Bitcoin Recovers As Developers Agree To Code Changes

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July 21, 2017 11:09am NASDAQ:COIN


Bitcoin prices have recovered nearly all of their recent losses and pushed back toward all-time highs again, as the community has avoided the worst-case scenario of a cryptocurrency schism.

Key backers have agreed to an armistice over proposed code changes that would make bitcoin more apt to scaling further into mainstream usage. Bloomberg has more details:

The community, which had been split on how best to make the cryptocurrency more manageable, rallied behind a code upgrade known as SegWit2x, which aims to increase the network’s transaction capacity. That fueled a rally on in bitcoin’s price against the dollar, which had plummeted from a peak in June as concerns grew about its future in what has been called a civil war.

“We’re thrilled to get past this impasse,” said Andrew Lee, head of bitcoin-shopping startup, whose team celebrated with beers at their San Francisco office. The development opens “the doors to much-awaited innovations,” he said.

Enthusiasts the world over took to bars to celebrate, sharing beers in an effort to rekindle the camaraderie that has helped push bitcoin from a worthless piece of computer code to a highly-valued legitimate currency.

As of Friday, over 93% of major miners had locked in support for BIP91, which is seen as the initial step in implementing SegWit2x, according to Coin Dance.

Bitcoin prices surged on the news, but now some profit-taking is following suit. BTC was trading at $2,769.77 on Friday morning after reaching as high as $2,889.42 earlier.

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