Is segwit really necessary?

[Teljkon]

I have to admit I don't know much about the programming that runs the block chain. However I do know about the concept of overload. The main challenge to bitcoin at this time is that it it's too slow for point to point sales it's fine for online transactions, but you can't take five minutes to clear a coke a cola or a coffe. Why hasn't a bitcoin Devi managed to alllow smaller players to strictly seek transaction fees without going after the main coins. Either that or even a carbon copy of bitcoin that is fungeble on a processing level. Btc2.0 priced lower but transactions rewards default to 2.0 chain after 60 seconds or something like that. Is this even possible?

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[kriptotr]

They say segwit will let bitcoin transactions be faster, but I still couldn't understand it well. If segwit will solve the scalability problem, why were we fightin each other?

If no, why segwit will be implemented?

[Meuh6879]

[davis196]

Wow,thanks Meuh6879.This is a pretty informative infographic.
I think that  a lot people hate Segiwt because:
1.They think that Segwit will centralize bitcoin.
2.They think that Segwit will create double spending issues.
I`m not sure that those two statements are correct.
Anyway,most of the bitcoin users hate Segwit because they don`t know anything about it.

[aTriz]

I have to admit I don't know much about the programming that runs the block chain. However I do know about the concept of overload. The main challenge to bitcoin at this time is that it it's too slow for point to point sales it's fine for online transactions, but you can't take five minutes to clear a coke a cola or a coffe. Why hasn't a bitcoin Devi managed to alllow smaller players to strictly seek transaction fees without going after the main coins. Either that or even a carbon copy of bitcoin that is fungeble on a processing level. Btc2.0 priced lower but transactions rewards default to 2.0 chain after 60 seconds or something like that. Is this even possible?

Well segwit is definitely required since it should fix a couple of things like lower transaction fees and faster confirmation times. It should pretty much 'update' the blockchain and also solve the scaling problem which is a big problem nowadays.
 I think the info graphic by Meuh6879 explains it better that me and it covers pretty much everything.
The one thing you need to keep in mind is that segwit will not make bitcoin centralized or cause other problems and it won't kill bitcoin.

[piloder]

Segwit is first step for activation of lightening network in future. LN is what we need to make instant bitcoin (off-chain transactions) so that we can pay for coffee or soda instantly and we might not have to wait for more than few seconds to get that transaction confirmed. Segwit is just a soft fork so there is nothing actually to panic about.

[jerowacik]

Many people say that segwit is not a priority, but some people say that segwit is indispensable for better bitcoin development. So here are some opinions, I as a bitcoin user certainly can not do anything. Some people who play a role against segwit already stated that this will be done on August 1st.

[Amph]

They say segwit will let bitcoin transactions be faster, but I still couldn't understand it well. If segwit will solve the scalability problem, why were we fightin each other?

If no, why segwit will be implemented?

segwit is a way to implement LN and miners don't like that, as a far i understand last time i checked why they don't want segwit, but not all miners are against it

segwit don't solve the scalability issue by itself you need the LN, but it add more room to the block limit, and buy us some time

also currently there is no on-chain way to do what LN can do off chain, this seems impossible to achieve..

[jonosutio]

Although many say segwit is not a priority, but many say also that segwit is also needed to make the bitcoin better again. So do not doubt the usual, which will make you more brilliant in the features of bitcoins

[User365]

Yes we do just look at fees and tx time.

@Meuh6879 thx for this awesome picture I sent it to a few friends of mine already, best summary I have ever seen of segwit !

[Gluestack]

Although many say segwit is not a priority, but many say also that segwit is also needed to make the bitcoin better again. So do not doubt the usual, which will make you more brilliant in the features of bitcoins

In my opinion segwit is clearly necessary, some of the promises of bitcoin beyond pseudonimous id is no transaction fees and fast times, they are lost as for now, if BTC doesnt recover that its essence will be lost and will give opportunity to other cryptos to grow faster.

[Basmic]

Update bitcoin is a natural and predictable. Without this it is impossible to fully use that currency to trade. Each of us wants to. I think that the panic of trying to inflate the speculators. True connoisseurs of bitcoin should welcome such changes.

[SONG GEET]

Although many say segwit is not a priority, but many say also that segwit is also needed to make the bitcoin better again. So do not doubt the usual, which will make you more brilliant in the features of bitcoins

There is nothing wrong with segwit itself but there are still many group of people who want to take over bitcoin development and are constantly involved in spreading different fuds about bitcoin. In my personal view segwit is important for better development of bitcoin network.

[hv_]

If you just need tooooo many argument, toooooo many shil posts, tooooo many ranting ....

This must be really good in the end. - I really hope since I want to stay a bitcoin maximalist.

[xbiv2]

Some people love segwit, so let`s sell em.

[Reid]

Thank you Meuh6879.
That is way too cool and really an easy way to understand it.
Somehow I was shocked with some of the information but it is the truth.
This should be shared with others to make them understand it more and not let their brains be blank of what will happen.
Again, thanks. Thumbs up to that infographic. It is really cool.

[SvenBomvolen]

Wow,thanks Meuh6879.This is a pretty informative infographic.
I think that  a lot people hate Segiwt because:
1.They think that Segwit will centralize bitcoin.
2.They think that Segwit will create double spending issues.
I`m not sure that those two statements are correct.
Anyway,most of the bitcoin users hate Segwit because they don`t know anything about it.

It is really WOW and explained so short and easy. I just have a question which wasn't uncovered in this presentation: Will transaction fees going to be lower or SegWit will not change a thing in this point?

[Yakamoto]

I have to admit I don't know much about the programming that runs the block chain. However I do know about the concept of overload. The main challenge to bitcoin at this time is that it it's too slow for point to point sales it's fine for online transactions, but you can't take five minutes to clear a coke a cola or a coffe. Why hasn't a bitcoin Devi managed to alllow smaller players to strictly seek transaction fees without going after the main coins. Either that or even a carbon copy of bitcoin that is fungeble on a processing level. Btc2.0 priced lower but transactions rewards default to 2.0 chain after 60 seconds or something like that. Is this even possible?

Fees are a part of the money that miners get in exchange for their service finding blocks. It's not really easy to code something where block fees are given to people looking only for fees since that also requires finding a block to receive said Bitcoin, so they just perform the same action as miners. But you're suggesting a sort of double-confirmation for a block? Maybe it could work if people wanted that to be coded but there's a really low chance it would go through, since it would just double the mining investing and the "small players" would get beat out by larger players moving hardware.

[adzino]

Nice Meuh6879, thats some detailed stuffs you got there. Helped me know something more about Segwit. Actually saved the image. Next time someone asks me about segwit, this is the first thing i am going to show them  

[andreibi]

I don't pretend to know all of the intricacies of the bitcoin protocol. But one thing for sure is that any step forward or any innovation forward that would help bitcoin become faster, more efficient  and cheap should be encouraged.