Bitcoin Rises As Miners Support BIP 91

0

Bitcoin miners by and large have banded together in a show of strength and solidarity. They are signaling to BIP 91 therefore avoiding a hard fork of which bitcoin’s blockchain would be split into two different currencies.

As of now 95 percent of all miners are in alignment with this decision. BIP 91 is based on the segwit software upgrade that improves data and transaction capabilities.

In recent months, miners and investors have been at odds with how to fix the problem of scalability. Miners were concerned that increasing the block size could increase mining costs. Investors on the other hand, want to increase the value by expanding its payment capabilities.

Since adoption of this soft fork, the price has been rising sharply. The price of bitcoin is currently up over $500 compared to a week ago on July 17th.

A “Civil war” seems to be avoided but many in the community remain cautiously optimistic. Until the segwit software is fully implemented by the miners, they can still back out.

Overall, bitcoin is on an upward trajectory for now, but were not completely out of the woods yet.

About author

No comments

How Bitcoin Mining Works

When it comes to fiat currency, the government just prints their own money. Bitcoin however does not work the same way. Instead a group of ...