Bitcoin is in Wild Upheaval After The Cancellation of Segwit2x

fortune.com

The cryptocurrency market is experiencing a complex shakeup this weekend, with a recently created digital token called Bitcoin Cash (BCH) up nearly 130% in two days, even after retreating substantially from an even bigger spike. Meanwhile, the original Bitcoin (BTC) is down by roughly 15% over the same span.

Bitcoin went above $7000 and then plummeted (and soon recovered over the weekend) while Bitcoin Cash, which was the result of a hard fork a few months ago, went up nearly 130%. Segwit2x was a proposal that was rejected last week to hard fork Bitcoin to allow for larger blocks + a data store optimization tweak. Current issues with Bitcoin include: it's limited in the number of transactions that can be processed, so that during times of heavy use transactions can take longer. Limitation of space has also increased average fees paid to miners to prioritize transactions. On the flip side, a larger block size would require more power to mine, which could lead to more mining centralization. No solution on how Bitcoin continues to scale for now...

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