There has been a debate for the last two years concerning whether to support Bitcoin Unlimited or SegWit to work as Bitcoin functioning platform.About 95% of all miners have to come to terms before SegWit can be activated while for Bitcoin Unlimited only requires 70% of the miner’s vote.
The long-awaited decision on whether to support Bitcoin Unlimited or SegWit has now been made. 70% of miners who now made a decision on whether to support Bitcoin Unlimited or SegWit but 30% of the miners have not yet decided but it would be interesting to see what they do decide once they get around to exercising their duty.
What does the 70% of miners who have decided mean to Bitcoin?
This decision simply means that this 70% have decided either to support Bitcoin Unlimited or SegWit. Their decisions depend on their benefits from both platforms whether Bitcoin Unlimited or SegWit and the platform with the highest percentage will be used or taken as Bitcoin platform. However, there is a possibility of a split due to some people refusing to use Segwit in preference to Bitcoin Unlimited or the other way round. This could lead to the inception of the idea of running both segwit and bitcoin unlimited concurrently.
And the 30% of the remaining Bitcoin miners?
The remaining 30% of Bitcoin miners will have to decide whether to support Bitcoin Unlimited or SegWit so as to exercise their duties as Bitcoin miners. Their decision will have to put the decision at place since they are the remaining people to decide the fate of Bitcoin as Bitcoin miners. This will greatly affect Bitcoin’s future as a trading and transaction currency. I don’t see any hope of a fork of any kind taking place due to the indecisiveness of the Bitcoin miners.
Is it possible for Bitcoin Unlimited to win this decision?
According to Bitcoin norms, Bitcoin Unlimited is likely to win this decision since it advocates for a platform that can support all Bitcoin transactions without interruption. Bitcoin Unlimited is likely to do all these without any problems. It still all depends on Bitcoin community whether they will give a majority vote to Bitcoin Unlimited or vote to keep using Bitcoin core. Many bitcoin enthusiasts and experts alike are not yet well convinced with the idea of Bitcoin unlimited as can be seen from this reddit thread from an anonymous redditor.
“Taking a get-rich-quick scam like BU seriously enough to do a comparison like this is akin to falling for the false “controversy”.There is no real controversy. BU is simply yet another hostile takeover attempt by large corporate interests.We’ve seen all too many of these scams before, with large advertising budgets to spread disinformation.”
This thread and many others that appear online is a clear indication that the cryptocurrency community might not yet be ready for a major shift of Bitcoin operations. At the point of writing this article, Bitcoin Unlimited was more likely to win the comparison.