These miners are unhappy with SegWit and have suggested an alternative code change known as Bitcoin Unlimited. This would increase the block size significantly, but would also make their version of the bitcoin protocol incompatible with the original version.
As a result, a "hard fork" would take place, splitting the bitcoin blockchain in two, and even resulting in two separate coins. Investors would theoretically then hold some of the original bitcoin tokens, as well as the new Bitcoin Unlimited.
Each proposal requires large support from the participants in the bitcoin's ecosystem, but there is strong disagreement.
BTCC is a massive bitcoin exchange in China which signaled support for the SegWit proposal. Its CEO Bobby Lee told CNBC that he is "confident" a solution will be found, but the uncertainty could be a reason why the bitcoin price has paused for breath.
"Not everyone is on the same page, there are people worried, some may be selling bitcoin," Lee told CNBC by phone on Wednesday.
See original here:
Bitcoin falls to near one-month low amid bubble concern, scaling ... - CNBC
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