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Bitcoin News

Bitcoin and Crypto Currency News

Browse latest bitcoin news about new businesses that accepts bitcoin and other cryptocurrencies, blockchain technology, and regulations of bitcoin. We report on latest crypto currency news, prices, talks and new start up related to bitcoin and other crypto currency.




  • Coin.mx Bitcoin Exchange Fraud Mastermind Pleads Guilty; Faces Lengthy Prison Sentence

    ​Over Bitcoin’s history, the most destructive and insidious issue that has threatened the community has been bitcoin exchange risk, or outright fraud run through exchanges. Whether it has been Mt. Gox, Cryptsy, or even cloud mining service Hash Ocean, no other issue has affected more Bitcoin’s users or done more damage to Bitcoin’s global reputation. Yesterday, another bitcoin exchange issue has reached a legal resolution with the case of Coin.mx.

    Anthony Murgio, 33, of Tampa, Florida, has pled guilty to several felony charges in relation to the case against the administration of the Coin.mx bitcoin exchange. Murgio was arrested in July 2015 on charges of breaching federal anti-money laundering laws and regulations, as well as on the allegation that he enabled criminal activity by exchanging cash for bitcoins for victims of ransomware attacks.

    This is also just part of his alleged criminal activity. Murgio and criminal cohort, Yuri Lebedev, seemed to have also gained control of the Helping Other People Excel (HOPE) Federal Credit Union. The U.S. Attorney in Manhattan said they channeled funds from Coin.mx through bribery, including bribing Trevon Gross, a pastor and former chairman of the credit union.

    The criminal activity was ramped up in the volume of funds exchanged through the credit union’s services, and this caught the attention of the credit union regulators at the National Credit Union Administration, which then alerted authorities.

    Murgio faces a minimum of 12 1/2 years in prison, according to Reuters, after pleading guilty to three felony counts. These include conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud as part of a plea agreement.

    “By pleading guilty, Anthony Murgio accepts full responsibility for his conduct,” Murgio’s attorney Brian Klein told Coindesk via email. “Today, he was able to start the process of putting what happened behind him. In connection with his sentencing, we look forward to letting the judge know the many positive things about Anthony.”

    The case is also notable for Murgio’s attempts to have the charges dismissed by arguing that bitcoin was not a currency for the purposes of federal law prohibiting the operation of the unlicensed money transmitting businesses. A U.S. District Court judge ruled against the motion in September, finding that bitcoin qualified as the act describes “funds” versus fiat money, specifically. The judge also said that because bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account, therefore Bitcoins do function as currency.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Waiting for Segregated Witness to Join Bitcoin Protocol? Don’t Hold Your Breath

    Maybe you are like me, and have seen your Bitcoin payment last week take 100-120 minutes instead of 10-20 minutes? Maybe you would like to see a future of off-chain Bitcoin transactions not even have to go through the blockchain, bogging it down even further? Maybe you don’t want to hear the word “mempool” one more time? Then you might be interested in the future application of Pieter Wuille’s Segregated Witness into Bitcoin’s protocol sooner rather than later. My advice: Don’t hold your breath. It won’t anytime soon.

    Introduced right about this time last year at Hong Kong’s Scaling Bitcoin event, it is touted as having many benefits for those who would rather not see a “hard fork” for Bitcoin to increase Bitcoin’s block size or overall capacity or a spin-off like Bitcoin Unlimited to gain traction. Let’s give you a progress report on its acceptance by the Bitcoin mining community.

    As you can clearly see from the pie chart above, after approximately one month of voting by the mining community, SegWit, as it is known for short, has not even attained one-quarter of the industry’s approval. Bitcoin Unlimited has almost twice as much community support at 12.5%. This is a two-sided problem, given the fact that it needs 95% voting approval to enter the system, and SegWit does not have enough backing on its own, plus some who have chosen another path would need to convert to SegWit’s program.

