Legacy Bitcoin SegWit Activation Expected Momentarily

Blockchain, FinTech, Innovation, News | August 24, 2017 By:

The long-awaited activation of Segregated Witness (SegWit) on legacy bitcoin’s blockchain is expected to happen later today or tomorrow. The change is anticipated as a first step toward correcting the flaws present in the technology since its origin.

Reports indicate block 481,824 will be the activator for SegWit, allowing blockchain developers and users to take advantage of its capabilities. The move ends a chapter in a contentious scaling battle between bitcoin traditionalists and others over the direction of its blockchain, a hot dispute that ultimately resulted in the fork that created Bitcoin Cash.

SegWit expands bitcoin blocks, boosting their capacity while remaining inter-operable with past versions of the software, and may lead to other technologies that will improve legacy bitcoin’s blockchain performance.

Many referred to the activation of SegWitn as “Independence Day,” as it seemed like a revoltion was brewing. The August 1 hard fork moment was long-predicted and provoked bitter arguments among the various bitcoin camps. There were a range of predictions as to what would and will happen in the near-term future to bitcoin/.

Legacy bitcoin’s single-coin price on Aug. 1 was at the $2,800 per single-coin mark. Today, it sits above $4,000, while Bitcon Cash, representing the traditionalists, is over $600.