Why Should I buy Bitcoin or Cryptocurrency

#vlog – The question on everyones lips are, why should I start with bitcoin & any other Cryptocurrency? Well timing is perfect right now as the price is so low and it could potentially increase dramatically over time!! (No Guarantees)

Only time can tell but with 101 economics if there is a high demand and a limited supply, the price has to increase.

There is billions being poured into the concept right now, yet it has not even started yet!!

Take massive action and start or enhance your journey TODAY!!

Please leave a comment below if you would like more information.

Here is a playlist that will give you a lot more information on bitcoin & Cryptocurrency – https://www.youtube.com/playlist?list=PLyJ8gYYjEjvNq3fyPwYVknyMqcZVMIvmW

The Blockchain Revolution by Jem K Ali

When we talk about the value of Bitcoin then we really need to look at and understand the Blockchain first. I was asked the other day to try and explain this in layman’s terms so here goes.

I am by no means an expert but have definitely spent a lot of years researching and educating myself in the creation and use of currency. The real value of Cryptocurrency lies in its technology, whether we realise yet or not we will be inevitability using it in the near future. Bitcoin, for example, cannot exist without the Blockchain so this is one of the intrinsic values (using the word lightly, ahem) of Bitcoin.

So what is it?

is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It cannot be hacked, changed or manipulated once recorded. When a transaction is made and recorded on the ledger then that becomes one true source of information validating the peer to peer transaction.

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency Bitcoin, as its public transaction ledger. The invention of the Blockchain for Bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The Bitcoin design has been the inspiration for all manner of other applications.

What does this mean?

Well, in a nutshell, it will bring about accountability to everything we know.

This is a problem the human race has been trying to solve for aeons. It brings trust, consensus and a record that cannot be manipulated by anyone human being.

Imagine if Government department spending was using smart contracts on the Blockchain to record where all the money gets spent! Imagine how that would revolutionise the Government and stop any corruption or human error! If every politician was held accountable and could not lie their way out of their mistakes, that would be an enormous gain to the public. Imagine the NHS spending being recorded on the Blockchain?

Imagine a department being issued tokens instead of money and those tokens can only be spent on a specific resource!? No more wasting of money, no more employing unnecessary agency staff as their will always be someone to hold accountable.

This is something we have never had in human history.

I suppose when Satoshi Nakamoto wrote the original Bitcoin white paper they must have thought the best place to start having some accountability would be our money first, besides that’s the most manipulated thing in the world. Once the banking industry and the creation of our currency are under Blockchain supervision if you will, then all other industries would eventually follow suit.

Being involved in this massive industry and supporting Cryptocurrencies at this early stage is a noble act at least and paramount at best! I commend you all and look forward to this exciting future the Blockchain technology can bring forward for the better for the Human Race and our Mother Earth.

By Jem K. Ali

https://www.facebook.com/jem.k.ali

What is going on in the Cryptocurrency world..

Here is an overview of what is happening in the Cryptocurrency world right now?With lots of ups and downs, high volatility, unpredictable markets, it is clear to say unless you understand the full power of this concept you may make the wrong decision.

Some People are uneducated and and thought they would double, triple even more their money in a few days with #Cryptocurrency

This is not what this is about and it’s not just an investment it will change money forever!

The concept of Crypto will help billions of people around the world have financial services, conduct business and drive the local and regional economy in a way they have never had before.

The Kenyan farmer can now conduct business with someone in the uk purely over a mobile phone.

When a Cryptocurrency has such high gains in a short period of time and starts to correct itself people panic and don’t understand that is how currency works.

I am glad it’s had this huge correction now because it veins out the weak investors who are only in this for their own greedy short term gains and have no clue what this about. They are joining because of Fear Of Missing Out syndrome.

This is not for the weak, it is very risky but if you truly understand what we have here in our hands is just simply phenomenal. Now watch what it will do in the next year!!

This has not even started yet. We are at such early stages and the best coins/ projects have not even been invented yet..

