Bitcoin reversed its losses as miners started using new software that has solved its scaling problem, an issue that has persisted for over two years and has divided parties in the cryptocurrency.
The first party of the debate are miners who launch expensive computers to verify transactions and provide support for the blockchain. The second are developers called the core who maintain bitcoin’s bug-free software.
The software called SegWit2x is perceived as a concession between two sides of the debate. While both sides have incentives to reach a compromise, the digital currency’s lack of central authority has made reaching a consensus challenging.
The software was formally launched over the weekend and has already been adopted by major miners such as Antpool, BTCC and Bixin. Around 55 percent of blocks mined in the last 24 hours were handled by SegWit2x, coin.dance stated.
The price of bitcoin climbed to as high as $2,356 before changing hands at $2,348 in New York. The cryptocurrency fell to as low as $1,758 over the weekend on Coinbase’s exchange. Bitcoin has risen by over twofold this year and climbed close to $3,000 in June 12.
The material has been provided by InstaForex Company – www.instaforex.com
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