of scalability. The solution was called SegWit, which, among other improvements, would increase the size of the block, today at 1MB (SegWit2x). Bitcoin Cash, for example, arose from the disagreement between the deadlines and proposals stipulated in these agreements.
Will my bitcoins become "Segwit2x" or "Core"?
Although it is too early to say for sure, the trend shows that SegWit2x should become a new altcoin. That's because the developers and supporters of Segwit have already added protection against repeat attacks.