Bitcoin Forum

What's BTC1? Thx for the answers

BTC1 is the name of the repository and the proposal for bitcoin scaling which is also known as SegWit2x or New York Agreement (NYA).

the plan is to force SegWit through BIP91 --> done
then activate it through the bit 1 (if i am not mistaken) which is BIP141 --> done
then in a couple of months after activation of SegWit perform a hardfork to increase the block size from 1 MB to 2 MB --> the time has not come yet.

Is increasing the block size from 1 MB to 2 MB is a good thing for bitcoin? Why are some people against it?

When segwit 2x implements on November what will happen with Legacy addresses and coins can they still be used in same chain or segwit 2x will produce  yet another alt coin (hard fork imply that)?

What will be "real (the one which is today is accepted by bitpay and others)" BTC legacy one or Segwit 2x.

I find pretty bad that we must transfer all our funds to Segwith adress as fees are pretty high and confirmation time is even worse....

Also will segwit be compatible with segwit 2x?

I tried to find an answer but all i found where some partial one.

i am not sure if it is good or bad in general but i can say with certainty that it is bad if it happens this soon. there needs to be more time before a hard fork like this to increase block size.

i hope someone else can give a more detailed answer about this and also adds a link to some article that we can read bitcoin core deves have to say about why they have rejected it.

if the fork happens for real, it will be backward compatible like any other fork which means all the old addresses and balances will still remain valid.
it is too soon to say how the fork result will be in my opinion because of the type of support it has (a huge miner support and a rather big business support but no core dev support and little community support)

Bitpay and other businesses will go with the most secure chain with the highest hashrate.
it may be SegWit2x. i hope this doesn't happen!

if you are not in a rush to spend then wait a little while until mempool is more empty.

it is the same "SegWit" but the chains with 1 MB and 2 MB will not be compatible and it will be another hard fork creating a new chain.

try this:
https://www.coindesk.com/explainer-what-is-segwit2x-and-what-does-it-mean-for-bitcoin/

I don't understand what the problem is. If there is an agreement why not to suspend payments 1 MB and when all payments will be stopped to start with size 2 MB. Is that so hard? It seems to me that someone is just trying to create panic and make money.

So if i understand you correctly even if segwith 2x win we will be able to send and receive funds to an old legacy addresses like nothing happened (off course along the modified wallet software)? So for example if i have address which start with 1 can I receive deposit in February 2018 from segwit 2x address...and can i pay from legacy address then further to segwith 2x address...

And thank you for your fast replay :)...