The greatest financial evolution we may ever see is unfolding before your very eyes.

The time to really start your education is now or you will be left behind!

All of the events I go to and speak at,people don’t care about the price today they care about how it will change the world in a few years time. That is an incredible energy you just can not grasp until you are really in the understanding of what we here.

Up until now it’s just been an experiment , but now we have proof on concept. It works!!

2018 is about usability and having a peer to peer cash payment system that we can transact money anywhere in the world like sending and email..

This is the year we see mainstream adoption unfold and we see cryptocurrency

Become something that writes history. I truly believe that!!

Do not underestimate

the price of #bitcoin and the other Cryptos right now, you have not seen anything yet..

Conclusion

Cryptocurrency as not even started yet. This is just the begging so do not underestimate this concept we have a long way to go to help educate the masses, but. It will. Be worth it. 2018 is the year we see mainstream adoption and the technology become easier, faster and more efficient to use.

The time is now to start learning about and if you are interested please send a message to be included into our education groups.

We are here t help you understand Cryptocurrency and the Blockchain Technology

Here is one off our fan pages you might like;

The Crypto Pro’s fan page

https://facebook.com/thecryptoprosfanpage/

The Crypto Pro’s group

https://www.facebook.com/groups/385693181623850/

The safest way to to start your Cryptocurrency journey

We run an education programme and Group to thousands of people around the world. I have been in this industry for 5 years and I see a lot of people talking & giving opinions and advise that is not to accurate or correct.

The Cryptocurrency concept is just getting started and you have the potential to really do some good things this year.

Always do your own research and make up your own mind though.

Here is a blog I wrote yesterday giving some advise on some of the best coins to watch out for in 2018 –

https://thecryptoproezine.com/2018/01/01/what-are-the-best-cryptocurrencies-for-2018/

There are 3 strategies you can take getting into Cryptocurrency

1- You can start buying and holding the coins you like & when the time is right for you then you can sell to make a profit.

I believe this is more of a long term strategy but up to you.

I can recommend the best coins right now for you too by reading the blog I posted above.

3- Trading

Unless you have trading experience, I do not recommend it as can be very risky and it’s a skill set that takes years to learn

Neither do I recommend joining sites like Etoro, iq option, plus 500 they are pure scams and are enticing you in to get you bitcoin, Ethereum, ripple etc.

You do not own these coins on there it’s just a cash value not actual Cryptocurrency and if you don not know how to trade you will lose money fast as you put it in, be careful!!

3- The safest and most secure way is to mine coins & yes it is profitable if you know how.

I do not recommend buying your own machines though. I was doing this for a long period of time and the electricity was costing me more than I was actually mining.

I am partnered with one the biggest mining facilities in the world and are in the middle of installing over 200 Million Dollars worth of new equipment and by April will be one of if not the biggest mining facility in the world.

The movements can be very volatile and risky in the markets so this is a safety net into the concept.

I personally do strategy 1 & 2 diversify and spread into many cryptos that I like and have the mining as my hedge and security against the markets.

Mining allows At today’s value costs about $2000 a coin to produce in our warehouse & on an exchange in nearly $15000 a coin. That’s a big difference.

So no matter what happens in the market place you are always safe and in profit.

Your coins are making coins every 24hrs

Win win!

Next week we are actually doing a 4day tour around the south of UK starting on 8th in Kent & on 9th Jan in Hertfordshire, 10th in Bournemouth & 11th in Devon.

Flying over is one of the biggest Bitcoin and Crypto educators to come speak about the industry and show people how to get onboard with a safe and secure manner.

You must come & I highly advise If you want to learn about this concept in a correct way you should come and listen to Max Nilsenius speak he is incredible & one if the the most knowledgable individuals you will ever meet.

✅Tickets for The Crypto Group South of UK Tour

🔵We kick of our Tour in Rochester, Kent @ The St George’s Hotel.

📝https://www.facebook.com/thecryptoprosfanpage/posts/1863455323917502

🔵9th Jan at The De Vere Hotel, Theoabalds Park, Cheshunt, Hertfordshire.

