Top news and views about Bitcoin and Cryptocurrency for 21 Jul 2017
CrowdifyClub Category: Crypto Currencies
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BIP 91 Locks In: What This Means for Bitcoin and Why It's Not Scaled Yet
BIP 91 has officially locked in.
At press time, bitcoin's miners, the network of computer operators that secure the blockchain, have now been signaling that they will upgrade the code for 269 blocks in the same signaling period, a move that takes the software one step closer to changing its structure to accommodate more transactions.
Stepping back, the move finds miners agreeing to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.
The controversial proposal seeks to change the transaction structure of the network via Segregated Witness, and increase a cap on the amount of data that can be stored in transaction blocks, a move tentatively scheduled for later this fall.
Full story at http://bit.ly/2tliqPk
Source: CoinDesk
The Bitcoin Scaling Countdown: Miners Begin Running Segwit2x Software
As the price of bitcoin dropped to new lows this weekend, some bitcoin proponents were patiently waiting for the promised BTC1 software. Now it seems in a short period of time the bitcoin ‘community’ may see the protocol Segregated Witness (Segwit) activated as the mining community has begun to signal BIP91. The proposal BIP91 is a combination of Segwit2x and BIP148. The version 1.14.4 code has been pushed to the repository by the Segwit2x working group, and a few mining pools have already started running the protocol. The China-based Bitmain technologies announced their support via Twitter by stating;
"All of our bitcoin mining pools will start running the new Segwit2x software today"
Other mining pools signaling and mining BIP91 blocks include Bixin, Antpool, BTC.com, Bitfury, and Bitclub so far. Now spectators are waiting for other pools like BTCC, F2pool, Slush, and a few others to join. Back in June Bitcoin.com reported on how a vast majority of the hashrate was signaling their initial support for Segwit2x. Miners running the new BTC1 software and currently signaling BIP91 means that if enough hashrate reaches over 80 percent and continues for a 336 block period, Segwit will “lock in”. If all is successful, this will then lead to another 336 block period that will activate the Segwit protocol on the main chain.
Full story at http://bit.ly/2tcbR1y
Source: Bitcoin News
Bitcoin Price Surges to One-Month High as Tech Outlook Improves
After dropping to a low of $1,836 this weekend, the bitcoin price is once again climbing back toward all-time highs.
According to CoinDesk's Bitcoin Price Index, the price of bitcoin rebounded to $2,730 today, the highest value observed on the BPI since June 23 and just $300 off its all-time high of $3,025, set on June 11.
So, what's driving traders?
Overall, analysts are reporting that the recovery is largely due to the improving outlook for bitcoin's technology roadmap, spurred by the expected 'lock in' of a code upgrade called BIP 91 today.
Full story at http://bit.ly/2vGY5ob
Source: CoinDesk
Bitcoin Price Breaks $2,600 As SegWit Nearly Finalized, $3,000 In Sight
Within a 24-hour period, Bitcoin price increased from $2,300 to $2,600, recording a staggering 13 percent surge in value.
Earlier this week, miners began to signal for Bitcoin Improvement Proposal BIP 91, a kludge between the original Segregated Witness (SegWit) proposal and the Digital Currency Group-led SegWit2x, also known as the Silbert accord.
Despite its short timeline that may cause difficulties for developers resulting from technical instability, BIP 91 was the last chance for miners and the Bitcoin community to avoid a network split, which would have led to the creation of two Bitcoin Blockchains or Bitcoins.
In contrast to user-activated soft fork, BIP 91 is a miner-activated soft fork, which will activate SegWit, a transaction malleability fix and scaling solution developed by the Bitcoin Core development team at an 80 percent activation threshold, as listed on the SegWit2x proposal.
Full story at http://bit.ly/2uFvWkH
Source: CoinTelegraph
The Real Story Behind Bitcoin Price Volatility
Our London Correspondent Nick Ayton, the ‘Sage of Shoreditch,’ has been speaking to the Bitcoin core community about the politics and power struggles that will impact SegWit decision-making.
What happens to Bitcoin holders in the weeks ahead? What will be the consequences of SegWit for the user community and what does it mean to Bitcoin as a cryptocurrency and the role of miners? Is the economic model for Bitcoin being forced to change as the investment in POW infrastructure remains significant and where are the rewards declining?
Full story at http://bit.ly/2ugdEE7
Source: CoinTelegraph
Suddenly, Bitcoin Price Shoots Up To $2500 As Poloniex Halts Litecoin Trading
Bitcoin has shot up $200 in hours as a sudden bull run sees the virtual currency retake $2500.
Data from cross-exchange readings at Coinmarketcap shows Bitcoin’s price suddenly react during Thursday to go from $2300 to $2510.
At press time, the upward trajectory is continuing, while investors expecting Litecoin to benefit from a knock-on effect are venting frustration at major exchange Poloniex freezing trades.
Poloniex has yet to respond to demands for an explanation from users, who are venting their frustration on social media outlets.
Full story at http://bit.ly/2uFkW6P
Source: CoinTelegraph
Prepared by @SydesJokes
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