Author: Melvin Carvalho 2019-04-01 11:22:28
Published on: 2019-04-01T11:22:28+00:00
Luke Dashjr, a Bitcoin Core developer, has proposed adding two BIPs to Bitcoin transactions in order to raise the minimum price of Bitcoin to $50k USD/BTC. The first BIP proposes a method to explicitly specify and sign the USD/BTC price for transactions by adding a new field to Bitcoin transactions that represents the honest and true USD/BTC rate used for the transaction. By signing the transaction, the sender legally affirms this is the valuation of bitcoins used for the transaction. The second BIP defines a minimum price of $50k USD/BTC for Bitcoin transactions, and will be implemented as a soft fork beginning with block height 622370 (expected around April 2020). Older nodes will continue to accept the blockchain without modification, but non-upgraded nodes will not validate the minimum price requirement and may accept invalid blocks if miners choose to make them.
Updated on: 2023-06-13T17:52:43.773662+00:00