Uncategorized Bitcoin is sliding day after SegWit implemented

Bitcoin is sliding day after SegWit implemented


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FILE PHOTO - A Bitcoin sign is seen in a window in Toronto, May 8, 2014.   REUTERS/Mark Blinch/File Photo
Bitcoin sign is seen in a window in Toronto

Thomson Reuters

Bitcoin is sliding, trading down 3.88% at $3,296 a coin.
Wednesday’s selling comes a day after the cryptocurrency hit
a record high near $3,500 a coin as a big change was made in its

On Tuesday, bitcoin’s blockchain network began adopting a
new software called Segregated Witness, or SegWit.

“SegWit is a clever solution that essentially increases
transaction capacity,” according to Aaron Lasher, the chief
marketing officer of Breadwallet, a bitcoin
technology company.

The software was devised years ago as a solution to the
cryptocurrency’s scaling problem, which divided bitcoin power
brokers for years and led to a
split on August 1

Bitcoin has been charging higher even since. After bottoming out
at $2,643 on August 1, bitcoin rallied more than 30% before
putting in its record high in response to Tuesday’s SegWit

As for where bitcoin can go from here, estimates range from
$5,000 to $100,000. 

Arthur Hayes, CEO of BitMEX, a bitcoin derivative
exchange, thinks SegWit marks an important milestone for
bitcoin’s future.

“At long last, the solution touted to solve bitcoin’s
scaling problems, Segwit, is activated,”
Hayes told Business Insider
With Segwit
implemented, I believe $5,000 Bitcoin is within striking
distance,” he concluded. 

Josh Olszewicz, a bitcoin trader, seemed to agree. He told
Business Insider he sees a “small price bump overall, but
there will be a $300 pullback before it marches to

But, Dennis Porto, a bitcoin investor and Harvard
academic, has his sights set on a much bigger number. He noticed
that bitcoin’s price has doubled about every eight months,
seemingly following Moore’s Law. He says if that continues,
bitcoin will be at $100,000 by February 2021.

Bitcoin is up 248% this year. 



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