BREAKING NEWS: Bitcoin BIP91 Locked In for SegWit Activation 1 August 2017

We have a resolution… Finally!  The scaling of Bitcoin, BIP91, has been locked in for 1 August 2017 as more than 93% of miners signaling support for SegWit2X.

 

source: CoinDance

 

The Bitcoin price has reacted to this news by increasing in value by over $500 in 24 hours.

 

 

A debate that has raged on since 2015, proving that Bitcoin is a democracy and an incredible store of value which cannot be taken lightly – no change can be forced on the community without agreement no matter how long it takes to resolve.

Sanity within the Bitcoin community prevails as the markets dictate.

 

Bitcoin Scalability problem – Wikipedia

The Bitcoin scalability problem is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. Bitcoin blocks carry the transactions on the bitcoin network since the last block has been created. Blocks larger than one megabyte are automatically rejected by the network as invalid. This allows for around three transactions per second maximum capacity rate. Bitcoin Core is the most popular Bitcoin client.

The one-megabyte limit has created problems for Bitcoin transaction processing, such as increasing transaction fees and delayed the processing of transactions that cannot be fit into a block. Various proposals have come forth on how to scale Bitcoin and a contentious debate has resulted.  On July 21st, 2017 miners locked-in a software upgrade referred to as BIP91, meaning that the controversial segregated witness upgrade will activate at block 477,120.

 

What is BIP91 – New York Agreement? 

The BIP 91 proposal is designed to make both SegWit2x and BIP148 compatible. In the best-case scenario, this patch will prevent a Bitcoin split on 1 August 2017.

 

 

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