The bitcoin community is eagerly waiting for the next big development called the Lightning Network, a technology that enables instant transactions.
This after it reached a new milestone on Tuesday, with the digital currency network "locking in" a decision to implement a new piece of technology called SegWit, that improves capacity of the bitcoin network.
"The Lightning Network is a game-changing innovation, which utilizes smart contract technologies to enable instant micropayments using cryptocurrencies such as bitcoin," Aurélien Menant, founder and CEO of digital currency exchange Gatecoin, told CNBC via email.
On Tuesday, the bitcoin network passed a threshold of support required to lock in a new piece of software, called 'segregated witness' or SegWit. This is intended to improve the capacity of the bitcoin network and allow for more transactions to take place. It also paves the way for Lightning Network products to be introduced later this year.
"Bitcoin's SegWit means the many well-financed companies researching Lightning solutions can start to test on the main network," Fran Strajnar, co-founder & CEO of data and research company Brave New Coin told CNBC via email.