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Monday, May 22, 2017

Bitcoin Price Hits $2,150 Following Rapid Progress in SegWit, Scaling Talks

Bitcoin Price Hits $2,150 Following Rapid Progress in SegWit, Scaling Talks

Sources of Cointelegraph, as well as others including Bitcoin investor Alistair Milne, suggested that Bitcoin miners have agreed to activate the Bitcoin Core development team’s transaction malleability fix Segregated Witness (SegWit).

Although the consensus amongst miners to activate SegWit is only a rumor as of current and is not confirmed, the Bitcoin community seems to be anticipating the activation of SegWit and the execution of a two MB hard fork as a compromise.

On February 20, the Bitcoin Core development team, miners and businesses participated in the Hong Kong Bitcoin Roundtable Consensus to come to an agreement in regard to a scaling solution for the Bitcoin network. In consideration of the rising fee market, increase in the number of daily transactions, mempool size and block size, miners, developers and businesses agreed to a two MB hard fork.

At the time, Bitcoin Core developers and miners released a statement which read:

“This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the non-witness data to be around two MB, with the total size no more than four MB, and will only be adopted with broad support across the entire Bitcoin community.”

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