Tuesday, August 8, 2017

Bitcoin Price Breaks All Time High Less Than Two Days Before SegWit Lock-in

Bitcoin Price Breaks All Time High Less Than Two Days Before SegWit Lock-in

Today, the price of Bitcoin pushed past its previous high of $3,350 to reach $3,430 on Bitstampand similar prices on other exchanges. This continues the upwards move which began Saturday night as Bitcoin shattered the $3,000 mark, which had long been a significant barrier.


Segregated Witness, also known as BIP 141, is expected to lock-in within the next 36 hours. A previous Bitcoin improvement proposal, known as BIP 91, was activated by the network on July 20. BIP 91 was a crucial first step toward the implementation of SegWit because it caused the network to automatically reject any blocks that are not signaling for SegWit (BIP 141) activation.


Once 95 percent of the blocks within a 2016 block difficulty adjustment period have signaled for Segregated Witness, it will be locked in. Following that lock-in, there will be another 2016 block period for everybody on the network to upgrade their software before SegWit actually activates.


Since BIP 91’s activation required all miners to signal for SegWit or find their blocks rejected, the activation of Segregated Witness has been a foregone conclusion since July 20. Nonetheless, the market seems to be reacting favorably.


Full story at http://bit.ly/2uCa5qc


Source: CoinTelegraph


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