Uncategorized Bitcoin swings ahead of Tuesday's big decision

Bitcoin swings ahead of Tuesday’s big decision

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hong kong bitcoin
A
sign is installed at first bitcoin retail store open in Hong Kong
on February 28, 2014 in Hong Kong. Asia Nexgen, a Hong Kong based
bitcoin exchange has launched a physical store enabling customers
to purchase bitcoin and store it in their digital bitcoin
wallets. Bitcoin Group HK and Hong Kong Bitcoin ATM plan to
launch bitcoin ‘ATM’s machines in the area. in 2008 Bitcoin was
launched as an alternative currency, with the commodity boasting
the ability to be transferred without the need of the traditional
monetary banking system.

Lam Yik
Fei/Getty Images


Bitcoin
traders are on edge as they await the outcome of the civil
war that will decide the fate of the crytpocurrency. Bitcoin is
trading up 0.52% at near $2,773 a coin.

On Tuesday, core developers and miners will decide whether
bitcoin remains as is, or if there will be a hard fork that
splinters the cryptocurrency.

Bitcoin developers want to want to keep the blocks
that make up bitcoin’s network limited in their size to 1
megabyte per block
 while miners want to make the
blocks bigger to improve the network’s speed. 

Up until recently, it looked like everyone was on board with

SegWit2x
, a proposal that, according to bitcoin
evangelist Paul McNeal, moves the threshold for
implementation down to 80% and also allows for a small
increase in the size of blocks on the chain to 2
MBs. 
That was until
bitcoin cash
, an alternative to both bitcoin and the SegWit2x
version, entered the picture. 

“Bitcoin cash basically came out of nowhere,” Charlie Morris, the
chief investment officer of NextBlock Global, an investment firm
with digital assets, told Business Insider.” A group of miners
who didn’t like SegWit2x are going to opt for this new software
that will increase the size of blocks from the current 1 megabyte
to 8.”

For what it’s worth, the majority of bets placed in the

gambling markets
aren’t predicting a good outcome for
bitcoin. Accroding to Ed Pownell, a company spokesperson at
Bodog, of the 470 people who have wagered on the event,
310 people think the price will dip below $2,000 per
coin.” 

Bitcoin is up 186% in 2017. 


Bitcoin
Markets
Insider


 

 

 

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