    Even if all of the over 60% remaining voters who have not chosen a way forward accept SegWit, the voting block inside of Bitcoin Unlimited would easily be enough to prevent it from seeing the light of day. This is the good, the bad, and the ugly of a decentralized system of global governance. This may be due to a concerted effort by many in the Chinese mining community to delay or shuttle Segwit, according to Bitcoin Core developer and Chief Security Officer of Bitfinex, Phil Potter.

    The noted potential upsides include an approximate 70% increase in the effective block size without a hard fork. This would be key in eliminating delays in transactions, and a backlog in the “mempool.” SegWit would also open the door to future innovations like The Lightning Network, which would introduce offchain transaction capability. Lightning is said to provide a potential increase in the Bitcoin scalability exponentially, potentially within the transactional volume scope of what Visa can do today.

    It looks like it will be quite a while before SegWit, and therefore The Lightning Network becomes a major addition to the Bitcoin ecosystem. And with companies like Blockchain gaining over 5 million new Bitcoin wallet users in the last twelve months, transactional delays look to get much worse before they get much better.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Mining Supercenters Expand to the Mountains of Tibet

    China has taken over the global Bitcoin industry pretty much since they discovered Bitcoin back in 2013. It took less than a year for Bitcoin mining and trading to go from a budding new American tech industry to a Chinese economic fallout shelter. Now, a new supercenter of Bitcoin mining has been found buried deep within the mountains of Tibet, a region not known for its high-tech infrastructure.

    Bitcoin is where you mine it

    Bitcoin mass mining can be a very profitable endeavor, generating thousands of Bitcoins a month, and millions of US dollars of revenue per year. This is the case provided that you can scale your operations effectively, and gain access to copious amounts of low-cost electricity. In the unlikely peaks of Kongyu, which were acquired by the Chinese in 1951, you will find a gold mine and a massive Bitcoin mine built right next to a modern hydroelectric power plant, which supplies all the power needed.

    “When bitcoin was invented, the people dedicated to it were mostly cryptopunks and libertarians,” said Eric Mu, the chief marketing officer with HaoBTC, which operates the bitcoin “mine” in China’s western Sichuan province to the Washington Post. “Now they are more like bankers and lawyers who see opportunities in the industry. And as they join, the industry is changing.”

    About three-quarters of all global Bitcoin mining and trading is done withing China’s borders. Given the fact that China also controls over 90% of the world’s “rare earth elements/minerals,” there is a general sense of concern that China is using its digital market power to reshape the Internet and use its influence to increase their cultural concepts that are based upon censorship and surveillance.

    History does not bear this out, as China has been mostly hands-off when it comes to Bitcoin regulation, except to forbid its banks to partake in the currency, directly. Local businessmen like Ryan Xu, a Chinese-born Australian who work within the local Bitcoin economy as a venture capitalist who runs the Tibetan mine after searching the world for a cost-effective place to operate and score massive amounts of power. He is building a second mine not far away from Kongyu.

    “We need to foresee the next five or 10 years,” Xu said in a wide-ranging conversation over dinner in the western city of Kangding. “All the governments are printing money and diluting people’s wealth. Is that justice or robbery? The financial system also keeps crashing every five or 10 years. I think that’s an illness in the monetary system and it needs a cure.”

    Eric Mu, the chief marketing officer with HaoBTC says his company employs 10 people at three mines in the mountains, paying them around 6,000 yuan ($900) a month, a “decent salary” for this part of the world. HaoBTC runs one other mine in Sichuan, and one farther west in Xinjiang, with more than 11,000 machines, earning more than 80 bitcoin a day, for a daily income stream worth about $45,000 USD.

    When the United States controls an entire industry, there is little global outcry. Yet when the shoe is on the other foot, Americans are quick to cry “foul.” Bitcoin is far more popular in China at this time than America because the average Chinese person needs an alternative currency far more than Americans do for their “almighty Dollar.” I wouldn’t worry a great deal, as the U.S. Dollar’s days of being all that mighty are surely numbered. Bitcoin will not become a Western hobby, but a potential economic beacon of light.

