Digital currency Bitcoin has avoided a potential split of currencies in the past week after upgrading its technology to enhance its ability to process more transactions simultaneously. If the split of currencies were to occur, experts questioned the stability and success of Bitcoin in the weeks to follow.
Bitcoin miners have voiced their approval for the so-called “Bitcoin Improvement Proposal 91” (BIP 91) and its prevention of creating two new blockchains. The miners themselves represent a “network of computer operators who secure the blockchain or a public ledger of all bitcoin transactions.” BIP 91 is only the beginning of a larger initiative to upgrade Bitcoin through the use of the software SegWit2x. On July 21st, BIP 91 received an overwhelming amount of support with nearly a 100% vote, which exceeds the required 80% required.
Bitcoin has been highly revered for its groundbreaking concept and its ability to compete with physical gold and our current government issued currency in the years to come. The increase of demand for Bitcoin has allowed the company to increase its market capital to $40 billion in only 8 years. However, they are experiencing a drought of interest with Bitcoin dropping as low as “$1,830 BTC=BTSP on the Bitstamp platform,” of which $2,647 was traded.
Digital currency executives of other companies had plenty to comment about Bitcoin and the recent implementation of BIP 91. Charles Hayter, chief executive officer of digital currency analytics firm Cryptocompare, commented, “Bitcoin now has a clear run to add features that allow for faster transactions with lower costs.”
Bitcoin dodged a bullet with the prevention of splitting into 2 currencies, but they properly avoided the problem with BIP 91. Now we must ask: Will BIP 91 positively shape Bitcoin’s future endeavors in the months to come?
Mohammad Sultani for TechFunnel.com