Receive all Cointelegraph news immediately in Telegram. JOIN × News Bitcoin News Ethereum News Altcoin News Blockchain News Regulation Scams Guides & Analytics Bitcoin Bitcoin101 Price Index Price Analysis Ethereum Ethereum101 Price Index Price Analysis Events BlockShow 2017 Helsinki 2016 Events Events News Explained ICO Calendar Press Releases Submit a post Submit press release Events About Us Catalog Advertise Franchise Join Us The Cointelegraphfuture of money Toggle navigation Submit a post Submit press release News Bitcoin News Ethereum News Altcoin News Blockchain News Regulation Scams Press Releases Guides & Analytics Bitcoin Bitcoin101 Price Index Price Analysis Ethereum Ethereum101 Price Index Price Analysis Press Releases Events BlockShow 2017 Helsinki 2016 Events Events News Press Releases Explained ICO Calendar Advertise 53 MIN AGO By Joseph Young Peter Todd: Wait For 6 Confirmations After BIP 91 Activates Peter Todd, highly regarded Bitcoin Core developer and well-respected cryptography consultant, encourages users not to accept transactions with one confirmation when BIP 91 activates. 1966 Total views 102 Total shares Peter Todd, the highly regarded Bitcoin Core developer and well-respected cryptography consultant, encourages users not to accept transactions with one confirmation when BIP 91 activates. At the time of reporting, on July 18, it has become quite evident that the mining and development communities have come to a consensus to adopt Bitcoin Improvement Proposal (BIP) 91 or miner-activated soft fork to activate the Bitcoin Core development team’s transaction malleability fix and scaling solution Segregated Witness (SegWit). Mounting pressure from both user activated soft fork (UASF) and the Digital Currency Group-led SegWit2x, also known as the Silbert Accord, has pushed miners to opt for BIP 91, which activates SegWit at a threshold of 80 percent. Essentially, BIP 91 was the last option for the mining community to avoid the execution of a chain split-resulting hard fork and the community took it. The community, businesses, users and investors have wanted the activation of SegWit and scaling of the Bitcoin Blockchain for awhile. However, like any changes, the soft fork execution of BIP 91 to activate SegWit should be handled with caution by both developers and users. Todd explained that a high probability exists for the activation of SegWit via BIP 91 which will lead to multiple reorganizations. Amidst such change, Todd noted that users should only accept transactions with six confirmations for security purposes. “More Warning: if/when BIP 91 activates, there's a high chance it'll lead to multiple reorganizations. Do not trust one confirmation transactions for now; wait for six+ confirmations.” More importantly, Todd states that potential problems such as double spending that may occur immediately after the activation of BIP 91 will be fixed in the short term and hence, users should not be worried. “BIP 91-related double-spends are likely to be a temporary event that's mostly resolved in only a few hours or days; this is a one-time risk. Since BIP 91-related dbl-spends are very likely to be a one-time event, a valid strategy could do nothing, and shut down if losses happen.” What Does BIP 91 Activation Mean? The activation of BIP 91 means the activation of SegWit. Although it is not the activation mechanism the Bitcoin Core development team has been pushing since 2016, it is a compromise between the Bitcoin development and mining communities. The activation of SegWit will lead to the optimization of Bitcoin blocks by around 75 percent and lessen transaction fees for users. Additionally, SegWit will strengthen security measures for hardware wallets and enable an ecosystem for two-layer solutions such as Lightning. Bitcoin service providers and development firms are already working around Lightning, testing micropayments platforms users and merchants can utilize to settle zero-confirmation transactions safely. Until SegWit is fully and securely deployed, users should be aware of potential issues and follow the advice of Bitcoin Core developers and other experts in the community such as Peter Todd. Bitcoin News Bitcoin Core SegWit Peter Todd Comments (1) Hide Comments Hottest Bitcoin News Daily For updates and exclusive offers, enter your e-mail below. Cointelegraph News Top News Recent Editor Recommends Buckle Up: Bitcoin Price Heads For Below $2,000 As August 1 Nears 48354 | 36 Tezos $232 Mln ICO Sparks Fresh Fears For Ethereum Sell-Off 44573 | 11 Ari Paul, Tuur Demeester ‘Look Forward’ To Up To $1k Bitcoin Fees 42306 | 15 The Brief History of Bubbles 29708 | 15 Price Analysis: BTC, LTC, ETH 31745 | 6 Establishing the Ownership and Licensing of the World’s Creative Digital Assets 47 Cryptocurrency Adoption Low Amongst Terrorists, Cash Is King 2156 Bitcoin, Ethereum Bounce Back Hard To Reach $2,400 and $240 4379 Enterprise Ethereum Alliance Becomes World’s Largest Open-source Blockchain Initiative 1925 | 2 Ethereum Price Analysis: July 11 – July 18 10568 | 2 How Bots And Black Marketers Are Influencing Bitcoin Price, Altcoins Value 20810 | 7 Startup Darling EOS Cashes In Millions Of ETH As ICO Scorn Continues 22738 | 14 Investors are Comfortable With Bitcoin, Ethereum: Hong Kong Experts 10372 | 2 Stop Trying To Kill My ICO: Nick Ayton 12756 | 4 Five Big Businesses Leading Bitcoin Charge 19609 Hottest Bitcoin News Daily ×Close Hottest Bitcoin News Daily For updates and exclusive offers, enter your e-mail below. ×Close Registration Username * First Name Last Name Email * Password * Repeat Password * You registration completed successfully. Confirmation email sent to email address provided. Sign up Already have an account? Log in here ×Close Login Email * Password * Twitter Facebook Log in with Facebook! I forgot my password Login Don’t have an account yet? Sign up About us The Cointelegraph covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money. Site map Catalog Advertise Franchise About us Projects Join Us Events International Sites Bitcoin USA Bitcoin Brasil Bitcoin Slovenia Bitcoin Spain Bitcoin Serbia Bitcoin Japan Franchise Information Terms of services and Privacy policy © Cointelegraph 2013-2017
