So Bitcoin is advancing once again! This time it is because of June 15th release of Bitcoin Core Version 0.16.1!
WHAT DOES THIS EVEN MEAN?
Well it means that there are “new features, various bugfixes and performance improvements, as well as updated translations.” Bugfixes are always a good thing, but this update was more than just that. The last version was released back when February ended, but with this update, wallets created from 0.16 or later have been affected. According to the announcement, wallets are “not compatible with versions prior to 0.16 and will not work if you try to use newly created wallets in older versions.” It appears that Bitcoin just wants everyone to be using the new 0.16 update from either today or February, making it not possible to use any of the new wallets in older versions.
In this new version Bitcoin also changed block size. Now, block size has been removed in order to limit how much the blocks weighed, as seen in version 0.15.1 known as “blockmaxsize.” Now, in 0.16.1, “blockmaxsize” option must be applied if the miner wants to limit the block size. The last update, in February, provided full support for the SegWit scaling technology, but this is a very prominent trait in 0.16.1. Jimmy Song, Bitcoin developer, stated “native SegWit support (bech32) is going to get much more adoption as a result of this update. This will reduce block bloat and encourage more wallets in the ecosystem to adopt bech32.”
Bitcoin is the original cryptocurrency, and as such, we need to keep up with all its advances. This includes all updates and scaling technology. With this new update, prices of Bitcoin will most likely rise. With each new update and advance with Bitcoin, the value will raise. Now is the time to get on board if you haven’t already done and it is time to invest in Bitcoin! What do you all think? Are you in favor of this new update? _**Have you updated yet?
Let us know!**_
See the announcement here:
https://lists.linuxfoundation.org/pipermail/bitcoin-core-dev/2018-June/000055.html
See more about SegWit here:
https://cointelegraph.com/tags/segwit
Works Cited
Cointelegraph. “Latest News on SegWit.” Cointelegraph, Cointelegraph, 30 Jan. 2018, cointelegraph.com/tags/segwit.
“Bitcoin Core Update Announcement.” [Bitcoin-Core-Dev] Bitcoin Core 0.16.1 Released, 15 June 2018, lists.linuxfoundation.org/pipermail/bitcoin-core-dev/2018-June/000055.html.
“What's the Difference between Segwit and Segwit2.” BankNxt, 15 June 2018, lists.linuxfoundation.org/pipermail/bitcoin-core-dev/2018-
June/000055.htmlhttps://cointelegraph.com/news/bitcoin-core-version-0-16-1-officially-released.
Garber, Jonathan.
“Bitcoin Is Sliding a Day after a Big Change Was Made in Its Software.” Business Insider, Business Insider, 9 Aug. 2017, www.businessinsider.com/bitcoin-price-sliding-day-after-big-change-in-software-2017-8.