Bitcoin cryptocurrency is likely to split into two currencies today. Since many years, Bitcoin developers are backbiting the blockchain structure that supports the red-hot currency.
The two face of this war entails core developers and Miners.
Where the core developers keep on blocking to prevent the hacks and the Miners urge to make the network faster by increasing block’s size.
To find out the best possible way, SegWit2x is proposed by miners and executives. It will add up the Bitcoin block size to 2 megabytes. And it seems everyone was about to launch out the plan.
It was until Bitcoin cash – comes as an alternative for SegWit2X and original Bitcoin.
Charlie Morris, the chief investment officer of NextBlock Global, an investment firm with digital assets, states.”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.”
As a result, information about Bitcoin Split and Segwit2x is likely to happen today.
According to Charlie Morris, Until Split happens, many folks are likely to see doubles in Bitcoin holdings. This will not result in doubling up the value of investor’s holdings.
Morris told Business Insider that Bitcoin cash (BCC) has been trading in the futures market for about $200 to $400. Thus, if a split were to occur BCC would trade somewhere in that range while the value of bitcoin would witness a decline equal to the value of the new bitcoin.
According to him, the fork is like Ethereum split. In 2016, Ethereum had experienced its own fork which ultimately drives to the new version of cryptocurrency what we know today.
“It will be similar to what happened with Ethereum when Ethereum classic came on the scene,” Morris said. The market cap of these two currencies equaled up the value of original Ethereum.
Many Bitcoin Enthusiastic are not much concerned about a fork
“In general, I think the fork is a healthy process because it’s similar to how evolution works in nature,” Yoni Ben Shimon, co-founder and CEO at Matchpool, told Business Insider in an email. “And that is the main reason Bitcoin will never die – it’s because it can adapt itself to changes.”
Arthur Hayes, CEO of BitMex, a Bitcoin derivative exchange states: Considering the huge market. Fork will benefit the cryptocurrency, despite volatility in short term.
“There are people with billions of dollars of skin in the game and they will ultimately go with the superior Bitcoin network, and then the market will follow,” Hayes concluded.
Furthermore, Bitcoin’s value is close to 200% in 2017, trading at $2808