📝https://www.facebook.com/thecryptoprosfanpage/posts/1863469447249423

🔵Bournemouth 10th Jan @ The SpyGlass & Kettle.

📝https://www.facebook.com/thecryptoprosfanpage/posts/1863474637248904

🔵Jan 11th at The Cedars, Barnstaple.

📝https://www.facebook.com/thecryptoprosfanpage/posts/1863762707220097

If you need any help learning about this concept please just ask.

Many Thanks

The Crypto Pro’s

What are the best Cryptocurrencies for 2018′

After such a huge year in 2017 for Cryptocurrency, it looks like 2018 could be even more accomplished and 10x bigger. As we go mainstream and into mass adoption with proof of concept now complete with 10 year history and a market cap of over $700bn as I write this. Bitcoin,Ethereum & Litecoin have lead the way me now comes phase 2 as we move into mass adoption, full usability & every day use. When this happens in the next coming weeks and months it will mean millions of people purchasing coins. There will be billions of dollars even TRILLIONS being traded daily & added to the concept before your very eyes like a bullet train that can not be stopped!!

Do you think there is an opportunity to create wealth, you best bet your bottom dollar there is!

We truly are at the forefront of something magical & the best bit is we are just getting started!!

The best coins have not even been created yet!

In this blog I will walk you through some of the new coins you should be looking into to start conducting your own research and discovering more about the huge potential they potentially project.

If you want to know some of the best coins to purchase still that have generated huge gains like Bitcoin,Litecoin, Ripple, Monero, Dash in 2017 please go here – https://thecryptoproezine.com/2017/06/07/the-top-cryptocurrencies-you-should-be-purchasing-right-now/


WHAT ARE THE BEST CRYPTOCURRENCIES TO BE PURCHASING FOR 2018?

As we start 2018 the buzz for what is to come the excitement is electrifying in the industry & nothing I have ever seen before. People are going crazy to get started and FOMO (Fear Of Missing Out) is really kicking in.

Please be careful though there is so much noise out there at present. You really do need to just take your time and do the research and make sure what ever you do is best for you. I know it’s hard to get your head around it all, so hopefully by the end of this you will have a much better idea.

If you want to learn more about Cryptocurrency please go here http://www.thecryptopros.com

Please do your own research though, we offer no financial advise.

1- EOS

EOS has been created to design decentralised apps (daps) & smart contacts and is known for the competition it brings to Ethereum, many are saying this is Ethereum on steroids.

EOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.

EOS’s asynchronous communication and parallel processing provide scalability, while its ownership model eliminates transaction fees. These features make EOS a serious competitor of Ethereum (although EOS’s ICO actually supports Ethereum).

Created by Daniel Larimer who is also the brains behind Steem and Bitshares, Daniel is one the smartest programming individuals in the Cryptocurrency industry with years of experience and one of the best in the world at what he does Daniel brings huge credibility to the EOS eco system.

Also involved is Genius and Cryptocurrency billionaire Brock Pierce. What ever Brock touches it turns to Gold. As one of the most influential people in the space with huge success in many projects across the industry I just know Brock Pierce & Dan Larimer are behind this could easily be there best project yet.

It also says so much and I really do see a huge year for EOS in 2018. The technology is second to none and they offer a huge solution to payments with hundreds of thousands of transactions per second Capability. EOS also offers scalability to cater for millions of transactions per second.

With tremendous backing and one of the strongest teams in any project,the growth of EOS in 2018 will mammoth. The potential for gains in this coin is looking really good. ( No guarantees it can drop in value too.)