    Control of the Bitcoin industry is always subject to change. No guns will be drawn, or wars will be fought over the future of Bitcoin. It is going to be up to your computer and energy reaping skills how many Bitcoins you can gain for the foreseeable future.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • OXBTC –Upgraded and expanded farms for Bitcoin, Litecoin, and Ether cloud mining, which is about to beat all major miner

    Located in 3 different regions in China (Sichuan, Ordos and Inner Mongolia), OXBTC’s mining farms cover a total area of over 200 acres, running away 10 PetaHash Bitcoin cloud hashrates and 30 GigaHash Ether cloud hashrates – a brand new and innovative cloud service to follow the trend for Ethereum.

    Benefited by a very competitive electricity cost as low as 15 cents per kWH in the mining areas, and a fast business expansion, OXBTC is able to deliver the most cost-efficient cloud mining services to its global customers, the number of which is about to surpass 80,000.

    Time to unveil the world’s largest mining farms and the hashpower that takes a large share in the world.

     

     

    Ether Cloud Mining

    To follow the new trend for Ethereum in the community, OXBTC fulfils its dedication in providing the world’s best cloud mining services and preempted to introduce the brand new Ether cloud mining, with a very competitive price at only $37.9 per ETH MHS. The 1-year mining contract is FREE of maintenance fees which means you can achieve ROI and start to mine profits within only a couple of months.

    About OXBTC

    OXBTC offers both cloud mining (Bitcoin/Litecoin/Ether) and deposit services. Founded in 2015 by several well-established industrial investors in China, they have an experienced R&D team who has been in the cryptocurrency industry for many years.

    Contact Information

    Email: support@oxbtc.com

    Facebook: OXBTC (https://www.facebook.com/oxbitcoin/)

    ​Twitter: @oxbitcoin

     www.OXBTC.com

    The published press release on this page should not be viewed as an endorsement by us. The website or company may be unsafe, untrustworthy, or illegal in your jurisdiction. You should do your own research before investing money in any company or website.

  • What is Gavin Andresen Telling China? Chinese AMA Details Revealed

    The world of Bitcoin may be bigger in Asia than it is in Western culture, where it is seen more as a tech toy that is beyond comprehension and used by criminals. Western culture seems to have bought the mainstream media’s narrative if they haven’t missed it completely. China has become Bitcoin’s biggest market when it comes to mining and trading Bitcoin, and they should be addressed directly by Bitcoin leaders and experts. Gavin Andresen, renowned Bitcoin core developer recently conducted an AMA with 8btc.com to review the State of the Bitcoin and his thoughts on what comes next in Bitcoin’s biggest year to date.

    The Reluctant Ruler

    The one-time anointed king of Bitcoin by Satoshi Nakamoto himself has become marginalized in the proceeding years since Bitcoin’s birth, both by his own design and by the evolution of the technology. This doesn’t mean he doesn’t have great insight and influence within Bitcoin, and we’ll review some of the most salient points here. When asked about his association with Blockstream, who some see as a force looking to centralize Bitcoin, he did not seem to be in alignment with their agenda, although he has spoken glowingly about them in the past.

    "I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream. We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the block size limit."

    "I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit."

    In regards to the centralization of Bitcoin, he now works for the Media Lab at MIT, who has just come out with a controversial concept known as ChainAnchor. He does not seem to be a part of this proposal, but ChainAnchor would coerce miners to not allow transactions that do not have the identities of the users of Bitcoins tied to their transactions and wallets, defeating the peer-to-peer, identity-protecting foundation of Bitcoin itself. Andresen also is a paid technical advisor to leading Bitcoin companies like Coinbase, BitPay, and Xapo.

