• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
TechBitcoin

Bitcoin Averts Split Into Two Currencies

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
July 21, 2017, 6:52 PM ET

Digital currency bitcoin on Friday averted a split into two currencies after its network supported an upgrade to its software that would enhance its ability to process an increasing number of transactions.

Bitcoin’s miners have signaled their support for the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains. The miners represent a network of computer operators who secure the blockchain or a public ledger of all bitcoin transactions

BIP 91 is the first step toward a larger effort to upgrade bitcoin through a software called SegWit2x. On Friday, the support for BIP 91 reached nearly 100%, exceeding the required threshold of 80%, according to analysts and market participants.

Some investors have warmed to bitcoin, wooed by its explosive performance and potential to compete with gold and government-issued money as a means to store value. Demand for bitcoin has grown in eight years to a market capitalization of more than $40 billion.

But fears about the bitcoin split dampened demand for bitcoin in recent weeks. After hitting record high near $3,000, bitcoin dropped as low $1,830 on the Bitstamp platform. On Friday, it traded at $2,647.

For more about bitcoin, watch:

The software upgrade attempts to address the bitcoin network’s limitations in processing millions of daily transactions. Bitcoin’s network has not kept pace with its growth and is unable to process all the transactions fast enough.

“BIP 91 unleashes the next wave of innovation because it has been a little bit stagnant of late for bitcoin,” said Rob Viglione, co-founder of ZenCash, a digital coin focused on privacy and security.

Before BIP 91’s endorsement, some bitcoin investors feared it could split into two independent currencies because core developers of the network and the miners each wanted different ways to increase bitcoin’s scale.

Get Data Sheet, Fortune’s technology newsletter.

A compromise between the two groups has been reached through SegWit2x.

“Bitcoin now has a clear run to add features that allow for faster transactions with lower costs,” said Charles Hayter, chief executive officer of digital currency analytics firm Cryptocompare.

The upgrade to bitcoin’s network will not occur until autumn, said Viglione, because several things need to happen before the new software is activated.

Market participants have complained about the delay in transactions. Analysts say a single bitcoin transaction costs on average 83 U.S. cents to execute, which means micropayments are not feasible on the network.

The network is also limited to roughly seven transactions per second. In comparison, Visa on average handles 2,000 transactions per second.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Tech

BLM
Cybersecurityfraud
Black Lives Matter leader in Oklahoma City indicted on claims she used funds for vacations, groceries and real estate
By Sean Murphy and The Associated PressDecember 12, 2025
7 minutes ago
broker
BankingData centers
AI data center boom sparks fears of glut amid lending frenzy
By Neil Callanan, Paula Seligson and BloombergDecember 12, 2025
11 minutes ago
Donald Trump
AIElections
AI is powering Trump’s economy, but American voters are getting worried
By Mark Niquette, Nancy Cook and BloombergDecember 12, 2025
15 minutes ago
SuccessHow I made my first million
Hinge CEO says he bribed students with KitKats to get the $550 million-a-year business off the ground: ‘I had to beg and borrow a lot’
By Orianna Rosa RoyleDecember 12, 2025
46 minutes ago
AIdigital transformation
How classic digital transformation lessons apply to AI—and what’s different this time around
By Sage LazzaroDecember 12, 2025
51 minutes ago
Steve Jobs, Steve Wozniak, and Ronald Wayne's signatures on the bottom of Apple's founding contract.
SuccessWealth
Apple cofounder Ronald Wayne sold his 10% stake for $800 in 1976—today it’d be worth up to $400 billion
By Preston ForeDecember 12, 2025
52 minutes ago

Most Popular

placeholder alt text
Success
At 18, doctors gave him three hours to live. He played video games from his hospital bed—and now, he’s built a $10 million-a-year video game studio
By Preston ForeDecember 10, 2025
2 days ago
placeholder alt text
Success
Palantir cofounder calls elite college undergrads a ‘loser generation’ as data reveals rise in students seeking support for disabilities, like ADHD
By Preston ForeDecember 11, 2025
24 hours ago
placeholder alt text
Investing
Baby boomers have now 'gobbled up' nearly one-third of America's wealth share, and they're leaving Gen Z and millennials behind
By Sasha RogelbergDecember 8, 2025
4 days ago
placeholder alt text
Economy
‘We have not seen this rosy picture’: ADP’s chief economist warns the real economy is pretty different from Wall Street’s bullish outlook
By Eleanor PringleDecember 11, 2025
1 day ago
placeholder alt text
Uncategorized
Transforming customer support through intelligent AI operations
By Lauren ChomiukNovember 26, 2025
16 days ago
placeholder alt text
Economy
Tariffs are taxes and they were used to finance the federal government until the 1913 income tax. A top economist breaks it down
By Kent JonesDecember 12, 2025
5 hours ago
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.