Bitcoin rockets to a new record high: Will it go higher?

TheMerkle Bitcoin price Wobble

Bitcoin Price Wobbles as Seg Wit Activation is Locked in JP Buntinx

While the mechanism proposed by SegWit of moving some of the operations outside of the main network should be implemented in the following days, there could still be some bumps down the road, Menant said. With that fix in place, the system can handle more transactions per second.

While I see a lot of value in the technology, I'm not convinced Bitcoin is as future-proof as it needs to be to last the course. Currently, the Bitcoin blockchain is still 899 blocks ahead of the new BCH chain, and it's also 54 percent more profitable to mine BTC than BCH. Its price went from around $2,900 on the day of the split to as low as $2,668 the next day. If miners continue to signal at their current pace, SegWit2X will become part of the Bitcoin network today. The two cryptocoins share history - they're essentially the same coin up until they split (this is technically called a fork) into two on August 1. It is seemingly rather easy to accept BCH payments. In November, the block size is set to double, although some worry it won't be enough.

For those watching the trading prices, it's worth noting that at this stage, they offer few assurances to the success of either platform. However, recent evidence seems to indicate that investors aren't almost as anxious about the effects of the split as many predicted.

"We are planning to have support for Bitcoin Cash by 1 January 2018, assuming no additional risks emerge during that time", it announced on its blog. This could, in theory, produce one of the fastest transaction speeds on the market. This ultimately led to Bitcoin Cash, a "hard fork" of Bitcoin that features an immediate increase in block size, becoming operational on August 1st. Indeed one Harvard academic and Bitcoin investor, Dennis Porto, sees the currency potentially hitting $100,000 by the end of 2021 if BTC follows 'Moore's Law' of exponential growth. The debate has revolved around how to upgrade its underlying technology. To solve some of the disruption caused by the split, BCH developers introduced new software mechanisms to attempt to reduce the mining difficulty. Still, Bitcoin has never been stronger in spite of (or perhaps thanks to) the upheaval.

A great deal of BCH's success lies with the underlying architecture, and how it matures over the coming months. In Bitcoin Cash, keys controlling ownership of coins are shared with real Bitcoin investments totaling $50 billion. The bitcoin price remained relatively stable after the split, which encouraged some investors, who had been waiting on the sidelines, to put money into the digital currency.

Cryptocurrency has been a topic of hot discussion over the past several months preceding the release of Bitcoin Cash. Others push for still bigger changes for the currency. And there is a reason why these two views are different.

Litecoin was originally created as by Google employee Charles Lee in 2011 to serve as an alternative to bitcoin and shares numerous same traits as its inspiration. "I doubt those Bitcoin Cash buyers are buying it to actually use it for paying for goods and services", he said.

Whether rival Ethereum or another fledgling cryptocurrency will ultimately be the one that succeeds is impossible to know at this stage.

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