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
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
Bitcoin is up 186% in 2017.