Wednesday, May 24, 2017

Bitcoin’s Price Hits New All Time High $2,322 as Scaling Consensus Reached

Bitcoin has reached another new all-time high at $2,322 this morning May 24 based on global average. Experts said that the recent bitcoin price surge is due to the strong performance and momentum of the Japanese bitcoin industry, however it is also affected by the progress in bitcoin scaling talks which has been a driving factor of bitcoin price’s upward momentum.

Cointelegraph has reported that a number of leading players of the Blockchain industry have reached a consensus in regards to the Bitcoin scaling solution. This break in the scaling debate stalemate is a new, highly significant boost for the Bitcoin ecosystem.

In a statement, Digital Currency Group revealed that 56 companies representing 83.3% of hashing power and 5.1 billion monthly on-chain transaction volume have come to a consensus to activate the Bitcoin Core development team’s Segregated Witness (Segwit) at a 80% activation threshold and execute a 2MB hard fork six months thereafter to proportionally scale the Bitcoin network.

Upon the announcement of the newly agreed upon Bitcoin Scaling Agreement, bitcoin price surged by around $185, from $2,100 to $2,285, demonstrating a 9% daily increase in value.

This means that the problem of Bitcoin scaling, that has been unresolved for years, could soon become a thing of the past. This news comes quite on time, as the number of transactions being stuck in the backlog has reached record heights in recent days.

Until now, the community has been unable to come to a consensus on whether to enable Bitcoin scaling by activating SegWit, Bitcoin Unlimited, or some other technology.

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