(Charts taken on 1/1/18 from http://www.coinmarketcap.com

  1. Decentralised App Creator
  2. Delegated proof of Stake Blockchain
  3. Can Process hundreds of Thousands of Transactions Every Second
  4. Scalability for Millions of Transactions Per Second
  5. Eliminates Fees

http://www.eos.io

Huge contender for 2018


2- VERGE (XVG)

Verge Is a secure, & anonymous Cryptocurrency that focuses on privacy by bringing Blockchain transactions to every day life. With Verge currency, businesses and individuals have flexible options for sending and receiving payments. Verge Currency is a cryptocurrency designed for everyday use. It improves upon the original Bitcoin blockchain and aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy.

Verge development and marketing is supported by the thousands of members of the community.

Transaction speeds are ultra-fast compared to other coins. Simple Payment Verification (SPV) technology allows average transaction confirmation times to drop to ~5 seconds.

Verge uses multiple anonymity networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable & 100% Anonymous.

Private, secure, instant transactions run on a complete decentralised network with no central body controlling anything.

The team here are really creating something special and it could go on a real bull run in 2018.

(Charts taken 1/1/18 from http://www.coinmarketcap.com)

  1. Completely Anonymous
  2. Fast Transactions
  3. 30 Second Blockchain
  4. Ready and Scalable for Mass Adoption
  5. Decentralised
  6. TOR Browser Capability

Really strong and one or watch out for this could have huge gains if the demand stays as strong as it is now. Really looking forward to seeing this grow and implement their technology.

http://www.vergecurrency.com


3- NEO

NEO is a next generation smart economy platform (formerly Antshares) yet another smart contract platform (more on smart contracts in another blog coming soon) NEO is positioned as a “public cloud” and is part of a much bigger strategy by the Chinese government in establishing pre-eminence as a Blockchain platform industry leader. They want developers, in general, to use their tools and platform and develop the ecosystem.

NEO has a sister company OnChain that’s already a “made man” in terms of the financial services industry. It is also currently working with the Chinese and Japanese government along with large corporations including Alibaba.

NEO is considered more of a open-source public cloud model which will be separate from OnChain but can also interconnected in terms of the cross chain functionality as we will see more of with NeoX.

I think NEO has some serious work to do to catch Ethereum & EOS but as it seems to have backing from the Chinese Government then maybe it has some serious legs. Will be interesting to see how this gets used within the Asian markets and industries.

(Charts taken 1/1/18 from http://www.coinmarketcap.com)

  1. Smart Contract Platform
  2. Backed by the Chinese Government
  3. Validated Digital Identity
  4. Digital Asset Configuration
  5. Asian Market

http://www.neo.org

Neo looks good but not sure it can take over Ethereum or EOS. Only time will tell.


4- Cardano (ADA)

Cardano is home to the Ada cryptocurrency, founded by Charles Hoskinson who was part of Ethereum and many other projects. Cardano can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.

Cardano is more than just a cryptocurrency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks

Cardano has its own Block Explorer. This is a useful tool that can be used to check the history of transactions that have taken place on the Cardano blockchain.

All Ada transactions are publicly recorded on the blockchain and you can search to find details about any one of them. Information you will be able to see includes the amount of Ada sent, the public address of the sender, and the time and date of the transaction.

(Charts taken on 1/1/18 from http://www.coinmarketcap.com)

  1. Fast & Direct Transactions
  2. Secure
  3. Capable of High Financial Transactions
  4. Has it’s own Blockexplorer
  5. Very Strong /Credible Team

https://www.cardanohub.org/en/home/

Could potentially be a nice increase in price so one to watch for sure.


5- IOTA (MIOTA).

The main feature of this cryptocurrency is the tangle, a directed acyclic graph (DAG) for storing transactions. The tangle naturally succeeds the blockchain as its next evolutionary step, and offers features that are required to establish a machine- to-machine micropayment system.

The Tangle Ledger, is a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees. Yes you read that right, zero fees on micro transactions.

A decentralised and self-regulating peer-to-peer network with true micro and even nano-transactions are enabled due to the unique IOTA Tangle architecture, providing developers with a brand new set of tools for their applications in both IoT and Web.

The Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand. The Tangle ledger is so new though and not established as the Blockchain just yet.

