$0.20568 -3.85%
DOGE · 210w

Coin Sheet - July 22, 2017


Rehash of yesterday: Bitcoin Improvement Proposal 91 (BIP 91) to trigger Segregated Witness (SegWit) activation locked in yesterday. I've been getting a bunch of questions from folks who are a bit perplexed by all the fancy jargon so I wanted to describe what's happening in a way the layman could understand.

Bitcoin has gained a lot of traction within the past year, and as a result the time to process a transaction with Bitcoin has been increasing. Because Bitcoin transactions take a long time to confirm, it's hard for Bitcoins to be used like you would use any other currency. Imagine going to Starbucks and expecting to pay with Bitcoin and having to wait 3 hours after you order your fancy frappuccino because you're waiting for the transaction to confirm. That would be a problem wouldn't it?

Segwit is here to try and solve some of these scalability problems with Bitcoin. Segwit enables Bitcoin to process more transactions. You can read more on how this is done here.

Naturally, not everyone was happy with this upgrade. Some people think this upgrade was too rushed and buggy. Read more here.

Nonetheless, some uncertainty with Bitcoin has been lifted and the price of Bitcoin has responded accordingly.

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