The SegWit (Segregated Witness) Hard Fork is fast approaching, a change that will help in increasing the transaction speeds of bitcoin, through the segregation (separation) of the digital signature attached to all Bitcoin Transactions from the input and output (essentially the sender's address and the receiver's address). The signature is used to verify whether or not the sender has the necessary funds to make the transfer to the receiver that they are trying to make. The signature takes up about 65% of the block; that being said, segregating the signature from the other inputs/outputs can increase the current size of Blocks (which must be verified by the distributed peer-to-peer nodes that make up the Bitcoin Network) of 1MB to about 4MBs, posits Dr. Pieter Wuille; this doesn’t mean that the data has reduced in size, but rather that they count it in a way allowing for the 1MB limit to be increased.
What This Means For Bitcoin
- The Fear Behind A Hard Fork is alleviated, for now, which could increase price.
- The Show That We Can Come Together To Improve The System Will Likely Increase Coin Price
- The Improvements That Will Come With The Change Mean A Better, More Practical System For Scaling, Which Will DEFINITELY Increase Price
Will we see soon again falling prices of cryptocurrencies, because it will be nice to buy some cheap if it happens
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Hi @shmu28 , my original thinking was that if there was a FAILURE of the SegWit changes, then we would see a price rise in Ethereum and other alternatives to Bitcoin, but I personally think that a lot of the top 10 coins won't have huge dips until after SegWit now. That being said, it does look like some have not spiked back up SINCE the dip that was happening over the last month over the last few days. The deals might be those that haven't spiked back up that SHOULD already be spiking back up. Ethereum has begun going up, Bitcoin too, but XRP (Ripple), for example, is still holding around 18 cents, so it may spike back up to around 25 cents, which is what it was for a while when all the top 10 coins were healthy and on the rise. That being said, always do your own research too! :)
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BIP 91 has reached the 80% miners support level already... The future of Bitcoin is looking bright again.
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Totally agree, Bitcoin, and more generally, blockchain is here to stay!
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The winter is coming :)
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10 days and still confused about all this, hopefully soon! Great post! keep it goin!btw i have attempted a new post which is about my beautiful country, hope you enjoy it https://steemit.com/travel/@alexkoshy/the-majestic-western-ghats-a-unesco-heritage-location-why-you-should-tour-india, do leave an upvote!
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Thanks! I'll absolutely take a look at the article! :)
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Thanks for the concise post. Let's hope bip91 gets signaled for too. I heard we were somewhere in the 80% range already... Anyhow, followed and upvoted. Feel freed to do the same. Cheers.
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Thanks and will do! :)
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Very interesting! I am beginning to wrap my brain around all of this. Thanks for more information!
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