Right after the 90 days of August 1 Bitcoin hard fork, another event is on the way to culminate the segwit2x. With the increase of the network capacity of the Bitcoin, the journey of the long term investors will prove to be an eventful one.
The official announcement of the Bitcoin segwit2x team says that the Bitcoin blockchain will face the proposed network capacity expansion in the month of November 2017 and the whole exercise will increase the block size.
What will happen in November Event?
Bitcoin miners will generate a block between 1MB and 2MB block sizes, 90 days after the activation of the Segregated Witnesses in the Bitcoin blockchain. And the increase in the non-witness data will be around 2MB in the total size up to 4MB or less.
The event will happen at Block 494,784 while the current block is 476,808.
90 % of the computational capacity securing the Bitcoin network will carry on mining on top of this large block.
How was Bitcoin Cash born?
Hong-Kong Bitcoin Roundtable Consensus agreed to upgrade the 2MB blocks in 2016, later in May 2017 Bitcoin Scaling Agreement ratified the idea. The Bitcoin Cash birth story is the outcome of the decision of some miners to withdraw support to the segwit2x proposal.
How will the Event impact the social value of Crypto?
(1) Before the upcoming hard fork event, Bitcoin is expected to reach $6000 because Bitcoin is getting the tag of profitable investment medium for long investors and hedge fund managers and institutional players witnessed August 1st event as a positive booster to start playing and investing with Bitcoin.
(2) As Bitcoin is known to be “digital gold ” and predictions of analysts say that a small percentage of gold roughly $ 7.5 trillion market value will flow into bitcoin taking the price of Bitcoin even higher than the current.
(3) All popular medias are giving excellent coverage to Bitcoin bringing more investors to the crypto market, thus the popularity of the crypto space, especially of Bitcoin, is growing very fast.
