Bitcoin traded near its all-time high price late on Thursday after the intense debate over the cryptocurrency's future appears to be heading to a positive end.
Within the bitcoin community, a so-called "scaling debate" has been going on. There is a big backlog of transactions on the bitcoin blockchain — the technology that underpins the cryptocurrency. That's because the bitcoin code only allows a certain number of transactions through in one "block".
The whole debate has been about the right way to increase the block size, therefore speeding up transactions.
The new code update called BIP 91 has been locked in with 93.8 percent of miners showing support for the proposal in the last 24 hours, according to Coin Dance, a site which tracks bitcoin blocks.
The actual increase of the block size might not take place until November.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev