Bitcoin activating Segwit on 24th August. The Giant getting stronger and stronger !
The Bitcoin blockchain is used to validate a tone of bitcoin crypto-currency transactions requests between people all over the world. The mining process validates these transactions. As soon as you get at least 6 confirmations through that peer-to-peer network register, your transaction is validated.
The success of Bitcoin rapidly increased the number of transactions.
Last month, the average was about 40 minutes to get your transaction confirmed in Bitcoin.
Segwit activation (which has already been added to other crypto), is an extension of the blockchain. It gives solution to :
- reduce transactions size (more of them into one block)
- implementation of the lightning network (Sidechain solutions)
We could enjoy faster transactions from now on, via the bitcoin blockchain.
With the mass people adoption of bitcoin added to this news, we can imagine how far Bitcoin will go.
This is not to say that Bitcoin will reach $5000 by next week, because, bitcoin has also enter a battle with Bitcoin Cash, about mining process profitability. Many miners are quitting bitcoin to go into the challenger.
Here is the link to follow live, the activation period : https://xbt.eu/
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