Just yesterday, we were wondering: Will Bitcoin Prices rise again? Today, BIP 91 activation Bitcoin price surge news shake the markets. No more Bitcoin protocol split?
21 July, AtoZForex – Just two days ago, AtoZForex reported that Bitcoin miners eventually show their intention to support a new upgrade for the Bitcoin blockchain. Some of the largest Bitcoin miners – AntPool, BitClub, Bixin, BTC.com, and BitFury, have expressed their readiness to support the Bitcoin improvement proposal (BIP) 91. The BIP implies that a piece of code will be added to each new block of Bitcoins they generate.
BIP 91 activation Bitcoin price surge
In fact, Bitcoin miners and nodes have had this argument for quite some time right now. The BIP 91 is a step forward from the original SegWit proposal to the Digital Currency Group-led SegWit2x. The latter is also known as the Silbert accord. In spite of its short timeline that potentially might cause difficulties for developers, BIP 91 was the last chance for miners to avoid the Bitcoin protocol split. The split would have resulted in the creation of two Bitcoin Blockchains.
In addition, the BIP 91 is a miner-activated soft fork that will activate SegWit. The latter will serve as a scaling solution developed by the Bitcoin Core development team. The proposal needed to reach 80 percent activation threshold. And it finally did!
BIP 91 just locked in! Almost 90 percent of all hash power showed support for this soft fork. This implies that the miners look into triggering the SegWit activation. This would make the BIP 148 obsolete and remove the danger of Bitcoin protocol split.
BIP 91 benefits
Starting from the middle of 2016, the Bitcoin industry and community have been waiting for the activation of a scaling solution. The solution seemed as a perfect gateway – optimized Bitcoin blocks and eventually, lessen Bitcoin fees.
The French developer behind Bitcoin analytic platform OXT, Laurent, has stated the following:
“Considering that the published elements are the result of an exploratory analysis, I would say that I'm 95 percent confident. 100 percent confidence will require an in-depth analysis which is currently outside what my financial resources allow me to do.”
When SeWit activation seemed possible through SegWit2x, the Bitcoin mempool has suddenly decreased. The industry observers have been highly concerned about spam attacks.
The activation of SegWit will lead to a 75 percent optimization of Bitcoin blocks. Moreover, the Bitcoin transaction fees will decrease. Following the optimism around the scalability of Bitcoin, the price of cryptocurrency has surged higher. After BIP 91 activation Bitcoin price surge, Bitcoin price now stands at $2729.76, previously hitting the high of $2,900.
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