Bitcoin Scaling: What Would Happen to Bitcoin & Why?
Key Bitcoin industry players agree that Bitcoin’s transaction capacity must improve. But by which manner should it be carried over remains to be a question since several proposals are at hand, with each presenting different methods and outcomes.
However, everything will soon come to light as the deadline for SegWit2x on Aug. 1 will determine which Bitcoin improvement proposals will prevail. At the same time, the fate of Bitcoin will be revealed after the Bitcoin scaling.
As the Bitcoin casino market continues to thrive, operators and players are also closely monitoring the resolution to the long-running debate—one that can ultimately affect the market and therefore spell changes to how Bitcoin casino operators and players function in the iGaming sector.
What will happen to Bitcoin?
The upcoming Bitcoin scaling may result in several outcomes. These include the activation of the 2MB block increase and the splitting of Bitcoin. And whatever outcome occurs relies on which proposal will receive the support from miners.
SegWit2x, a proposal that seeks to activate Segregated Witness (SegWit) and to increase the Bitcoin network’s block size from 1MB to 2MB, has already been deployed. BIP 91, which functions as a catalyst to SegWit2x, will make the adoption of SegWit much faster and easier. This proposal, however, requires 80 percent miner support to be activated. If it receives much support, then BIP 91 will take effect instead of BIP 148.
In the event that BIP 91 fails to reach the required percentage miner support by Aug. 1, BIP 148 will take over but only with 50% support from both major Bitcoin businesses and miners. However, if BIP 148 still fails, then Bitcoin will split and result in two blockchains: one that uses the old client and the other using the ABC client.
Based on recent reports, BIP 91 has already received close to 80 percent support from miners. If this proposal succeeds, then the next step is for the miners to reach an agreement in activating the 2MB block increase. Otherwise, Bitcoin will split.
Effects of the nearing Bitcoin scaling
The changes in Bitcoin have already caused panic in the Bitcoin community. While there are some who are wary of Bitcoin scaling, there are also those who regard the panic as premature. Some Bitcoin users believe that the correction will result in status quo, with the Bitcoin price finding the right level soon after.
At the same time, some users warn others to avoid making any transactions on Aug. 1 to avoid mishaps like losing coins because of the scaling.
While it is still unclear what Bitcoin’s fate will be, the community hopes that it will make Bitcoin transactions more convenient and fast. After all, the main premise of these proposals is to improve Bitcoin’s transaction capacity.
This is the reason Bitcoin slot enthusiasts, sports bettors, and others should also update themselves about the upcoming Bitcoin scaling. In this way, they can make the necessary precautions, including avoiding making transactions of any kind on Aug. 1.