the Bitcoin community believe that this huge improvement will allow them to expand to new oanda forex opening hours heights in the cryptocurrency world. Now that SegWit is bound to activate do you think that 3000 is a realistic target? To simplify, when unnecessary data is removed from a Bitcoin transaction, it frees up space for more transactions to take place on the blockchain. Some members of the Bitcoin community expressed their gratitude for a compromise and end of the internal fighting: While others noted the correlation between SegWit activation and the bitcoin price: The fact that SegWit will finally activate may just be what Bitcoin needs to reach. Bitcoin wants to grow but has been plagued with the slowness of creating new chains to support the cryptocurrency. The activation is a process that will take roughly two weeks to happen.
BIP91 is a method of activating SegWit on the network as a result of what is known as the New York Agreement, which is very similar to the original BIP141 deployment method but with a few key differences: The activation period is now 336 blocks. BIP91 Gains Most Support, the lock in of the BIP91 proposal means that as long as 51 of the network hash power continues to mine blocks that support SegWit, the protocol will activate and there will be no risk of a major chain split. While some investors have set very high expectations for bitcoin, with targets at 50,000 or even as high as 500,000, breaking through the 3000 mark wouldnt be that far off now, would it? At press time it is above 95 support. The fulfillment of the first part of the New York Agreement also dissipates the fear of the possibility that Bitcoin might split into two major chains; practically the entire network has agreed to a plan and stuck.
While others noted the correlation between SegWit activation and the bitcoin price.
Prediction: When BIP91 locks in and pools signal SegWit, BTC price will rally hard.
The only issue is it does not ship until August or September 2017.
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Consequently, asic, bitcoin mining systems can solve Bitcoin blocks much quicker and use less less electricity or power.