Bitcoin Unlimited Network Support Surpasses 40% as Bitcoin Price Soars

Golden Finance News - As the price of Bitcoin soars to new all-time highs, people can almost forget that there is an expanding debate about Bitcoin Unlimited (BU for short).

Bitcoin price soars to a new all-time high Image source: Golden Finance

Bitcoin Unlimited has gained more network support in the past few weeks, and as of now, more than 40% of the network signals in all Bitcoin blocks are in favor of Bitcoin Unlimited. The bigger question is how Bitcoin Unlimited affects the Bitcoin network as a whole.

The road for Bitcoin Unlimited (BU for short) has been one of ups and downs over the past few months, rightly so. While the source code of the project has been attacked by multiple flaws and bugs, support for Bitcoin Unlimited has continued to grow. This has resulted in 403 open signalings in the last 1,000 network blocks being dedicated to BU support. This is a very important development as Unlimited now seems to be getting closer to being activated on the network every day.

403 of the 1,000 Bitcoin network blocks developed signaling are used to support BU Image source: Golden Finance

Bitcoin Unlimited (BU) support continues to grow

On the /r/BTC subreddit, people are very excited about this development. This is not surprising, although claims that BU support is close to 50% are exaggerated. There is still a large gap between 40% and 50%, and it remains to be seen whether this gap can be closed quickly. Then secondly, if SegWit support does not grow soon, then nothing will happen to speed up support for Bitcoin Unlimited in the coming weeks and months.

The biggest question now is how Bitcoin's unlimited support can reach the 50% threshold. Image source: Golden Finance

The big question now is how Bitcoin Unlimited support will reach the 50% threshold. The most logical solution would be for a major Bitcoin mining group to come together, but that seems unlikely to be achieved at this point. One thing that is working in favor of Bitcoin Unlimited is how support for 8MB blocks is increasing, with 5.3% of the network supporting it at the time of writing. An interesting development worth keeping an eye on.

Assuming Bitcoin Unlimited will succeed in reaching 50% or preferably 51% of the network support, things will get very interesting for Bitcoin. It is also possible that Unlimited will hard fork Bitcoin and move as a separate chain. These plans are not set in stone by any means and things may change in the future. While this failure will have little impact on the price of Bitcoin right now, it will become very interesting once Bitcoin Unlimited reaches the desired 50%.