Litecoin achieves "soft fork" technology breakthrough Bitcoin transaction may break incompatibility barriers

Golden Finance News - There have been a lot of good news about Bitcoin recently, which is slowly building a solid foundation for Bitcoin to take off.

18 traders in Japan have submitted applications for Bitcoin trading. Image source: Golden Finance

The process of legalizing Bitcoin transactions begins

Since the moment Bitcoin was born, legalization of transactions has always been its dream. Although the US Securities and Exchange Commission rejected the Bitcoin ETF on March 11, 2017, Japan's Payment and Payment Amendment Act officially came into effect on April 1.

——The bill gives Bitcoin legal status as a method of payment, which means that the Japanese government has recognized Bitcoin as an equivalent to general goods.

The Japanese government has formulated a preferential policy: starting from July, consumption tax can be reduced by 8% when paying with Bitcoin. It is expected that 260,000 retail stores will accept Bitcoin payments this summer.

Meanwhile, 18 Japanese traders have submitted applications for permission to trade bitcoins, and are eager to try their hand at the market, including financial giant SBI Group, which has established SBI Virtual Currency Co., Ltd.

——A rigorous country like Germany is considering legalizing virtual currency transactions, which means that the legalization of Bitcoin transactions has officially started. On May 3, 2017, Germany's Bild reported that the German federal government is considering using Bitcoin as a supplement to legal currency.

Bitcoin's brother currency Litecoin has achieved a soft fork technology breakthrough. Image source: Golden Finance

——Malta has directly elevated the development of blockchain technology to the national strategic level.

Previously, Bitcoin transactions were in a gray area, but since 2017, Bitcoin transactions have officially entered the 2.0 era, a new era that is regulated, safer, and more transparent.

Bitcoin trading achieves technical breakthrough

Just last week, Litecoin, a brother currency of Bitcoin, achieved a technical breakthrough of "soft fork", which expanded the block capacity and thus increased the transaction volume of Litecoin in a single block.

The construction principles of Litecoin and Bitcoin are basically the same, and the "soft fork" technology can also be applied to Bitcoin transactions.

The so-called "soft fork" is a kind of compatibility that can make bitcoin mined by the new algorithm compatible with bitcoin mined by the old algorithm, thereby expanding the transaction capacity of a single block. Previously, incompatibility in Bitcoin transactions hindered its liquidity.