[2016-11-01] Bitcoin Update Brings Scaling Solution Closer to Activation

[foserfox]

An update to the bitcoin software that features code that could potentially activate a long-anticipated scaling solution has been released.

Issued on Thursday and dedicated solely to code called Segregated Witness (SegWit), version 0.13.1 allows miners to signal support for the scaling solution after 15th November. If activated, the code also instructs nodes on how to validate the new type of transactions that will result from the patch. (SegWit boosts the bitcoin block size by a factor of about 1.8x by moving transaction signatures to another data structure).

But there are still a series of steps left before the software will be triggered through a process known as a soft fork.

For one, the update requires near-universal support from miners. The code will be 'locked-in' once 95% of a series of 2,016 blocks (roughly two weeks worth of blocks) are broadcast by those running the new code. Next, wallet holders will need to make changes if they want to take advantage of the update.

http://www.coindesk.com/bitcoin-software-version-0-13-1-release/

[Goms]

I wonder how many soft forks bitcoin will have to go through before it finally goes mainstream

[richardsNY]

I wonder how many soft forks bitcoin will have to go through before it finally goes mainstream

It just depends on your definition of mainstream. I personally don't think Bitcoin will ever reach a certain amount of adoption that you can say that it is being used to the full. It's an optional tool for people looking to be and think different. Bitcoin isn't something that non Bitcoiners will be waiting for. They will keep using the traditional payment solutions as it gives them more trust and confidence than Bitcoin. It may sound very harsh, but it's the hard reality. And when people are coming into Bitcoin, then it's just because of them thinking it's easy to gain short term profits.

[notthematrix]

I wonder how many soft forks bitcoin will have to go through before it finally goes mainstream

It just depends on your definition of mainstream. I personally don't think Bitcoin will ever reach a certain amount of adoption that you can say that it is being used to the full. It's an optional tool for people looking to be and think different. Bitcoin isn't something that non Bitcoiners will be waiting for. They will keep using the traditional payment solutions as it gives them more trust and confidence than Bitcoin. It may sound very harsh, but it's the hard reality. And when people are coming into Bitcoin, then it's just because of them thinking it's easy to gain short term profits.

Ask people in venazuela
Bitcoin will be like the new gold standard when segwit is active  , layer 2 systems will be used to expend capasaty.
Bitcoin will be the underleying secure network , the transactions will be done in layer 2
and then the totals per X transactions in 10 minutes  will be written in the blockchain.