Bitter and Sweet Bitcoin in 2017
The past week has been pretty busy for the Bitcoin market. Even initially in a state of uncertainty, the SegWit2x plan was frozen, while Bitcoin set a new record with a price tag of $7,888. However, an important rule of physics still holds true in finance: Every rise has a fall.
Bitcoin continues to fluctuate as always.. A few key factors caused the price to drop 29 and a full $38 billion break from market cap.. Meanwhile, Bitcoin Cash broke a new record by reaching astronomical figures. But for now, things seem to be back to normal.
This Drop Was Softer Than Others
The cancellation of SegWit2x announced last Friday and the block size will remain the same, caused the price to drop by 29. In this case, investors turned to Bitcoin Cash, which is an alternative.
Last weekend was very busy for Bitcoin Cash as it was for Bitcoin.. Bitcoin Cash, which rose by 40 in a few hours, surpassed even Ethereum in terms of market cap to 2. it was sitting in line, but that didn’t last long…
The developers of Bitcoin Classic, which was also shut down at the end of last week, saluted Bitcoin as they left, and that Bitcoin Cash only had 6 they said it would surpass the original within the month.
However, the $38 billion drop, it seems, will stifle Bitcoin.. Because in 2017 there were much bigger collapses than this.
Bitcoin successfully survived the Bitcoin Cash fork in September.. However, due to the cryptocurrency ban news from the Chinese government and Jamie Dimon’s carefully timed sneak attack, the price dropped by 40.
Before that, August 1
Due to the hardfork to be held in strong>, its users were very worried.. The drop due to the uncertainty of Bitcoin’s future drove the price down 38.
A Mandatory Choice
After the cancellation of SegWit2x, market users had to take a decision sooner than expected.. Those who were looking for a coin with faster transfers thanks to wider information traffic turned to Bitcoin Cash, which has a large block size.
Those who remained loyal to the original Bitcoin had to settle for SegWit.. Even if this news cleared the uncertainty over the coin, it was a sign that the expected scalability update was suspended.
Bitcoin was mentioned as a payment method in its initial publicity.. Bitcoin Cash advocates believe they are now much closer to that goal than Bitcoin.. This goal has fueled the growth of Bitcoin in the past.. Today, this coin is very successful as an investment tool like gold, but it has almost lost its payment method function.
Bitcoin Cash, which emerged with hundreds of altcoins created, seemed to be a solution to the scalability problem.. However, the cause of the civil war that started recently is Bitcoin Cash itself.
The supporters of the original Bitcoin think that the vision is too narrow and that Blockchain can be developed with SegWit technology.. They also point out that if Bitcoin evolves, it has the capacity to become more than a payment method.
Bitcoin Cash is still trying to find its role to stay on its feet.. The difference of Bitcoin Cash, which is designed with more transfer capacity in mind, is to increase the block size.. However, it is not yet clear whether this method used to increase scalability will be valid in the future.
Price Inflation and Subsequent Sales
Despite this method, Bitcoin Cash also has significant problems.. According to some, one of these problems is that the price is increased above 2500$ and crashed to 1200$.
Despite all this, the market is slowly changing. It can be said that he found his place. Those who want crypto money for payment method turn to Bitcoin Cash, while those who are looking for an investment tool in the form of assets prefer Bitcoin.
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