Bitcoiners celebrated on Thursday as the community welcomed a new mechanism to increase the network’s transaction capacity.
Bitcoin prices jumped near to record high price on July 20th after the consensus among bitcoin miners regarding SegWit was reached. An overwhelming majority of bitcoin miners (as per hash power) signaled their support for SegWit activation under BIP 91 (Bitcoin Improvement Proposal 91).
Hence, today bitcoin took its first step towards its biggest capacity and technology upgrade which would increase the block size. This is also a step forward in resolving community divide on scaling debate.
Segwit is locked in today with more than 93% miners showing support and most probably will get activated in next few days. This is an important milestone and will allow bitcoin to grow at a more rapid pace now. This should also end uncertainty over UASF (User Activated Soft Fork) and chain split and worry of millions of users about storing their coins.
This upgrade will allow bitcoin to move ahead with lightning network, boost confidence in cryptocurrencies and other solid things in the road map.
