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Kristina Frunze

25 July 2017

Forex

How will SegWit activation impact cryptocurrency market?

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Over 90% Bitcoin miners support BIP 91, which means that SegWit will be activated on August, 1. How will SegWit activation impact cryptocurrency market?

25 July, AtoZForex A lot of cryptocurrency market observers believe that the SegWit activation might bring a lot of new investors in the field.

Bitcoin adoption issue resolution 

There is a view that the Bitcoin adoption issue rests on attracting more traditional investors. Specifically, the Bitcoin adoption problem comprises the way how it appeals to those at the lower ebb so that it can be backed on the top.

A significant effort for the resolution of this issue appeared from the Lighting Network. As Bitcoin miners have locked in BIP 91 last week, developer ACINQ released a Lightning Network-ready Android app called Eclair Wallet. The application only runs the Bitcoin Testnet until SegWit is activated on the network.

The key aim of the project is to enable faster and cheaper transactions, especially for the mini Bitcoin payments. In case the scaling issue will resolve, there would be few other implementations that would aim for easier acceptance of Bitcoin.

The initiatives appear very useful, as the global economy continues to struggle with user-unfriendly developments. In case the SegWit will properly address the scaling issue, the new wave of investors’ funds will flow into the crypto market.

How will SegWit activation impact cryptocurrency market?

The SegWit activation has been on the lips of Bitcoin miners and nodes for some time right now. Finally, the Bitcoin improvement proposal (BIP) 91 has been locked in last week. What to expect next?

In case the activation of SegWit will attract myriad of investments into the digital market, the consequences will not wait. Market experts believe that the Bitcoin market capitalization could surge to enormous heights. Some of the observers say that Bitcoin market cap can fly up to $1 trillion. Even without the scaling issue resolution, cryptocurrency market cap reached $95 Billion.

Moreover, Bitcoin will need to succeed in order to give prospects to all other altcoins. It already has been a tendency– as Bitcoin price rises, other cryptocurrencies tend to follow the trend.

Think we missed something? Let us know in the comments section below.

BIP 91 SegWit Bitcoin

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