Is BIP 91 the Reason for the Recovery of Bitcoin and Altcoin Prices?
bitcoin·@thecryptofiend·
0.000 HBDIs BIP 91 the Reason for the Recovery of Bitcoin and Altcoin Prices?
http://i.imgur.com/lVp76Mv.png <center><h5>BTC/USD chart from Bitfinex for the last day shows a significant recovery - is it due to BIP 91 signalling? - [Chart Source: BitcoinWisdom.](https://bitcoinwisdom.com/markets/bitfinex/btcusd)</h5></center> ___ <center><h1>Introduction</h1></center> ___ <div class="pull-right"> [](https://steemit.com/markets/@thecryptofiend/all-this-has-happened-before-faq-on-why-the-cryptocurrency-markets-are-down) <center>**My post from a couple of days ago.**</center> </div> <h3>Just a quick post today as I wasn't planning on posting, however I thought this issue was interesting and important enough to share.</h3> A couple of days ago [I spoke about how there was uncertainty over bitcoin](https://steemit.com/markets/@thecryptofiend/all-this-has-happened-before-faq-on-why-the-cryptocurrency-markets-are-down) due to the possibility of chain splitting if BIP 148 activated. **This may have combined with other factors to create the fall in bitcoin price.** _We have seen a partial recovery over the last few days and this may be at least partly due to increasing support for BIP 91._ ___ <center><h1>What is BIP 91?</h1></center> ___ <h3>BIP stands for Bitcoin Improvement Proposal and is the title (along with a number) given to proposed changes to the bitcoin blockchain.</h3> <div class="pull-right">  <center>**Altcoin prices seem to have recovered along with Bitcoin.**</center> </div> As I understand it [BIP 91](https://github.com/bitcoin/bips/blob/master/bip-0091.mediawiki) came about as part of the Segwit 2X proposal. **It is a an addition/modification to BIP 141 (the original Segwit proposal) that reduces the previous 95% miner support requirement to 80% and also reduces the period needed to signal support from 2 weeks to 56 hours.** In addition it will also prevent BIP 148 from activating and greatly reduce the risk of a chain split. _(BIP 148 is the very controversial user activated soft fork (UASF) that could potentially result in a split in the bitcoin blockchain and lead to people losing money)._ **Frankly the specific technical details of how BIP91 works are beyond my understanding, however there is a Coindesk article which goes into some detail about it [here](http://www.coindesk.com/coindesk-explainer-bitcoin-bip-91-implements-segwit-avoiding-split/).** BIP 91 already has 63% support (in the last 144 blocks) out of the 80% needed according to [Coindance](https://coin.dance/blocks). _(NB to activate it needs 80% miner support over 336 blocks)._ **If it continues to gain support over the next few days we could actually see a swifter resolution to the current crisis and a faster return to the more positive and bullish sentiment we had prior to the recent price falls.** **What do you think about BIP 91? Is it responsible for the recent market recovery? Will it pass?** _**Let me know in the comments.**_ ___ <center><h1>Thank you for reading</h1></center> ___  ___ ___ ___ <div class="pull-right"> [](https://www.steemithelp.net/) </div> ## <center>Are you new to Steemit and Looking for Answers?</center> #### <center>_Please visit:_</center> # <center>[Steemithelp.net](https://www.steemithelp.net)</center> #### <center>A collection of guides and tutorials that cover the basics of Steem and Steemit.</center> ___ ###### <center> _Follow me [Steemit](https://steemit.com/@thecryptofiend) & [Twitter](https://twitter.com/Soul_Eater_43)._ </center> ____ <h6><center>_All uncredited images are taken from my personal [Thinkstock Photography](http://www.thinkstockphotos.co.uk/) account. More information can be provided on request._</center></h6> ___
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