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Altcoins See Their Value Go Up As They Inch Closer to Activating SegWit


Bitcoin is not the only cryptocurrency trying to implement Segregated Witness these days. In fact, several alternative currencies have already done so successfully, including Syscoin and Groestlcoin. Vertcoin is also getting close to the 75% activation threshold, and its price has been appreciating in anticipation. An interesting development, as it indicates why activating SegWit makes a lot of sense.

Activating SegWit Leads To Financial Gains?

Although a few altcoins have successfully activated SegWit on the network, their value has not necessarily increased all that much. More prominent alternative currencies, see a bit more success in this regard, as litecoin’s value has been increasing in anticipation of a SegWit activation. Then again, Chinese mining pools are actively blocking the activation of this solution right now, reducing its chance of success.

Vertcoin is another altcoin on the brink of seeing the SegWit threshold being met over the coming days. Ever since this shift occurred, the altcoin has seen a price increase of around 100%, indicating there is a potential gain in value associated with successfully activating Segregated Witness on any cryptocurrency network right now. It is also possible someone is trying to pump the Vertcoin price, as the currency has a relatively low trading volume after all.

It is evident there is a lot of merit to embracing Segregated Witness, even though specific individuals will never see it that way. With so many altcoins testing this concept on their live network ahead of a bitcoin activation, developers can gain valuable insights as to whether or not additional improvements need to be made. Unlike Bitcoin Unlimited, SegWit will actually get some testing before it affects the bitcoin ecosystem.

In the end, there will always be supporters of SegWit and those who continue to oppose it. Whether or not that is for financial reasons – such as the AsicBoost debacle – remains to be determined. Blocking further improvements of any cryptocurrency just because the change does not float one’s ego or stroke with political views results in an attitude that doesn’t belong in the bitcoin and altcoin the world. If individuals want to propose different scaling solutions, they are free to create their own altcoin and test the code first.

Should SegWit ever be activated on the Litecoin network, the price will most likely go up in the future. It remains unclear whether or not Bitcoin will ever see a successful  SegWit implementation, though. The user-activated soft fork may be the best chance of seeing it activated over the coming months. SegWit seems to provide a big chance of resulting in a value increase for whatever currency activates it successfully. An interesting concept, that much is certain.

Header image courtesy of Shutterstock


JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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