Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Bitcoin averts split as miners back new software upgrade
  • 14 Vote(s) - 2.57 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
   


NEW YORK (Reuters) - Digital currency bitcoin on Friday averted a split into two currencies after its network supported an upgrade to its software that would enhance its ability to process an increasing number of transactions.
Bitcoin's miners have signaled their support for the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains. The miners represent a network of computer operators who secure the blockchain or a public ledger of all bitcoin transactions
BIP 91 is the first step toward a larger effort to upgrade bitcoin through a software called SegWit2x. On Friday, the support for BIP 91 reached nearly 100 percent, exceeding the required threshold of 80 percent, according to analysts and market participants.
Some investors have warmed to bitcoin, wooed by its explosive performance and potential to compete with gold and government-issued money as a means to store value. Demand for bitcoin has grown in eight years to a market capitalization of more than $40 billion.
But fears about the bitcoin split dampened demand for bitcoin in recent weeks. After hitting record high near $3,000, bitcoin dropped as low $1,830 BTC=BTSP on the Bitstamp platform. On Friday, it traded at $2,647.
The software upgrade attempts to address the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough.
"BIP 91 unleashes the next wave of innovation because it has been a little bit stagnant of late for bitcoin," said Rob Viglione, co-founder of ZenCash, a digital coin focused on privacy and security.
Before BIP 91's endorsement, some bitcoin investors feared it could split into two independent currencies because core developers of the network and the miners each wanted different ways to increase bitcoin's scale.
A compromise between the two groups has been reached through SegWit2x.
"Bitcoin now has a clear run to add features that allow for faster transactions with lower costs," said Charles Hayter, chief executive officer of digital currency analytics firm Cryptocompare.
The upgrade to bitcoin's network will not occur until autumn, said Viglione, because several things need to happen before the new software is activated.
Market participants have complained about the delay in transactions. Analysts say a single bitcoin transaction costs on average 83 U.S. cents to execute, which means micropayments are not feasible on the network.
The network is also limited to roughly seven transactions per second. In comparison, Visa on average handles 2,000 transactions per second.
Click==>Best E-Money Exchanger<<==Click
Reply
#2
I think in terms of scaling ripple or dash are really better. 
I dont understand why all want to use BTC. It is old and there are better solutions.

It has big value. But I also dont pay with gold or other assets right? So why should I pay with BTC.
Win Free Bitcoins every hour! - www.freebitco.in 
  I share 50% of commission with referrals!
Reply
#3
Haha because Bitcoin is more trusted than Ripple though. That is why people insisted on using bitcoin rather than Ether or tipple

Sent from my Redmi 3S using Tapatalk
Accepting Donation
GDDBCNQEAOWIJN6AE5TTK6BWCKE2EMOLOWU2LR2ATQUVTNPBWT7656DP
Reply
#4
At least it won't split at the moment.
I hope the price will rise for bitcoin and Stellar
You can send me Lumens to the address
GDUIC4FESQJJELQL2UQ4XJ5GPT3Q2R7HWUZNO57TM37BUB7E3GPU47KY
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  7 Unorthodox Ways to Mine Bitcoin crytocure 0 16 5 hours ago
Last Post: crytocure
  Binance Research: most large Bitcoin and Ethereum investors hold stablecoins crytocure 0 17 5 hours ago
Last Post: crytocure
  Bitcoin and Voluntaryism – Where Libertarian Philosophy Meets Crypto crytocure 0 49 19-07-2019, 11:44 AM
Last Post: crytocure
  STUDY FINDS BITCOIN’S MOST VOLATILE FROM MIDNIGHT TO 1 A.M. (UTC) crytocure 0 41 18-07-2019, 02:59 PM
Last Post: crytocure
  Mapping the Major Bitcoin Forks crytocure 0 39 18-07-2019, 10:57 AM
Last Post: crytocure
  A Security on Bitcoin’s Lightning Network Could Protect Users from Thieves crytocure 0 41 17-07-2019, 02:47 PM
Last Post: crytocure
  How Bitcoin is a threat to the worldwide government financial system crytocure 0 51 17-07-2019, 10:03 AM
Last Post: crytocure
  Coping with crypto: The stages of Bitcoin acceptance crytocure 0 54 16-07-2019, 09:59 AM
Last Post: crytocure
  Binance's CEO Made A Serious Bitcoin And Crypto Warning crytocure 0 58 15-07-2019, 01:47 PM
Last Post: crytocure
  Ethereum Falls by 20% as Bitcoin Taps $10,000, Is There Hope for ETH? crytocure 0 48 15-07-2019, 12:35 PM
Last Post: crytocure



Users browsing this thread: 1 Guest(s)