If you’re reading this, chances are you’ve been somewhat interested in Bitcoin and cryptocurrencies recently, and have most likely heard about the August 1st deadline for a proposed blockchain optimisation strategy.
In short, the Bitcoin block chain needs more flexibility when it comes to scaling. Trading volumes have increased tremendously, and transaction capacity needs to be increased if the digital currency is to maintain it’s seat at the top of the table.
Bitcoin was facing the possibility of a hard fork, basically an advanced upgrade which in turn is so different, it creates a new currency altogether.
Bitcoin’s price over the past 2/3 weeks has taken a big hit amid the uncertainty.
Today however, 76% of mining hashpower on the Bitcoin blockchain was signalling BIP 91 (Bitcoin improvement proposal). For this to take effect, it needs to maintain an 80% majority by August 1st, and the way things are going it looks very likely.
The prices of all altcoins today have started lifting off once again and we have witnessed increases not seen for weeks! It seems the uncertainty is lifting and with another 3 months to go before a hard fork, users confidence seems to be returning and prices are on the rise once again.
This is sure to be an exciting few weeks with many ups and downs, but the sky is looking much more likely at the moment! Let’s wait and see and not get too excited because if one thing’s certain in the world of cryptocurrencies, anything can happen!
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