What are the potential risks or challenges associated with BIP 91 in the digital currency industry?

3 answers

• Nov 29, 2021 · 3 years ago
  One potential risk associated with BIP 91 in the digital currency industry is the possibility of a chain split. BIP 91 introduces changes to the Bitcoin protocol, and if not properly implemented or accepted by the majority of miners, it could lead to a split in the blockchain. This could result in two separate chains and create confusion and uncertainty in the market.
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• Nov 29, 2021 · 3 years ago
  Another challenge that BIP 91 may bring to the digital currency industry is increased centralization. BIP 91 requires a significant majority of miners to signal their support, which means that a few large mining pools could potentially have a significant influence over the decision-making process. This concentration of power goes against the decentralized nature of cryptocurrencies and may raise concerns about the integrity and security of the network.
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• Nov 29, 2021 · 3 years ago
  From BYDFi's perspective, the potential risk associated with BIP 91 is the impact it may have on transaction fees. If BIP 91 leads to a chain split or increased centralization, it could result in higher transaction fees for users. This could make digital currency transactions less affordable and hinder the adoption and growth of the industry. It is important for the industry to carefully monitor and address any potential negative effects of BIP 91 to ensure the continued success of digital currencies.
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