What is SegWit2x and why are some against SegWit2x?

A challenging process awaits Bitcoin in November. As per the New York Agreement, it’s time for SegWit2x, the second step of the SegWit update.

Some What is SegWit2x?

Enabled on the Bitcoin blockchain in the past months, SegWit was bringing some improvements to the Bitcoin network.. The Bitcoin block size problem, which has become a huge problem day by day, has been tried to be overcome with SegWit.

Now, the second leg of this update, SegWit2x>, is on the agenda.. The SegWit2x update, which is expected to be made in November, has started to be discussed – perhaps more – with high pitches, as in the first SegWit.

While major Bitcoin mining companies are pro-SegWit2x, the majority of users do not want it.. Among those who do not want SegWit2x is Charlie Lee, the creator of Litecoin.. Those who rejected this update started a campaign on the social media platform Twitter by adding “[NO2X]” next to their usernames.

Why are some against SegWit2x?

Disable SegWit and SegWit2x supporters are usually large mining companies. These include companies such as Bitcoin.com, BitFury, BitGo, Bitmain, BitPay, Blockchain Bloq, RSK Labs and Xapo.

Bitcoin’s Bitcoin Core team, which consists of core developers, has neither signed the New York Agreement nor signed the New York Agreement.

Bitcoin Cash emerged after the previous SegWit update.. Now, there are concerns that one or more other coins will emerge that can be seen as an alternative to Bitcoin.. This, too, is likely to harm the original Bitcoin in the long run.

The New York Agreement is not actually a compromise

On the other hand, although the New York Agreement is touted as a compromise, it is not actually a compromise.. It’s just a consensus among big companies.. An agreement that many Bitcoin users don’t want, without the Bitcoin Core team involved, is not a compromise.

The 2MB block size limit recommended with SegWit2x is not big enough.. SegWit2x developers have no roadmap for what to do when the 2MB limit is reached. This stands out as their major shortcoming.

SegWit2x can monopolize Bitcoin mining

In addition, it is thought that the SegWit2x update will monopolize and centralize mining by large companies. Therefore, it is claimed that this update is an update aimed at extorting Bitcoin.

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