Bitcoin Likely to Split Again
Bitcoin is becoming more and more like something ready to split apart again. This will be the third break up of the largest cryptocurrency in the world. Miners continue to strive for separate levels of scale in the rapidly expanding market.
Big participants within the industry expect that each side of the bitcoin “coin” will not likely be ready to agree on one version or another version of bitcoin. These include people like Roger Ver who’s a large bitcoin investor known as “Bitcoin Jesus”. The same sentiment was also given by “Core” developers, one of the largest groups of miners, operators, and programmers around. They were actually a critical part of developing the framework for the first bitcoin network.
Over the last few weeks, many miners who breakdown complicated mathematical equations in order to create and use the cryptocurrency, want to split from the original bitcoin in order to take advantage of a new type of currency known as Bitcoin Cash. Bitcoin Jesus is pushing his funds to a new related version as he expects there to be another bitcoin split before the end of the year.
“There’s probably going to be another split between bitcoin legacy and SegWit2X version of bitcoin but that just gives me more coins that I can sell for the Bitcoin Cash version,” Ver said in an interview on Bloomberg Television.
The excitement surrounding bitcoin has bolstered the move for increased trading activity. Now, the evolution of new cryptocurrency has brought about more timely processing, new fees, and even higher prices for all cryptocurrencies. The main argument is how the split will impact the market, what problems could arise, how many transactions will be able to be processed, and more support for moving information off of the central network. On part of the community is looking for an upgrade to the network by November. This, in turn could lead to a split of there isn’t an agreement made by then.
In August, when the first split happened, Bitcoin cash peeled away from its legacy coin, Bitcoin. The cryptocurrency dropped in the beginning over the course of a few days but prices moved back up by the beginning of September. This happened just before China made the fateful announcement that it will be tightening things in their country for cryptocurrency.