Bitcoin celebrates the acceptance of SegWit2x and is approaching historical highs
It seems that the most complicated has happened, although there are still obstacles.
Bitcoin fans are celebrating. The developer community is beginning to accept the new mechanism to improve the use of bitcoin and allow the growth of this currency faster, which is boosting confidence in the virtual currency and causes prices to return to levels close to The $ 3,000, historical highs. Bitcoin has risen more than 37% since last weekend, when cryptocurrency fell below $ 2,000 and now exceeds $ 2,700.
The new version of the software, known as SegWit2x, seems to have reconciled the two opposing sides in this digital market: the 'miners' acting as the backbone of the block chain, and the developers known as Core who defend another Software for bitcoin. Although both parties have incentives to reach a consensus, the lack of central authority (no one who controls this currency) of bitcoin has made it difficult to reach agreement.
The developers say yes
However, the developer community (which had not yet accepted this new software and was the most reluctant) is starting to show its support in improving SegWit2x software, which will increase the network's transactional capacity while reducing the mistakes.
"We are thrilled to have emerged from that impasse," said Andrew Lee, who is leading the purchase startup of bitcoin purse.io, whose team celebrates these rises with beer in their San Francisco office. The breakthrough opens "the doors to highly anticipated innovations," he explains.
Bitcoin enthusiasts, from New York and San Francisco to Hong Kong and Tokyo, gathered in bars and offices at impromptu parties, while others turned to Twitter and social media to celebrate the growing approval of this new software, which is Strengthening the bitcoin-led market in the virtual currency market, a market that many experts consider as the market of the future.
SegWit2x was officially released over the past weekend and has already been adopted by big 'miners' like Antpool, BTCC and Bixin. About 55% of the blocks extracted in the following days were done with SegWit2x, according to coin.dance, which supervises blockchain activity. However, this figure has increased to 93% in the last 24 hours, which has triggered the confidence of the whole bitcoin community and the investors and agents that trade with this currency.
The difficulties arose from the very success of this currency. As more transactions with equal processing conditions took place, what is known in economic jargon as bottlenecks was produced. Therefore, the so-called 'scalability' of the system needs solutions to efficiently lighten the network, that is, the size of the blocks and the speed of confirmation ..
It seems that this solution is used to make the transactions take up less space in the blocks, that is to say, the number of transactions per block increases without resorting to a hardfork (a network fork not compatible with the historical network).
The main obstacle is saved
SegWit2x symbolizes the end of a war that threatened to split bitcoin in two. Some proposed a direct approach seeking to increase the size of the block. The other, a group of developers known collectively as Core, pushed for a long-term solution by moving some data out of the main network, a plan called SegWit that the miners opposed because it could also reduce their influence on the process. Finally, the miners have agreed to adopt SegWit, while increasing the dimensions of the block up to 2 megabytes.
Within three months the community will face a new challenge when some of the world's largest miners adopt a second stage of this process, doubling the size of the blocks. However, many members of the community agree that the worst is already behind.
How do you mine a bitcoin?
To get a bitcoin you need a computer and a special program. What the mining programs do is use the colors of the CPU or graphics card to calculate codes that are linked in blocks. A block is a set of committed transactions and additional information that has been included in the block chain. Each block that is part of the chain and every time someone completes a block receives a reward in the form of bitcoins.
However, it is very difficult to get a bitcoin with a normal computer and acting individually, so the so-called mining pools are used. These are mining groups (many people and computers), that joining forces make bitcoin mining more efficient. Still it is important to have a great technological equipment to achieve results, the better and the more graphic cards are used the greater the options of finding a bitcoin.
Image taken from GOOGLE.
Thanks for your attention!.
The market in cryptospace is like in the stock markets, every little positive or negative thing is blown out of proportion. I see very volatile days ahead of us for BTC!