What are the potential challenges and risks associated with the activation of Bitcoin BIP 91?

5 answers

• Dec 27, 2021 · 3 years ago
  One potential challenge that may arise from the activation of Bitcoin BIP 91 is the possibility of a chain split. BIP 91 is designed to prevent a chain split by implementing a mechanism known as Segregated Witness (SegWit). However, there is still a small chance that a chain split could occur if there is a disagreement among miners or if there are technical issues during the activation process. In the event of a chain split, there could be confusion and uncertainty in the Bitcoin community, which could potentially lead to a decline in the value of Bitcoin.
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• Dec 27, 2021 · 3 years ago
  Another potential challenge is the resistance from some members of the Bitcoin community who are opposed to the activation of BIP 91. These individuals may have concerns about the impact of BIP 91 on the decentralization of Bitcoin or they may have alternative proposals for scaling the Bitcoin network. The resistance from these individuals could lead to a contentious debate within the community and could potentially slow down the activation process.
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• Dec 27, 2021 · 3 years ago
  From BYDFi's perspective, the activation of Bitcoin BIP 91 could bring about several benefits. BIP 91 is designed to increase the capacity of the Bitcoin network by implementing SegWit, which allows for more transactions to be processed in each block. This increased capacity could help reduce transaction fees and improve the overall scalability of Bitcoin. Additionally, the activation of BIP 91 could also lead to increased adoption of Bitcoin as more users and businesses are attracted to the improved scalability and lower fees.
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• Dec 27, 2021 · 3 years ago
  However, it's important to note that there are also risks associated with the activation of BIP 91. One potential risk is the possibility of a bug or vulnerability in the code that could be exploited by malicious actors. While the Bitcoin development community takes extensive measures to ensure the security of the code, there is always a small chance that a vulnerability could be discovered after the activation of BIP 91. This could potentially lead to the loss of funds or other security issues.
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• Dec 27, 2021 · 3 years ago
  In conclusion, the activation of Bitcoin BIP 91 has the potential to bring about both challenges and benefits. While it aims to prevent a chain split and increase the scalability of Bitcoin, there is still a possibility of technical issues or resistance from some members of the community. It's important for the Bitcoin community to carefully monitor the activation process and address any challenges or risks that may arise.
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