    His commentary on the upcoming Lightning Network concept was less than glowing, in regards to how influential it will be in Bitcoin’s short-term scalability.

    "(The good thing about Lightning is that) Lightning does not need a hard fork. It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly."

    "I think Lightning is very exciting for new kinds of payments (like machine-to- machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand."

    Andersen has been to many discussion on how to scale Bitcoin, including Scaling Montreal, and when it comes to why Bitcoin has no real scalability plan after almost two years of discussion, he does not see some grand conspiracy. He believes the community leadership in mining and business have genuine differences in opinion on what is the best step to take next. Some form of “paralysis of analysis.” When asked directly about how Bitcoin can be considered decentralized when a relatively small group of people have prevented a 2 MB block size increase to this point, he remarked:

    "I still believe good engineers will work around whatever unnecessary barriers are put in their way, but it might take longer, and the results will not be as elegant as I would prefer. The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning."

    He also remarked that he “encourages” competition to Bitcoin Core and that this competition would be “healthy.” When told that the Chinese are put off by Bitcoin Classic because “the Classic dev team is not technically capable enough for future Bitcoin development,” he said that is the point of open-source software. It is not about the team itself, and you can always take the ball and run with the concept. He said that Classic is not designed to be a long-term project, just the next step in scaling Bitcoin, and you can do what you want with it.

    So educating the masses and opening dialogue, worldwide, can only help Bitcoin grow that much faster. Hopefully, this AMA helped to bridge some of the differences between East vs West. It looks like both cultures need each other’s support if Bitcoin is going to reach its full potential. If any other such dialogues come about, BitConnect will keep you informed.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • China Details Their Interest in Creating New Digital Currency

    The world is going digital in every medium, from newspapers to retina displays, and money is looking to make a full conversion. The E.U. is spearheading a movement to ban cash , under the guise of fighting terrorism. This conveniently gives banks and governments more access to fees, taxes and surveillance. China also likes a high level of control over its citizenry and is beginning the process of creating their own digital currency, with Chinese Governor Zhou Xiaochuan revealing these intentions in the Caixin Weekly .

    If you can’t beat ‘em, join ‘em

    Bitcoin has become quite a phenomenon in China, with the world's largest mining operations operating in China. There was some consternation from the People’s Bank of China in 2014, with some ideas of banning it, domestically. Yet, China remains as the current economic engine for the global Bitcoin community , where about 80% of all Bitcoin mining takes place. Maybe the government has left Bitcoin alone as a way to learn about “The Future of Money” and use it as a model of their own? Xiaochuan explains his point of view on the subject of digital currency.

    "Paper money, as the last generation currency, lacks high-tech support, and it is an irresistible trend that paper money will be replaced by new products and new technologies with greater security and lower cost. With the rapid development of the Internet and the significant changes in the global payment systems, it is necessary to establish the issuance and circulation system of digital currency, which will help build the financial infrastructure and improve the quality and efficiency of the economy."

    There are some very basic advantages for China to move to a move digitally-based Yuan. With the economy slowing down, the wealthy and the speculators are moving substantial amounts of money out of China, and many are using Bitcoin to do it. It may be very difficult, if not impossible, for the Chinese government to stop this financial exodus, and creating a digital currency that cannot so easily take from the country’s systems has plenty of appeal.

    Printing money, fighting counterfeiting, and increasing the central government’s control over its use are also massive upside’s, from the state’s point of view. Given the sheer size of the Chinese economy, a full replacement of cash shouldn’t be expected anytime soon, says the Governor.

    "We do not have a timetable yet. China has the world's largest population and is a huge economy,” Xiaochuan says. “It will only take several months for a small country to replace an old version of paper money with a new one. But it has taken about ten years for China to do the same thing. So digital currency will co-exist with cash for quite a long time before it finally replaces cash."

