Bitcoin price rebounds to $450 after consensus reached

China International Capital Corporation reported on February 22 that after several months of heated debate on the underlying operational changes of the main Bitcoin protocol, an agreement was finally reached. The price of cryptocurrencies has been rising, making traders and investors more confident about the future of Bitcoin. Nevertheless, only time will tell whether the announcement will help overcome or re-compete for separation solutions.

The Hong Kong-based Cyberport joined the Bitcoin Roundtable, which included many core developers (hereinafter referred to as core) and leaders in the field, as well as CEOs of mining companies, foreign exchange and other industry pillars. In the agreement reached, Bitcoin core developers promised to make hard fork security improvements based on SegWit before July 2016.

According to the negotiation agreement, the core layer "agreed to hard fork to 2MB into the core framework. In exchange, Chinese miners also agreed to only run core, which is the biggest achievement of this consensus." With such a strong group of support, the hard fork is expected to start in July 2016. All current supporters have stated that they "will only run a consensus system compatible with Bitcoin Core"... in the foreseeable future.

Coinbase co-founder and CEO, Brian Armstrong, has spoken out about the consensus, calling it “too little, too late” while also encouraging Bitcoin companies to switch from the core implementation. “There is a difference between talking and doing. Consensus is just lip service and the future is unknown. Meanwhile, another group, BitcoinClassic, has taken action and adopted the code we can use today to switch to a working solution.”

The Bitcoin/ USD price is back on the upswing, climbing back to $450 per Bitcoin – the highest level since the beginning of the year.