Bitcoin in Rupiah 2017

Bitcoin in Rupiah 2017

 

The value of virtual currency or known as Bitcoin had touched US $ 3,500 or around Rp 45.8 million (estimated exchange rate of Rp 13 thousand per US $ 1) on Tuesday (8/8/2017). This is the highest value Bitcoin ever achieved.

Reported by CNBC, Wednesday (9/8/2017), Bitcoin touching the highest value of US $ 3,525 before finally fell to the range of US $ 3,481 or Rp 45.6 million on the same day. Bitcoin’s record marked a 264 percent year-to-date increase, after months of wrangling in the world of cryptocurrency.

In the Bitcoin community there has been a “scale debate” because of the large number of transaction backlogs (transactions that have not yet been confirmed) in the blockchain.

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Blockchain is a technology that underlies Bitcoin or arguably a ledger that contains all financial transactions.

The debate is about the capacity of blockchain that can be upgraded to accelerate the ability of Bitcoin networks. The big debate within the community resulted in two separate proposals on how to expand the blockchain capabilities.

These two proposals led to the emergence of a “fork” that broke the blockchain by the end of July 2017. A new digital currency called Bitcoin Cash was born. The market capitalization of Bitcoin Cash is below one tenth of Bitcoin, which has been popular.

 

Furthermore, the majority of the Bitcoin community is known to support a software upgrade called Bitcoin Improvement Proposal (BIP 91), which introduces something new called SegWit2X to blockchain. SegWit stands for “segregated witness”, which will move some data outside of the main Bitcoin network to increase its capacity.

Despite the negative response from a number of miners (Bitcoin miners), they finally approved BIP 91 proposal which could increase block size and SegWit has been implemented yesterday, Tuesday (8/8/2017).

After SegWit is locked on Tuesday, there will be a grace period of two weeks for the miner to upgrade their software. “SegWit is activated this afternoon, Tuesday (08/08/2017) and there is a great hope the network will open with lower transaction costs to be normal,” said CryptoCompare CEO of digital currency data company Charles Hayter.

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