So it will be interesting to follow the developments of this technology in 2018 if they get this right it could be a huge disruption to the disruption of Blockchain Technology.

As the Internet-of-Things keep expanding, the need for sharing of resources become a necessity. IOTA enables companies to explore business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.

The concept of IOTA is really interesting & the fact the designed their own Public Ledger Technology speaks volumes to the confidence they have in the project.

There is still not much evidence of how robust and effective it can be right now.

The developments of this technology is something I am keeping a very keen eye on for 2018.

(These charts were taken on 1/1/18 from http://www.coinmarketcap.com)

  1. Decentralised
  2. Developed New Ledger technology
  3. Tangle Network is unique
  4. Instant Transactions
  5. No Fees
  6. Business -2-Business Payments

https://iota.org/

I really like IOTA but unsure how the Tangle Network will develop. If done right could be the next disrupting technology. Only time will tell.


6- Vertcoin (VTC)

Vertcoin (VTC) stays true to the original vision of cryptocurrency: a financial system owned by its users, the people’s coin.

Vertcoin is developed by community members working as volunteers and the project is wholly funded by donations.

Vertcoin’s algorithm is designed to resist the development of custom mining hardware and multipool mining, ensuring that transactions are validated by a widely distributed network. The developers have pledged to take whatever steps are necessary to protect this coin from specialized mining equipment and make sure that it will always be possible to mine with consumer grade hardware.

DECENTRALIZED MINING

Mining should be fair & easy! Vertcoin do not allow ASICs on their network. The development team is wholly committed to keeping it that way. VTC ensures the long term security and fair distribution of the currency by doing it this way.

ATOMIC CROSS-CHAIN

(Lightning Network Development)

A decentralized way of exchanging your Vertcoins with another. A layer to cross both blockchains (Example: Vertcoin & Litecoin or Bitcoin) – Where you can seamlessly exchange your Vertcoin for Litecoin or Bitcoin (Or the other way around) on your wallet. This is a feature of The Lightning Network.

I think Vertcoin has a true decentralised concept and gives power back to the people. I really like Vertcoin & will be watching this closely. I think VTC has huge growth potential for 2018 in my opinion. No guarantees on any further earnings.

(Charts were taken 1/1/18 from http://www.coinmarketcap.com)

  1. Decentralised
  2. Unique Mining
  3. Lightning Network Capability
  4. Coin Exchange
  5. Owned by the Users
  6. Fast Transactions

https://vertcoin.org/

With lightning Network capability, instant transactions, secure development team attached too. I truly believe this could be a great feature to carry this coin forward as a huge contender in 2018.


These are just some of the coins available & I can not write about all of them on one page. There are to far to many in the market place right now. I am sorry if I could not cover a coin/s you might like on this page, but please let me know your thoughts on some of the coins and I will be happy to try and cover them for you as well.

Here is a list of coins and their purposes hope if finds you well..

This is just my opinion on some of the coins I like and have seen good growth on myself. Please do your own research. We offer no financial advise what so ever.

Many thanks

The Crypto Pro’s

JP Morgan Get caught money laundering

Jamie Dimon, head of JP Morgan is at it again after calling Bitcoin a fraud, the swine is up to to no good himself and JP Morgan get busted for Money Laundering!!

How can we trust the banks anymore?

JP Morgan one of the worlds biggest banks are caught Money Laundering!!

What does that tell you about them and just how corrupt they actually are??

Jamie Dimon has offered baseless condemnation on bitcoin for many years, calling it a bubble, a fraud, and a money laundering tool. This week, ironically, JPMorgan was cracked down for money laundering, after being fined $4 billion for mortgage fraud in September, merely two months ago.

The banking system is old, dated and time for an update is a must.

This is why we need Bitcoin, it is the perfect system. A decentralised protocol run on mathematical laws that can not be manipulated in anyway shape or form.

Dimon falsely accused bitcoin of being a money laundering tool earlier this year. Then, JPMorgan was fined $4 billion for committing mortgage fraud, and has been busted for money laundering.

