Bitcoin Price Rallies to $720 as Long Awaited Feature is Finally Released

The BTC/USD exchange rate is now back above the $720 per Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term level, marking a jump of about 10% in just a week. In the last twenty-four hours alone Bitcoin rose by over 3% thanks to high trading volumes (about $95 million), and the market capitalization of the entire network is now over $11.5 billion.

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The driving force behind this recent rally is investors' hopes that a newly released figure will finally solve one of the largest issues to plague Bitcoin adoption, limited block size. Last week's update to the latest version of Bitcoin core included for the first time support for Segregated Witness, SegWit, that could help the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term handle more transactions per minute without clogging the system. If implemented by the majority of miners the new feature could be activated as soon as the middle of December 2016.

At the beginning of the year Bitcoin Core developers, community and industry leaders met at the Hong Kong Cyberport. Among the points of the consensus agreement that they reached was a commitment to develop code for a safe hard-fork based on the improvements in SegWit by July 2016.

Charles Hayter, the CEO of CryptoCompare.com, comments: “Segregated Witness's release is a long-awaited milestone and opens the door for bitcoin scaling. Although it’s not a 100% certain - there's a very good chance this is will be the end of the scaling debate.”

“The bitcoin price has been subject to a number of catalysts over the past month or two - mostly driven by China and its frictionless "0%" trading fee exchanges," added Hayter.