Screenshot from Coindance showing BIP 91 has now locked in
BIP 91 Locked In
Screenshot 2017-07-21 00.56.07.png
The Bitcoin price has already surged based on the expected result.
I posted a couple of days ago about BIP 91 - this is a Bitcoin Improvement Proposal that once locked in would prevent activation of the UASF (or BIP 148) which has been the source of so much fear in the markets.
Well BIP 91 has now locked in which means that SegWit will soon become active on Bitcoin!
Anticipation of this happening seems to have already pushed the Bitcoin price up to new highs (for this month).
So what happens next?
Well as I understand it after a further 336 blocks BIP 91 (and hence Segwit) will activate.
Given the extremely positive reaction that there has been to the rising signalling of BIP 91 I think we will see a lot of people who were holding off on buying Bitcoin entering the market again.
There could be some steep gains, perhaps even conclusively breaking the $3K ceiling and making a new floor.
Strong FOMO could even push it some way beyond that.
Overall I think we will see the cryptocurrency markets turn more bullish again.
As I have explained before the more money that flows into bitcoin, the larger the total supply available to altcoins becomes as well.
So it is all plain sailing from here then?
Not quite as previously discussed the next hurdle will come in roughly two months time when there is a planned doubling in Bitcoin block size as per the SegWit 2 X plan.
This will require an actual hard fork. As part of the "New York Agreement" - the same mining pools and companies which have signalled/supported BIP 91 have pledged that they will support the hard fork.
Despite this we may see renewed fear and uncertainty at that point as the words "hard fork" tend to scare a lot of people in the bitcoin community.
Given how relatively smoothly this has gone it seems likely that may also end up causing less turmoil (than expected) in practice.
We will have to wait and see.
Anyway it's quite late here and I will be going to bed shortly so may not be able to respond to all comments until tomorrow.
this is a great step forward, going to bring some positive vibes back to the BTC realm which will be nice. and eventually, new money is going to start piling in.
If any of your friends are trying to get into the crypto game...tell them to check out the book "Welcome to the F*cking Show: Bitcoin and Your Future With Money", published on Amazon. It's the most drastic quick cutting of the crypto learning curve out there, not trying to be cheesy or scammy.
Either way - cheers to progress!
good