Shockingly, and to the surprise of bitcoin traders, the crypto currency witnessed a dramatic fall in value from $2, 600 to the current $1900. Speculators have attributed the crash to the August 1st deadline which has raised uncertainty and extreme tension in the bitcoin market.
The months of June and July witnessed a downward slide of the currency, dropping from about $3000 to the current $1900. The currency has had rough times in the past few days.
This recent decline is most likely as a result of the fast approaching conclusion of the long debate about the currency, which has been on for over 2 years. August 1st marks the ends of the debate, and investors will know their fate.
The scenario seems complicated, as a lot of customers are eyeing the bitcoin brand, but they can be grouped under the big and small blocks umbrella with a third, center, segwit2x settling UASF and Bitcoin Core are right at the end of the small blocks with the primary aim of initiating segwit, but they seem to have strained relationship with segwit.
While some people think they are incompatible and possibly chain-split, others predict a good future for the duo.
In a bid to get a clear view of the relationship between bitcoin Core and segwit2x, we attempted to discuss with the top maintainer of the wegsit2x client, Jeff Garzik, but all to no avail.
Segwit2x’s support for segwit seem constant, but there are speculations that after activation, customers might stick to only segwit blocks, while segwit and non-segwit blocks would be accepted by Bitcoin Core, causing a likely split.
Albeit, since about 90% of miners seem to be behind segwit2x, there are indications that miners might stop the production of segwit blocks, to remain in the clique.
The bigger block side consists of BitcoinABC and Bitcoin Unlimited, which, to a large extent, goes in line with the principles of Bitcoin Unlimited but a bit further in the implementation of User Activated Hard-Fork, which is bound to chain-split no matter how much support it gets from miners.
It appears that they will get the support from some miners, like ViaBTC and maybe the bitcoin.com mining as they may try to lure their miners into supporting the BitcoinABC chain.
It is therefore likely that we would have two or more bitcoins by August 1St. Investors are therefore advised to abstain from transacting any bitcoin-related deal on the said date until the fate of the coin is decided.
In the event the chain splits, BitcoinABC will perhaps be found in at least one exchange, leading to a period of instability and trading anxiety as the crypto currency market reaches a decision on the worth of bitcoin.
In the end, one thing is likely; a coin will perhaps gain about 80% of the present value of bitcoin while the low-valued coins can continue their operations within their networks, with absolute autonomy.
The big question is “which coin stands to gain this high fraction of the market share?” All fingers are crossed awaiting the August 1st verdict of the free market as bitcoin makes an epic and historical decision.
