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The price of Bitcoin has boomed over the past few weeks, with a price of $7,314 at the time of writing. One of the the drivers behind this is Bitcoin’s anticipated code update on November 16, dubbed Segwit2x, which will increase the size of blocks on the blockchain powering Bitcoin from 1MB to 2MB.
In turn, this will increase the speed, and size, of transactions that can be processed on the Bitcoin blockchain, making it more efficient. The code update, called a fork, will follow a similar pattern to previous ones, which led to the creation of new cryptocurrencies Bitcoin Cash and Bitcoin Gold.
