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Bitcoin bounces on first protocol upgrade in four years

“Say you’re in Paris and your flight gets cancelled due to bad weather, a smart contract would gather the flight details, weather reports, hotel details and other necessary data and automatically pay out the affected people without the travel insurer touching a button,” Ms Bowler said.

Smart contracts are already available on the Ethereum blockchain and the latest upgrade to bitcoin will take effect in November.

The announcement sparked a sharp increase in bitcoin trading volumes with seven-day volumes up 21 per cent and 24 hour volumes up 4 per cent. Bitcoin now trades for $US40,257 according to bitstamp.net.

The cryptocurrency’s latest rally comes on the back of a volatile week.

The good news for crypto bulls began when El Salvador became the first country in the world to adopt bitcoin as legal tender, with the country’s president saying it would help Salvadorans living abroad send money back home.

This coincided with reporting overnight that Tanzania’s president has urged…

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