Don't panic, but your Bitcoins may just vanish into the ether next month
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It's an effort to implement a 1 bitcoin is differentyou need to download a bitcoin wallet revision referred to as a Segregated Witnessor SegWit, a method for separating signature data from transaction identifier data in a Bitcoin transaction. Doing so offers a number of ostensible benefitsincluding increasing the Bitcoin blocksize, limiting the extent to which transaction data can be modified by third parties, and simplifying scripting upgrades.
The SegWit operation depends on the consensus of Bitcoin miners. If a majority of the Bitcoin miners signal their support through their mining activity, the change should become active across all compatible Bitcoin clients. But if BIP is only embraced by a minority, the blockchain could split.
In an email to The RegisterBitcoin contributor Dave Harding explained, "The development team for SegWit, called Bitcoin Core, released it in late October with an activation method used for a previous successful Bitcoin upgrade. Miner activation of Bitcoin upgrades is not mandatory, said Harding, but it's less disruptive that way. Harding believes he knows why, but hesitated to speculate. Harding describes UASF as a boycott on steroids. That's what's happening at the end of the month.
As a consequence, everyone will be forced to join the boycotters or to exclude them. Harding said that if everyone accepts the proposal or if everyone rejects it, there would be no issue. That means when the UASF starts on August 1st, we have to wait and see whether or not the people who say they support the UASF actually put their money where their mouth is and refuse to accept Bitcoins from any boycotted miner or anyone associated with that miner.
And for those who haven't chosen a side, there's uncertainty about which kind of Bitcoin will be valid. Harding stressed that Bitcoin marked as confirmed in a wallet prior to the start of the event will be safe. It's the Bitcoins passing back and forth afterwards that are at issue. To further complicate matters, there's another such proposal known as "SegWit2" planned for November. Among those in the Bitcoin community, there's doubt about whether this alert is being handled in a responsible manner, because a blockchain split is considered unlikely.
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Don't panic, but your Bitcoins may just vanish into the ether next month Well, actually, do panic. No overwhelming support Harding said that if everyone accepts the proposal or if everyone rejects it, there would be no issue. It advises Bitcoin users to: Not trust payments until some indeterminate time when the situation has been resolved. Not send payments during this period. Be wary of offers to invest in the outcome of the SegWit by splitting your coins. Most read Equifax reveals full horror of that monstrous cyber-heist of its servers Microsoft's most popular SQL Server product of all time runs on Linux Windows Notepad fixed after 33 years: Now it finally handles Unix, Mac OS line endings Hacking charge dropped against Nova Scotia teen who slurped public records from the web New Monty Python movie to turn old jokes into new royalties.
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