Recently, Cryptocurrency has stunned the world as Bitcoin crosses the $3500. This is for the first time that this currency has created a fresh record. This will remove the uncertainty about its future and more investors will invest in it. On Tuesday, Bitcoin touched the $3525.04 limit before coming back to $3481. Today, Bitcoin price in India surpasses Rs.2,50,000 and set a new record. This week also shows an increase of about 24% in its usage as investors are investing in it. Earlier, there was a discussion going on in Bitcoin Community. The main goal of the debate was to carve out the ways to increase the capacity of the blockchain. This blockchain already has an innumerable backlog of transactions.
They decided to adopt new software in the blockchain. This new software is Segregated Witness or SegWit. This software will increase the capacity of transactions. An official of a Bitcoin Trading company told media about the software. He said that they are going to use the software to overcome the scaling problem in cryptocurrency.
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The debate over the scaling problem divided the Bitcoin community into two groups. One favored the creation of a new currency Bitcoin Cash with the cap one tenth of Bitcoin. While, other party wanted to install the new SegWit software. This software could transfer some data from the blockchain. This transfer of data will create space for further transactions. Now, they are going to put in place this second proposal to update the software.
This activation of new software SegWit will open new horizons of success in the field of cryptocurrency. This will enable the blockchain to record more transactions and increase its value. The Bitcoin community has given a two months grace period to the miners to upgrade their software. Now, more regulators are entering the cryptocurrency field. And, the experts are hopeful that the price of Bitcoin will increase further in coming months of 2017.
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