The price of Bitcoin is soaring over the last 24 hours as a split has been avoided in the very near term.
Just in the last 24 hours the price of Bitcoin has risen by almost 30%. Briefly getting near it's all time high before pulling back slightly.
A chart of the price action can be seen here:
As you can see the price is still holding up well and looks like it is ready to make another run at those all time highs.
Ironically, Goldman Sachs called this very type of price action almost a month ago, it can be seen here:
https://steemit.com/bitcoin/@jrcornel/what-to-expect-from-bitcoin-in-the-very-near-term
To be fair, @jrcornel also called similar price action as well as probably most of the investing world. Goldman just happened to list exact numbers, and they were right on so far.
The cause of the price rise?
The price started rallying as Bitcoin's miners started announcing their support for BIP 91. This was considered the much less radical proposal of several that were floating about.
This proposal would avoid a hard fork as it stops short of altering the hard-coded limit set on transaction capacities while still offering a slightly enlarged transaction capacity.
Basically, it is what most were expecting. The "kicking the can down the round" option that so readily gets adopted whenever monumental problems surface.
BIP 91 was officially activated when 80% of all the processing power voted in favor. That was achieved late yesterday (June 20th). Currently over 97% of all the processing power on the network is voting in favor of BIP 91.
Not out of the woods just yet.
Now that the support is there, enough of the miners have to now run the software that implements this proposal within the next two and a half days. If a majority does not do this within the time frame, it would mean that BIP 91 would not activate and we would be back to square one.
Also, this proposal solves the least amount of problems, meaning that the underlying issues are likely to come up again. There still needs to be more done to handle scaling issues or users will simply leave Bitcoin for other blockchains over time.
However, for now, all systems are go.
Once we get enough miners running the software it will officially be launch time.
That is until the next scaling issue comes up again in a couple months. :)
Stay informed my friends!
Sources:
Image Sources:
http://www.coindesk.com/price/
http://www.tokkoro.com/1979150-forest.html
Follow me: @jrcornel
I think that there is a small enough minority of people in the mainstream who understand cryptocurrency that you could probably issue a press release stating that "John McCain's brain tumor announcement has calmed the waters and it's full bitcoin ahead" and they'd nod their heads knowingly and go back to their coverage of David Lee Roth taking over as the lead singer of Linkin Park.
The people who actually understand will just put their heads down and continue transforming society.
Hey there... have a read of my Bitcoin poem... let me know what you think :) people have said it brought tears to their eyes.
https://steemit.com/bitcoin/@arthur-schopen/30-bitcoin-i-penned-a-poem-for-you-it-s-my-first-poem-ever-so-be-gentle-haha
@arthur-schopen this is a link to The Complete Steemit Etiquette Guide I suggest you read it, pay special attention to point #7 "Don't post unrelated links in comments". This is the blockchain, and it took me about 15 seconds to see that you copied and pasted this exact comment into 5 posts in 3 minutes time.
Resist the temptation to try taking the spammy path.
Find posts that interest you.
Read and understand them.
If you have a comment that demonstrates to the author that you've read their post or comment, share it.
Rinse & Repeat.
What about those mining pools which have already started running their platform on segwit2 ... they must be highly worried right now :)
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Not exactly sure what is occurring, but I like it. I do know that more and more of my network of friends are talking about and are getting more comfortable with entering the market. So that must be a good sign.
Yes it is getting more and more "mainstream" every day.
Let's hope Steemit grows more now as well!
I agree the big step forward will be the increase of block size in fall, looking forward :-)
This is the time for bitcoin. All cryptocurrency go through learning curves and because they so new they will always be evolving. Technology is also evolving everyday and this is a good thing because it will just improve cryptocurrencies and their reliability, as well as there worth.
The fundament is building stronger with every upscaling debate. Positive action imo.
There is also a fork coming on Aug 1 to bigger blocks: https://www.bitcoincash.org/
https://vote.bitcoin.com/arguments/the-bitcoin-abc-client-and-big-block-fork-bitcoincash-is-a-better-roadmap-than-both-segwit-and-segwit2x
Even my tech inept boyfriend is getting hyped over Aug 1st!
Most likely banks will try to pump segwit coin while dumping big block coins to make it look like segwit has more economic support.
Time it right and you can cash out those expensive segwit coins for cheap big block coins.
So trade Litecoin for Bitcoin?
@jrcornel - This is heartening news indeed. It is great that BIP91 has been accepted by 97% of miners. When BIP91 locked in after it crossed 80%, I invested a little again in Bitcoin. Keeping fingers crossed. You are right in pointing out that BIP91 addresses least of the problems and they are likely to crop up again. I hope the community figures out some answers by then. At least Steem price has started going up again. Thanks for sharing this update. Upvoted
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Thanks for the info I was just talking about that and thinking to myself what if the coin split and look a that, the power or steemit magic! Your post pops up and answers my question. Thanks for sharing
great website to keep track of things: www.btcforkmonitor.info
Thanks for the info very much appreciated :)
The power of steemit! Think it, and it appears!
Like a genie lol
This recent turn in the Bitcoin price has added some value back to my Steem wallet so I'm happy!
Mine as well. It looks much nicer now doesn't it?! :)
We'll be flying high for a little while now...until the next debate, haha! Love that you throw that in there at the end. Such is life with new technology, huh?
