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Author Topic: [2017-07-25] BIP 91 Activation Awaits: BTCMANAGER's WiR July 24  (Read 4455 times)
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July 25, 2017, 01:02:39 AM

The much anticipated SegWit implementation could be one step closer to reality by the second week of August now that BIP 91 has been signaled by over the 80 percent of hash power needed to lock it in, which means that the Bitcoin blockchain will soon be optimized by 75 percent. Transactions will become cheaper as their size will decrease with SegWit-enabled bitcoin blocks.

In light of the greater perceived likelihood of SegWit activation on the Bitcoin blockchain, the price of bitcoin experienced a substantial rally. On July 17, the price of the cryptocurrency surpassed the $2,000 mark again after bottoming out at around $1,830 in the week prior. In the seven days to follow, BTC-USD rallied to inch closer to the $2,900 mark, only $100 off the digital currency’s all-time high of $2,993.73; the market has settled around $2,760 on July 24. Key buy levels stand at $2,570.27 and $2,265.51 on the Bitstamp exchange.

However, it is important to highlight the fact that signaling is not the same as implementation; the miners signaling SegWit will need to stick to their “promise” and actually need to mine SegWit blocks for the implementation to be complete. The deadline for BIP 91 activation is July 29, where 80 percent of the blocks mined must signal SegWit for two days.

Despite the anticipated activation, bitcoin holders are still encouraged to move their coins off exchanges and take control of their private keys before August 1...

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