Bitcoin seems to eventually prevent it split into two blockchains which will create two currencies, in the future upgrading of its network to enhance its ability to process more transactions.
Bitcoin miners said on Friday that they support the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding splitting bitcoin into two blockchains. Bitcoin miners represent a network of operators computers which maintain the blockchain or a public ledger of records of all bitcoin transactions
BIP 91 is the first step in a big bitcoin upgrading effort through the software called SegWit2x.
In accordance with Reuterson Friday, support for BIP 91 reached almost 100%, exceeding the required limit of 80%, according to analysts and participants in the digital currency market.
Some investors are beginning to take Bitcoin very seriously now, for its explosive performance and potential to compete with gold and money issued by each state as a means of storing values. Demand for Bitcoin has grown in eight years with a market capitalization reaching $40 billion…
But fears of a Bitcoin split have halted wild demand for the digital currency in recent weeks. After the record price reached $3.000, bitcoin started falling to $1.830 on the Bitstamp platform. On Friday, it traded at $2.647.
The software upgrade comes to address the bitcoin network limitations in processing millions of daily transactions. The Bitcoin network had begun not to be able to process all transactions fairly quickly.
"BIP 91 brings the next innovation, because Bitcoin was a bit slow," said Rob Viglione, co-founder of ZenCash, a digital currency focused on privacy and security.
Prior to the approval of BIP 91, some investors in the industry were worried that they could be divided into two independent currencies because key network developers and miners wanted different ways to increase the scale of Vitcoin.
Bitcoin: The compromise between the two teams was achieved through SegWit2x.
"Bitcoin now has a clear path with additional features that allow faster transactions at lower costs," said Charles Hayter, CEO of Cryptocompare, a digital currency analytics company.
Integrated upgrade to the Bitcoin network will not happen before autumn, said Viglione, because much has to be done before the new software is activated.
Market participants have already complained about the delay in trading. Analysts report that a Bitcoin transaction costs an average of 83 cents to implementation, which means that micropayments are not possible on the network.
The network is also limited to about seven transactions per second. In comparison, Visa manages an average of 2.000 transactions per second.