    Xiaochuan also spoke about the PBOC investigating the use of blockchain technology, but he says it is not ready to scale at this time to the size required for an economy the size of China. This year, Chinese officials have been in meetings with Citibank and Deloitte about how to begin the implementation of this new digital currency. This dovetails with Japan accepting Bitcoin outright as a currency approved for use in Japan, pending new legislation.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • BTCC Executive Samson Mow Discusses Recent Bitcoin Roundtable Agreement

    As BitConnect reported, several of the world’s top companies and mining operations, comprising about 80% of the world’s Bitcoin hashing power, agreed to some future developments within Bitcoin Core. Chief among them is the agreement that Bitcoin Core, not Bitcoin Classic or other options, will be the foundation of choice. One of the many executives present.

    Bitcoin Gets an Eighteen-Month Plan From Hong Kong

    Samson Mow, the COO of Chinese super-exchange BTCC was present at the weekend conference and has expressed his insider’s perspective on the new agreement. The fact that this Round table meeting had several Bitcoin Core contributors present made the choice of Bitcoin Core a non-issue, as any opposing views were not present. Bitcoin Classic has been supported by many heavy weights within the Bitcoin community, from Roger Ver to Brian Armstrong, CEO of Coinbase, who was invited, but did not attend.

    "Bitcoin Classic is another fork; people have to run that before it will activate the hard fork,” said Samson Mow about the divisive issue with International Business Times . “So you fork on to another software not maintained by Bitcoin Core. So you can call it a coup.”

    The term “coup” is obviously not accurate, given the fact that no attempt at military force was used by proponents of Bitcoin Classic, but the real issue at hand has been the block size debate. Many who use Bitcoin today are seeing transaction times in the hours, not minutes, and this was addressed with a 2 MB increase, which could go to 4 MB, but this would not happen until July 2017, tentatively.

    Some inside and outside of the Bitcoin community bemoan the fact that Bitcoin mining has become a Chinese affair, and that this has led to some issues as far as the ability of Bitcoin to expand its scalability. Chinese firewall’s and cost savings seems to incentivize the system remaining undersized for Bitcoin’s best global operation. Mow addressed the issue of Bitcoin becoming a centralized development within a decentralized protocol, much like the Internet has become, with Facebook and Google’s popularity.

    "There are levels of decentralization. You could say the development team is centralized; you could say mining is centralized; you could even say bitcoin merchants services are centralized into BitPay or Coinbase. People are free to use what services they want. The miners in a pool are free to mine individually; they are free to move to another pool. Decentralization is a very loaded word I think.”

    Whether this new agreement sticks and the community will wait another year and a half for block size relief is still highly debatable. Brian Armstrong publicly condemned the agreement in a Medium post and reiterated that Bitcoin Classic is the way to move forward.

    The sentiments of the Bitcoin Core developers seems to be best illustrated by a quote from Greg Maxwell within the Bitcoin Wizards forum last month.

    "There is nothing wrong with full blocks, and blocks have been “full” relative to what miners would produce for years. Full blocks are the natural state of the system: The demand for externalized-cost highly replicated external storage at price zero is effectively infinite. Fee pressure is an intentional part of the system design and to the best of the current understanding essential for the system’s long-term survival.”

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Mining Community Reach Consensus On Future Block Size Increase

    The Bitcoin multiverse, from miners to altcoin developers, even the mainstream media, have been talking for months about what the future of Bitcoin holds when it come to the debate over its block size. Such a democratic process looks messy and confused when an open-source, multi-national, multi-billion dollar industry needs to make its first major paradigm shift, with the world watching. Now, a meeting amongst many top executives and Bitcoin developers has taken place in Hong Kong, and agreements have been made in regards to the future development of the world’s leading decentralized digital currency.

    Meeting of the Miners

    Strangely, there have been several widely publicized meeting and conferences that were supposed to come to some collective agreements about the future of Bitcoin development. Notably, the last Scaling Bitcoin conference, also held in Hong Kong, was supposed to achieve something of an accord for 2016. Yet, this meeting last week skipped the publicity and got right to business.