If you have trust in the banks anymore in my opinion you are CRAZY!!

Today, ironically, leading Swiss daily news publication Handelszeitung reported that the Swiss subsidiary of JPMorgan was charged by the Swiss regulator, FINMA, for money laundering and “seriously violating supervision laws.”

FINMA ruled on June 30 that JPMorgan Switzerland had “seriously infringed” regulatory oversight provisions, according to a ruling issued by the Federal Administrative Court on Nov. 8 and published on Thursday.

The case involved a “violation of obligations of diligence on questions of money-laundering,” the court document said.

The court had been examining whether FINMA’s previously undisclosed decision on JPMorgan could be made public, in a case first reported by the Handelszeitung paper.

Both FINMA and JPMorgan declined to comment on FINMA’s ruling and it was unclear what action, if any, the regulator had taken against JPMorgan.

FINMA is not authorized to levy fines, but may confiscate unlawfully realized gains, impose professional limitations on bankers or require an organization to make changes to prevent similar breaches recurring. In severe cases, it may revoke an institution’s banking license.

The hypocrisy and the conceitful nature of major banks and financial service provider will only result in the demise of the finance industry in the long-term, as decentralized networks continue to render intermediaries obsolete.

Banks are running scared of bitcoin they fear what it will do & how it will hurt them. This is the biggest disruption we may ever see. The banking system has never had anything challenge them before and now Bitcoin will be the new monetary system to the world.

Villains like Dimon are abusing their power with public statements about bitcoin being a fraud, a bubble, saying it will never work, blah blah blah now we can see the real truth and just how corrupt they actually are.

What are your thoughts on JP MORGAN caught MONEY LAUNDERING?

What is the Bitcoin Segwit2x fork

There is a lot of confusion around the bitcoin hard forks that are occurring at present. Specifically with the Segwit2x,.So in this blog I want to explain it for you,so you can get a clear understanding of what it is and how it works.

SegWit is short for segregated witnesses and it is a proposal presented by the Bitcoin Core team.

In transactions there are three key elements. The sender, receiver and the signatures (commonly referred to as witnesses) and these make up a big part of the transaction size. Instead, Segwit updates the 1MB block size limit

Here is a great video that explains it for you https://www.facebook.com/cnbccrypto/videos/1528547000561874/

What this means in simple terms is that bitcoin transactions are recorded and stored in a block of data of 1Mb every ten mins. As bitcoin becomes more popular, more transactions are being logged & recorded. The more transactions are recorded the less we can store in the 1Mb size block and a backlog starts to form of transactions that need recording. Rather than every ten mins transactions are now being processed and verified every few hours.

The Bitcoin network developers want to up the size of the bitcoin to to 2Mb so they can process transactions across the board faster and in a much more efficient way.

Often called simply a “digital currency,” bitcoin is best viewed as a protocol (a set of code) that delivers data (in this case bitcoins) in defined quantities (called blocks) that are then stored in a sequence (called a blockchain) on a distributed set of global computers. Bitcoin is decentralized – in that many people help make the network function, and in choosing to run its software, users all agree to abide by the same rules to keep it operational.

Segwit2x; The plan calls for a very specific fork (or a change to bitcoin’s rules), one that would make certain rules valid that weren’t valid before. Specifically, Segwit2x would change the size of the blocks passed regularly around the network and stored in the blockchain from 1 MB to 2 MB.

Some users think this is a good idea, others don’t.

With bitcoin cash and bitcoin gold, for example, bitcoin users could have paid little to no attention and it wouldn’t have impacted their transactions. If you held bitcoin on certain exchanges (or your own wallet), you received new cryptocurrency.

This smooth outcome, however, isn’t guaranteed with Segwit2x. Complicating matters is that in many ways, Segwit2x sounds (and is) similar to other bitcoin forks.

Like other recent forks, Segwit2x is:

• An alternative software – A modification of the bitcoin software run by network participants and that enforces the protocol rules. In this case, Segwit2x’s code is called BTC1.

