Bitcoin community gets behind mechanism to improve usage
The community, which had been split on how best to make the cryptocurrency more manageable, rallied behind a code upgrade known as SegWit2x
Tokyo/Hong Kong — Bitcoin backers celebrated as the community embraced a new mechanism to improve usage and allow it to scale, boosting confidence in the virtual currency and sending prices back near record highs. 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 fuelled a rally on Thursday in bitcoin’s price against the dollar, which had plummeted from a peak in June as concerns grew about its future. "We’re thrilled to get past this impasse," said Andrew Lee, head of bitcoin-shopping startup purse.io. The development opens "the doors to much-awaited innovations," he said. Bitcoin enthusiasts in New York and San Francisco, to Hong Kong and Tokyo, gathered in bars and offices to hold impromptu parties, while others took to Twitter and social media to cheer the move, as well as the price rally.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.