A week after the fork: Bitcoin is doing better than ever
That week, August 1, the main Bitcoin cryptovalue split into Bitcoin itself and its fork Bitcoin Cash. About the reasons for this separation talked a lot and in detail. Well, now it's time to take stock. Yes, so far intermediate, but over the past nine days, quite a lot of things have happened, so it’s just impossible not to write about it.
In addition to the fork itself, the main events of the past week were Bitcoin's record-breaking course, fixing the SegWit protocol and predicting a number of analysts that the bitcoin rate would soon reach $ 5,000, supported by very logical arguments.
First, about pleasant (for those who had a certain amount of bitcoins in their wallet at that time). The day before yesterday, Bitcoin set a historic record , rising above $ 3,500 in price. Its total capitalization of the currency came close to $ 60 billion, having risen in price in general for the year against the US dollar by almost 500%.
The rise of a whale pulls a smaller fish along with it: other cryptocurrencies also rise in price (Ethereum, for example, yesterday broke the bar at $ 305). But with the rate of growth of the course Bitcoin nothing can compare. Since April of this year, the cryptocurrency market has grown more than 4 times, reaching $ 125 billion.
Bitcoin Cash, an alternative to Bitcoin itself, is also keeping up well. At the moment, the Cash rate against the dollar is $ 324, providing a total market capitalization of this coin of $ 4.4 billion.
While Bitcoin Cash retains an advantage in block sizes compared to Bitcoin, which makes it easier to complete transactions. However, after the SegWit starts working in the main branch, it will lose its significance. Predicting something is difficult at this stage, but an alternative bitcoin is unlikely to die, as some analysts predicted.
Another important event in the Bitcoin world was the final confirmation of the SegWit protocol, which occurred at block 479,708. True, after confirmation, a couple more weeks must pass before the SegWit is finally activated. To support a new type of transaction, participants in the cryptocurrency market will need to update their software.
It is precisely for this reason that market participants are given two weeks to upgrade, so that when working on the Bitcoin network, there are no incidents - neither the miners, nor the exchanges, or anyone else.
At the moment, SegWit still has opponents, but there's nothing to be done here - you cannot reverse the implementation of the protocol. This is associated with much more technical difficulties than its introduction to the work.
The protocol solves the problem of network scaling and transactional plasticity. The last problem is the ability to change the signature of the transaction without changing the signature value. Such an operation can be performed without a secret key, which was used to create the original signature.
The fact that most analysts predict Bitcoin is booming now is not surprising: the coin is growing, what else can they do?
But those analysts who are a little more responsible about their work, provide reasonable arguments to substantiate their point of view: first, Bitcoin is an exhaustible resource, which, among other things, is actively introduced into circulation by governments of a number of countries. That is, Bitcoin gets more and more powerful support as a means of payment. And naturally, on the wave of positive news his course is growing.
Ronnie Moas from Standpoint Research predicts that Bitcoin will go up to $ 5,000 already in 2018. And he justifies this opinion with a report on 122 pages. He also believes that the market volume only Bitcoin should increase from $ 56 billion now to $ 2 trillion in the future.
Growth rate predicted and experts from Goldman Sachs. True, their predictions are more mundane: they indicate a possible appreciation of the course to $ 3,915 in the near future.
An expert from another financial institution, Saxo Bank, said that within 10 years the Bitcoin rate could increase up to $ 10,000.
In general, even after surviving a fork, Bitcoin continues to be the engine of the cryptocurrency market. And in the coming years, nothing threatens his leadership.
The demand for cloud mining is increasing throughout the year:
In addition to the fork itself, the main events of the past week were Bitcoin's record-breaking course, fixing the SegWit protocol and predicting a number of analysts that the bitcoin rate would soon reach $ 5,000, supported by very logical arguments.
Higher and higher
First, about pleasant (for those who had a certain amount of bitcoins in their wallet at that time). The day before yesterday, Bitcoin set a historic record , rising above $ 3,500 in price. Its total capitalization of the currency came close to $ 60 billion, having risen in price in general for the year against the US dollar by almost 500%.
The rise of a whale pulls a smaller fish along with it: other cryptocurrencies also rise in price (Ethereum, for example, yesterday broke the bar at $ 305). But with the rate of growth of the course Bitcoin nothing can compare. Since April of this year, the cryptocurrency market has grown more than 4 times, reaching $ 125 billion.
Bitcoin Cash, an alternative to Bitcoin itself, is also keeping up well. At the moment, the Cash rate against the dollar is $ 324, providing a total market capitalization of this coin of $ 4.4 billion.
While Bitcoin Cash retains an advantage in block sizes compared to Bitcoin, which makes it easier to complete transactions. However, after the SegWit starts working in the main branch, it will lose its significance. Predicting something is difficult at this stage, but an alternative bitcoin is unlikely to die, as some analysts predicted.
SegWit
Another important event in the Bitcoin world was the final confirmation of the SegWit protocol, which occurred at block 479,708. True, after confirmation, a couple more weeks must pass before the SegWit is finally activated. To support a new type of transaction, participants in the cryptocurrency market will need to update their software.
It is precisely for this reason that market participants are given two weeks to upgrade, so that when working on the Bitcoin network, there are no incidents - neither the miners, nor the exchanges, or anyone else.
At the moment, SegWit still has opponents, but there's nothing to be done here - you cannot reverse the implementation of the protocol. This is associated with much more technical difficulties than its introduction to the work.
The protocol solves the problem of network scaling and transactional plasticity. The last problem is the ability to change the signature of the transaction without changing the signature value. Such an operation can be performed without a secret key, which was used to create the original signature.
Only forward
The fact that most analysts predict Bitcoin is booming now is not surprising: the coin is growing, what else can they do?
But those analysts who are a little more responsible about their work, provide reasonable arguments to substantiate their point of view: first, Bitcoin is an exhaustible resource, which, among other things, is actively introduced into circulation by governments of a number of countries. That is, Bitcoin gets more and more powerful support as a means of payment. And naturally, on the wave of positive news his course is growing.
Ronnie Moas from Standpoint Research predicts that Bitcoin will go up to $ 5,000 already in 2018. And he justifies this opinion with a report on 122 pages. He also believes that the market volume only Bitcoin should increase from $ 56 billion now to $ 2 trillion in the future.
Growth rate predicted and experts from Goldman Sachs. True, their predictions are more mundane: they indicate a possible appreciation of the course to $ 3,915 in the near future.
An expert from another financial institution, Saxo Bank, said that within 10 years the Bitcoin rate could increase up to $ 10,000.
In general, even after surviving a fork, Bitcoin continues to be the engine of the cryptocurrency market. And in the coming years, nothing threatens his leadership.
The demand for cloud mining is increasing throughout the year:
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