On August 1st 2017 Bitcoin is upgrading

It’s time for the most famous cryptocurrency to be upgraded and the name of this upgrade is called SegWit2x. Let’s try to not be too technical and go straight to the point.

segwit

What is Segwit?

SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. — Investopedia

What does SegWit2x do?
  • SegWit2x applies the Segregated Witness (SegWit) code optimization.
  • Later on, SegWit2x will increase the network’s block size from the actual 1MB to 2MB
Why is it upgraded?

Time is money. Right now, because of the (high) demand, the network is really slow. Limited, only 1MB of transaction can be processed every 10 minutes if you’re lucky.

Is it a done deal?

This can only happen if there is 80% signaling support from the Bitcoin miners. At this time of writing these lines, the number has been reached.

What will be the impact on the price

Nobody knows. in fact, it might go up or down. In both cases it will affect all the other currencies as well in a good or awful way.

Links
  • For more info about Segwit watch this video that explains it in less than 2 minutes.
  • Is SegWit activated yet? Find out here