Peter Todd, the highly regarded Bitcoin Core developer too well-respected cryptography consultant, encourages users non to get got transactions alongside i confirmation when BIP 91 activates.
At the fourth dimension of reporting, on July 18, it has larn quite evident that the mining too evolution communities get got come upward to a consensus to adopt Bitcoin Improvement Proposal (BIP) 91 or miner-activated soft fork to activate the Bitcoin Core evolution team’s transaction malleability ready too scaling solution Segregated Witness (SegWit).
The community, businesses, users too investors get got wanted the activation of SegWit too scaling of the Bitcoin Blockchain for awhile. However, similar whatever changes, the soft fork execution of BIP 91 to activate SegWit should hold upward handled alongside caution past times both developers too users.
Todd explained that a high probability exists for the activation of SegWit via BIP 91 which volition atomic number 82 to multiple reorganizations. Amidst such change, Todd noted that users should alone get got transactions alongside half dozen confirmations for safety purposes.
“More Warning: if/when BIP 91 activates, there's a high endangerment it'll atomic number 82 to multiple reorganizations. Do non trust i confirmation transactions for now; await for six+ confirmations.”
More importantly, Todd states that potential problems such every bit double spending that may occur right away later the activation of BIP 91 volition hold upward fixed inwards the curt term too hence, users should non hold upward worried.
“BIP 91-related double-spends are probable to hold upward a temporary trial that's generally resolved inwards alone a few hours or days; this is a one-time risk. Since BIP 91-related dbl-spends are real probable to hold upward a one-time event, a valid strategy could produce nothing, too near downwards if losses happen.”
What Does BIP 91 Activation Mean?
The activation of BIP 91 way the activation of SegWit. Although it is non the activation machinery the Bitcoin Core evolution squad has been pushing since 2016, it is a compromise betwixt the Bitcoin evolution too mining communities.
The activation of SegWit volition atomic number 82 to the optimization of Bitcoin blocks past times to a greater extent than or less 75 per centum too lessen transaction fees for users. Additionally, SegWit volition strengthen safety measures for hardware wallets too enable an ecosystem for two-layer solutions such every bit Lightning.
Bitcoin service providers too evolution firms are already working to a greater extent than or less Lightning, testing micropayments platforms users too merchants tin give the sack utilize to settle zero-confirmation transactions safely.
Until SegWit is fully too securely deployed, users should hold upward aware of potential issues too follow the advice of Bitcoin Core developers too other experts inwards the community such every bit Peter Todd
