The implementation of SegWit2x, expected to occur mid-November, has made the Hong Kong Bitcoin community worried. The Hong Kong Bitcoin community is composed of individuals and organizations that take part in Bitcoin trading and compromises a large Bitcoin blockchain.
Currently, SegWit2x lacks community support. A vast majority of Hong Kong Bitcoin community users, investors and businesses are against SegWit2x, due to the fact that there is not enough support for the idea. Support is important for the proposed cryptocurrency improvement to occur, because here lies the secret to its possible success, conformity and uniform acceptance. In our opinion, the sheer lack of support means that the community as a whole is not ready to adopt this change and improve on existing hardware and software to be better capable of using SegWit2x.
Effect of Implementation of SegWit2x
The purpose of SegWit2x is to increase the Bitcoin block size from 1MB to 2MB and is considered the long overdue optimization of the cryptocurrency. But due to the resistance of the Bitcoin community, this plan might not come to fruition.
Hong Kong Bitcoin community’s opposition is based on the NYA agreement done in Hong Kong last year. Reasons are as follows:
- Lacks community support
- Weak transaction replay protection
It is evident that majority of the Bitcoin community is against SegWit2x, but if SegWit2x is implemented, this means that there will be two factions of the Bitcoin environment, one that follows the original 1MB Bitcoin blockchain and one the follows SegWit2x 2MB. What this rift does to Bitcoin, we are yet to see.