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Friday, May 19, 2017

Barry Silbert Hints At Growing Support For Imminent Bitcoin Scaling Solution

Barry Silbert Hints At Growing Support For Imminent Bitcoin Scaling Solution

It appears we may be getting closer to scaling Bitcoin than originally assumed. That is, if Barry Silbert is to be believed. He has been going on about miners supporting a “scaling compromise” as of late. In one of his recent tweets, that support has grown to over 70%. However, very few people know what he is talking about right now. It is evident something needs to happen sooner rather than later.

Barry Silbert may be the one person to successfully make Bitcoin scale. That sounds very strange, but it seems things are heading in this direction right now. About a day ago, he posted the tweet below which has sparked interesting debates among community members. It is evident scaling Bitcoin should be a top priority right now. Activating Segregated Witness and a 2 MB block size increase in the next year sounds appealing.

What is even more interesting is how a lot of miners seemingly support this concept. According to Silbert, various Bitcoin service providers pledged support for this change. Moreover, nearly 80% of the Bitcoin hash rate is in favor of this idea as well. So far, uniting miners for a particular bitcoin scaling solution has been virtually impossible. It seems highly unlikely this solution will be different, though. Someone saying they will support a solution and effectively doing so are two very different things for sure.

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