    The attendees and signatories of this agreement are Kevin Pan, Manager of Bitcoin mining company AntPool, Anatoly Legkodymov, the CEO of A-XBT, Larry Salibra, from the Bitcoin Association of Hong Kong, Leonhard Weese, also of the Bitcoin Association of Hong Kong, Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo and Peter Todd representing Bitcoin Core. Kang Xie of Bitcoin Roundtable, Phil Potter, the CSO of Bitfinex, Valery Vavilov, the CEO of BitFury, Alex Petrov, the CIO of BitFury, Jihan Wu, the Co-CEO of Bitmain, Micree Zhan, also Co-CEO of Bitmain, James Hilliard and Yoshi Goto of Bitmain Warranty, Alex Shultz, the CEO of BIT-X Exchange

    Han Solo, the CEO of Blockcloud, Bobby Lee, the CEO of the largest Bitcoin exchange in China, BTCC, Samson Mow, the COO of BTCC, Robin Yao, the CTO of BW, Obi Nwosu, the Managing Director of Coinfloor, Mark Lamb, Founder of Coinfloor, Wang Chun of F2Pool, Marco Streng, CEO of Genesis Mining, Marco Krohn, the CFO of Genesis Mining, Wu Gang, the CEO of HaoBTC, Adam Back, Eric Larchevêque, the CEO of Ledger, Jack Liao, the CEO of LightningASIC & BitExchange, Jack Liu, the Head of International at OKCoin, and Guy Corem, the CEO of Spondoolies-Tech.

    What were the parameters of this consensus? Primary goals were the inclusion of Peter Wuille’s novel Segregated Witness script, which has impressed all who have reviewed it (For more on how SegWit works, click here.) Plus, a block size increase to counter the scalability issues Bitcoin is currently undergoing. Many is need for the long-term health of Bitcoin. Many of you may have noticed over the past year times when a Bitcoin transaction can take hours, not minutes, to be confirmed. These two adjustments are designed to help alleviate these usage issues, with SegWit, a short-term remedy and the block size increase a long-term solution.

    How The Agreement Works

    The agreement is that Bitcoin Core consensus systems will be used, not Bitcoin Classic or other variants. SegWit will be a feature added for Bitcoin Core system use through a "soft fork" in April. In July, a hard-fork based on the revised SegWit program will be available in Bitcoin Core in July. Bitcoin block size will grow from 1 MB to 2NB, but can be as much as 4 MB in a hard-core installation for July 2017, but this time frame is subject to change and is not set in stone.

    SegWit seems to be key to avoid a short-term hard fork and easing pressures on the system by making the blockchain use much more efficient in the usage of its space. This agreement involves many important companies but is notably absent of major corporations like Circle and BitPay. Also, noted Bitcoin Core developers like Gavin Andresen, and experts like Jeff Garzik, who are very influential within the Bitcoin community.

    Can Bitcoin work with SegWit filling in as basically a band-aid before a hard fork almost 18 months away? Brian Armstrong, CEO of Coinbase, doesn’t think so. He has already endorsed the move to BitcoinClassic, which would in short order move Bitcoin to 2 MB, and leave all else the same. Armstrong believes all Bitcoin protocol development shouldn’t be left up to Core without competition from other parties.

    "SegWit contains several good features, but it is not a good solution to help bitcoin scale, which is the most urgent problem we need to solve,” said Armstrong in his Medium post on Saturday. “My understanding is that Core believes SegWit contains features which are necessary to add before a hard fork can safely occur (to prevent certain attack vectors). However, I believe Classic already contains code that prevents these attack vectors. ”

    Bitcoin expert Andreas Antonopoulos said the following about the agreement:

    This marks an important step forward by many of the people who make Bitcoin work, worldwide, behind the scenes. BitConnect will keep you informed on the progress, and backlash, of these updates in the coming months.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University