After unexpected dumps to a low of $365 Bitcoin is making a nice road to recovery as it’s current price is hovering right at the $380 level. Some of the upward pressure may be attributed with today’s announcement that Bitcoin Classic has been released, suggesting contrary to popular belief that Bitcoin isn’t dead.
Looking at the github shows Bitcoin Classic will change the blocksize to 2MB, the earliest time the fork can happen will be March 1st, 2016. The fork will need 75% of the hashpower to agree in order to reach consensus and successfully start mining Bitcoin Classic blocks.
The release of the Bitcoin Classic code is an important step towards scaling Bitcoin to be able to handle today’s users, after March 1st if more than 75% of blocks mined have the Bitcoin Classic flag on the fork will take full effect and any blocks which are not Bitcoin Classic blocks will get dropped.
Read More:
http://themerkle.com/coins/bitcoin-technical-analysis-13016/
