Earlier in when Bitcoin was invented by its inventor Satoshi Nakamoto , Bitcoin was almost worthless.
SegWit 2x Bitcoin Hard Fork Comes Back Again, Scheduled on 28 December
First notable transaction was buying 2 Pizzas for BTC. He might have thought that there would be plenty of time to upgrade the blocksize in future if needed. Bitcoin was adopted exponentially but Bitcoin founder went missing. So no one knows who he is or is it a group of people. So no one tried to increase the blocksize. At present 1 MB block size is not enough to handle the transactions in Bitcoin Network. New block is found roughly 10 minutes and transaction started to pile up.
Transaction got delayed till the emptier block was mined.
Your Guide to Upcoming Bitcoin Forks For 2021 and Beyond (As Well as a List of Past Bitcoin Forks)
So in Bitcoin transaction sender was left with two options. Either to increase the transaction fee or wait for hours for transaction to get completed. If the sender increase the fee then the miner will put his transaction above in the queue and transaction put in block as soon as new block is mined. Bitcoin was lagging behind the other cryptos as other facilitate faster transaction at a very low transaction fee.
Hard Fork is a medicine that bitcoin needed in order to survive in this cryptocurrency rally. Majority of miners thus stopped signalling for Segwit2x. Since then many miners have stopped signaling Segwit2x hard fork.
A List of Upcoming Bitcoin Forks and Past Forks - CryptoCurrency Facts
If majority of miners start signaling for Segwit2x then we will see our legacy Bitcoin with 2 MB Block size. Note : I am not a crypto analyst or an investment advisor. So invest only that much amount that you can afford to lose.
Planet Money. From Wikipedia, the free encyclopedia. Early promoter of bitcoin. San Jose , California , U. United States — Saint Kitts and Nevis —present.
List of Bitcoin forks
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