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What is the significance of bip-91 in the temporary increase of confirmations to 6 for cryptocurrencies?

avatarAugustine GarnerNov 23, 2021 · 3 years ago1 answers

Can you explain the importance of bip-91 and how it relates to the temporary increase of confirmations to 6 for cryptocurrencies?

What is the significance of bip-91 in the temporary increase of confirmations to 6 for cryptocurrencies?
Bip-91
Confirmations
Cryptocurrencies

1 answers

  • avatarNov 23, 2021 · 3 years ago
    The significance of BIP-91 in the temporary increase of confirmations to 6 for cryptocurrencies cannot be overstated. BIP-91 was a crucial step towards addressing the scalability issues of the Bitcoin network. By activating the Segregated Witness (SegWit) upgrade, BIP-91 paved the way for increased transaction capacity and reduced fees. The temporary increase in confirmations was necessary to ensure a smooth transition to the new upgrade. It allowed the network to adapt and adopt the new protocol, ensuring the security and stability of the cryptocurrency ecosystem. This temporary increase in confirmations was a testament to the collaborative efforts of the cryptocurrency community in driving innovation and scalability.

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