QWHAT HAS BEEN HAPPENING AROUND BITCOIN AND WHY?

Bitcoin is a promising cryptocurrency that is continuously developing. More and more people start using bitcoin meaning that transaction validation requires more time and fees are rising. The load is growing, and the existing Bitcoin infrastructure cannot handle the present demand and needs to be improved.

The Bitcoin Community has come up with several proposals on how to scale cryptocurrency to solve the load issue. It’s quite likely that one of these initiatives — SegWit — will be launched on August 1. It aims to improve the database structure by clearing half of the space in the block and thus increasing its capacity two-fold.

Plans also include an increase of the block size to further double its capacity (thus raising it four-fold). However, there is an unlikely risk that the bitcoin could be divided into 2 types (different block / transaction chains) if the Bitcoin Community fails to find a common solution.