The Bitcoin development community is embracing a software upgrade which is known as SegWit. The purpose of SegWit is to increase the transaction capacity of the network and to avoid a split which possible in the cryptocurrency. As Bitcoin averted a split and here is what some proponents have to say about “What’s next for Bitcoin”.
The head of Digital currency exchange ‘GDAX’, Adam White said, we are going to experience a better utility of the network. People can use Bitcoin as a source to transfer money more easily, more cheaply, and more quickly. It’ll attract the new users to the network.
There’ll possibly open blockchains like Bitcoin as we’re going forward, and that will be slow or conservative progression. But there’ll be other blockchains as Ethereum which may move much rapidly and it’ll introduce a larger platform for developers to lead it at the top. According to Adam White, both things will balance each other, not compete.
According to the head of startup Lightning Labs, Bitcoin does not have Turning-Complete language as Ethereum, but there are some new amazing factors which will enable to do so when SegWit will implement. She gave few examples as:
- Small transaction as less than 1 cent, which may replace “ad networks”.
- Instant-transaction confirmation in milliseconds.
- Bitcoin can get a lot of its own ICOs.
The head of payments engineering at Coinbase describes that it is a beneficial step for Bitcoin. There were a lot of queries about a Split but reaching a consensus for how to scale the Bitcoin further is obviously a huge step. Allowing things like Lighting Network and activating SegWit will be a great thing. By expanding the block size, we’ll be able to increase the number of users on a network. The element BIP91 came through and it’s a good signal because everyone wants to grow this network further.