• An attempt to increase the block size – Most forks focus on one specific rule of the network (block size), despite other possible optimizations that could lead to capacity boosts.

• A hard fork – Anyone whose software is not upgraded to the new rules will no longer be a part of the network.

First and foremost, whereas bitcoin cash developers appeared content to create a new blockchain (with new rules), Segwit2x’s goal is to keep all bitcoin’s existing users on one blockchain.

In this way, Segwit2x could have different outcomes.

These include:

• Bitcoin’s rules change — Most (or all) miners upgrade their software. The bitcoin blockchain continues to function but features larger blocks. Segwit2x’s rules become the rules of bitcoin.

• Two bitcoins are created — Only some miners upgrade their software. This creates two blockchains – a so-called “legacy” bitcoin, and a “Segwit2x” bitcoin, both with different rules and unique cryptocurrencies.

• Bitcoin’s rules do not change — No significant miners run the new software, and the network continues to run the current rules.

But, what’s at the heart of the arguments for and against?

First, SegWit2x seeks to upgrade bitcoin in two ways:

Still, the specifics of the debate revolve around basic facts about current network design and performance.

These include:

Bitcoin is currently limited in the number of transactions it can process. Today, it can only process up to 1MB of transactions roughly every 10 minutes.As all users pay a fee to miners to make transactions, this limitation on space has increased average fee costs Increasing the block size makes network nodes more costly, as node operators must store the entire copy of the blockchain as computer files.

To begin, SegWit2x is not the first proposal for scaling bitcoin’s transaction capacity.

SegWit2x, though, differs in some key ways.

These include:

It was not put forward by, nor has it been endorsed by, Bitcoin Core, the network’s main open-source developer team. It doesn’t introduce new ideas so much as combine those previously proposed by various developers in a new way.

The reason is that those who support the change, and those who do not, both appear to have support from different parts of the community. In short, while Segwit2x claims to have a super-majority of miners and exchanges, it can’t be said that 100% of network users support just one side.

Segwit2x draws the most support from:

• Miners – The network users who run hardware necessary to secure the blockchain and profit from bitcoin’s block rewards.

• Startups – The businesses that profit by providing a service to bitcoin users, allowing them to spend, store or purchase cryptocurrencies.

They argue:

• Bitcoin should be digital money — It should compete with the U.S. dollar or other fiat currencies, and thus, a priority should be put on its use as a means of exchange.

• Competitors are gaining because of bitcoin’s inaction — They believe protocols other than bitcoin have continued to gain traction because they’re useful for payments; those protocols are currently capturing value that otherwise would have been bitcoin’s.

• Existing upgrades aren’t enough — They say the addition of code to the blockchain in August hasn’t brought about the capacity increases promised.

When will all this occur?

But while there remain many ifs, one thing we do know is the fork will occur on or around November 16.

However, an exact date can’t be pinned down. This is because the change will be enacted at a specific block (number 494,784), at which time miners will be able to run the new software.

And a split is what many bitcoin users are most concerned about, leading them to worry about the SegWit2x proposal in general. In light of these anxieties, one of two things could happen to user’s bitcoin directly:

With enough support, bitcoin upgraded to SegWit2x will work normally, and users will not likely experience any service disruptions.Without support, a bitcoin split puts users at risk of losing their bitcoin. Cryptocurrency experts propose not making bitcoin transactions during the uncertain time period around August 1.

The most evident benefit to SegWit is a capacity increased that is introduced in the form of a different transaction format. However, there are also other benefits to SegWit, which are outlined here. This includes increased security for multi signature transactions, linear scaling of sighash operations, script versioning and more.

Conclusion

Segwit2x could;

  1. Speed up the processing time
  2. Increase block size
  3. More transactions
  4. Could enhance bitcoin
  5. Could be a non event

What are your thoughts on the Segwit2x hard fork?

Does this help you understand the hard fork?

Leave your thoughts in the comments below.

Many thanks

The Crypto Pro’s