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
A
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
software. 

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
implementation. 

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
$5,000.”

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. 


Bitcoin
Markets
Insider


 

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