It will be great to put this in the rearview mirror. Based on what I'm reading and hearing, a hard fork should still come in the next 2 years. Hopefully, it will also achieve consensus on-time.
Though, I would have loved to get double coins. ;-)
Yesterday i withdraw my btc from bittrex.
If i cant do that..today i earn much more from the last day
Interesting. Thanks.
If you look at the schotastics og how cryptos rise and fall, you may see that when it rises like this lately has, it means it will likely decline soon, but then will rise up even further than it did at first. My expert advise is BUY AND HOLD BITCOIN!!
Thanx for the information
Sadly, there will be a split:
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
I shorted my entire crypto portfolio yesterday and have no regrets. I knew bitcoin price would bubble before reaching $3,000 USD.
I plan to recover my cryptos shortly after August 1st, 2017 when btc will crash below $2000 again. Let's see if my prediction comes true! We'll find out soon enough! Cheers @jrcornel .
I hope there is some trickle down effect into the altcoins.
Want to see DGB back up there to an all time high.
Every one of the miners who feverishly opposed Segwit for years are now 'signaling' that they support it. Actually running the code on their mining nodes is a different matter. It could be the biggest headfake of all time if they come this far and leave the Segwit team hanging in the wind.
Yep, although that doesn't look likely to me at this point. Although impossible to know for sure until we get passed the activation date. :)
Sweet, keep rising bitcoin.
Really good news for now as the split could've caused so much problems. This situation made me acknowledge miners as the top shareholders for bitcoin. Thanks for posting, upvoted and followed!
Yep, there seems to be some major division among them and the main developers. A power struggle if you will. They have different visions for what they want Bitcoin to become, or at least how to best get there.
@jrcornel
Thanks for all this information, we are not immune to surprise now.
I think about all the bitcoin trader who bought and sell their bitcoin and make a great profits with ;)
follow and upvote ;)
Peace @geemo-from-paris
This is the turning point I think. Soon we'll finally see the 3000 price stability as the concern goes away. It think it will even over shoot for a while, maybe 5000? Not gonna guess anything exact. But that is what usually happens after concerns are removed.
Goldman was calling for $4k in the article I linked, within the next few months.
great post...thank for sharing:)
Upvote and comments
Great! This is good news!
Thanks for the post!
I am impressed with you .. thanks information. Hopefully we can be good friends
Well I cannot be more happy for the increase, I bet it would :)
Keep on like this bitcoin, because if bitcoin can continue to rise every year, it will affect people who will use steemit, especially in this year the number of steemit users skyrocketed
Indeed incredible bitcoin prices
Before I was surprised, when bitcoin down dratis
Interesting post
thanks for sharing
Thank you for sharing information about bitcoin price increases in the last 24 hours, even up 30%. If may ask what is BIP91.?
BIP91 is a bitcoin improvement proposal that is designed to avoid a potential bitcoin split in the network. The proposal seeks to change the transaction structure of the network via Segregated
Witness, and increase a cap on the amount of data that can be stored in transaction blocks
This is very informative. Great post I will go through it in details after my day is done. I follow you.Do not forget to vote in my post. Thank you.
"That is until the next scaling issue comes up again in a couple months."
Haha, that's very true!
Crazy stuff! So has the split been temporarily postponed?
HUGE RELIEF for BITCOIN Holders !!! About 2-3 days ago there was panic selling everywhere !!
I think for most with anything major invested it feels like the most enormous weight has just been lifted off our shoulders... hehe - and even if it is just for now... so be it... we can deal with the next Bitcoin mountain if and when we see it approaching on the horizon! haha
This - for now, is a MASSIVE relief!
I would love to say more, but I need to get back to my hash mining. hehe ;)
Hi @jrcornel, great content and upvoted like always. I've a question to an cryptotrader like you. I made a top 5 of my favourite cryptoinvestment for the coming period. Would you agree with some of them? Especially on Bitcoin? Here is my crypto top 5 if you are interested.
Great post and i love the turn around of the markets though as you said, we are not out the woods yet , thing will improve over time in my opinion, and as people regain confidence in crytocurrency, there will be a major boost in steemit new users over time, in the mean time things looking great and thank you for sharing
This big fall in price was a manipulation, and Because they does not want the price to rise too fast. If the price is very up... Then there are no ordinary people who would have to Infest money. So the price goes down with bigger sales so you can bring a lot of Normal people around here, what small money. It helps to make this price stable over Long period.
Very Helpful to me Nice post Thank you for sharing Followed you wish you the same. :)
Consensus finally! :)
I agree there´s still a good way to go, but I also believe this is the best way forward to reaching future goals.
Very nice p0st!
Resteemd
Please help get 1000 followers https://steemit.com/@aaravm and upvote my first post
There's nothing confirmed for now. This rally can be another bullish trap. Until after 1 August, there will always be the risk of market downfall. So, I'd be very cautious while investing in the crypto market currently.
Thanks @jrcornel for the article though.
Thank you for the info
So im confused does this proposal solves the problem or as said in the article kick the can down the road.
That is good news for bitcoin. Once bitcoin's price raises we will see many other coins rise too. Lets see how far it will goes ...maybe $3,000 soon. Thank you for sharing
It's also good to mention that Coinbase will nor follow the fork when it happens. It's a good idea to witdraw your bitcoin if you have it in their exchange just to be on the safe side.