Ter the past duo of days, Bitcoin value has slok up to almost 28% te reaction to the much-feared cryptocurrency split being averted. On July 20, the value had touched $Three,000, which is a tremendous increase te value and it indicates the powerful influence of the forthcoming August 1 SegWit activation.
Earlier ter the week, miners talent the nod for BIP91 solution, which carries a middle line inbetween SegWit and SegWit2x (Silbert Accord) by Digital Currency Organization.
Taking into account that technical instability wasgoed a challenging kwestie with BIP91, it still became an option of last resort for the Bitcoin community to avoid the network split, resulting ter two different Bitcoins and Bitcoin Blockchains.
How does this fresh turn of events affect users looking to trade their bitcoins at CEX.io?
Is the exchange ready to meet the challenge of SegWit activation?
Before going into the semantics, let us very first look at how BIP 91 came about te the wake of SegWit and SegWit2x.
Why SegWit and BIP 91 happened?
Bitcoin has reached a stage where an upgrade is básico. The limited transactions due to puny sized blockchain led to higher fees and slower confirmation times. SegWit is a soft fork scaling solution that aims at larger transaction volume with benefits like higher multi signature transaction security, linear scaling te sighash operations, versioning of script and much more.
The scaling solution klapper a wall when it came to fixing transaction malleability. The bug fixes introduced to ensure secure transactions led to the miners fees being deflected to the payment channels. Spil a result, this encouraged the opposition to SegWit proposals including BIP141 and zometeen BIP148.
The miners responded with BIP91, which is developed by James Hilliard an engineer at Bitmain Warranty. BIP91 is fully te accord with the Fresh York Agreement and earns support from several mining pools and Bitcoin companies. Its compatibility with BIP148 is another plus. BIP91 is a miner-activated soft fork and locks te at a threshold level of 80 procent ter tegenstelling to 95 procent required from mining hash power. This level surpassed to 83.Three procent on July Eighteen resulting ter the nod for BIP 91 activation by mining pools like BTCC, Bitfury, Antpool and more.
What activation means for CEX.IO users?
SegWit activation will cause optimization of 75% of the Bitcoin blocks and reduction ter transaction fees. The Bitcoin scalability and SegWit benefits have caused prices surging to almost $Three,000 ter just a week.
CEX.io being one of the trusted and safe Bitcoin exchanges functioning since 2013, is well-equipped to overeenkomst with the outcome of SegWit activation, whether or not the split happens. It has all mechanisms geared up to support any fork the market chooses, even if the coin split goes ahead including generation of fresh wallets and keys.
August 1 activation and its influence
SegWit activation on August 1 st is a very anticipated event by the bitcoin community and users looking to safeguard their investments. When a split wasgoed considered a possibility users and the Bitcoin community went into a tailspin.
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The repercussions of a split could result te a giant druppel ter the value of bitcoin and higher transaction fees. Many leading wallet services including Blockchain are requesting a toverfee amount of 90 satoshis/byte te case of transactions of medium size. This amounts to a range of $0.Five -$0.9. Earlier this year the Bitcoin fees were more than $Five.
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With the good news of split being avoided, Bitcoin trade is all set to increase to fresh heights and CEX.IO is well ready for it. If everything happens sleekly by the middle of November a newer Bitcoin version will be ter place with more transactions occurring ter a block and lesser transaction fees. And this successful upgrade signals the development of more such software upgrades that can make bitcoins more stable, standardized and widely accepted than now.
CEX.IO users are on the safe side
CEX.IO exchange is one of the fastest and permits users to trade ter fiat currencies (Euro, British pound and US dollar) and Bitcoins. The vapid toverfee of 0.2% for trade, sell or buy transactions is a low one when you look at the bitcoin price. The exchange does not levy fees for bankgebouw transfers but you have to pay for card payments.
With the exchange involving 400,000 active traders overheen a 30-day span, the users have more chance to increase their profits with the exchange. With a massive Bitcoin exchange like CEX.IO, which has solid security measures and well-optimized software to meet user needs the imminent SegWit activation will actually give the users an upper mitt. The activation without a split is a much-anticipated one which will enable transactions to be more efficient and also profitable.
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Transactions will go ahead spil usual
While trading may be halted for some time before the activation, the Bitcoin exchange will provide instant notification to the users of the events and keep them updated. Te spite of the split not happening there could be fluctuations ter Bitcoin value before August 1 st and after it. The users need not fret spil the exchange will proceed its operations.