The debate which has been simmering in the bitcoin world for years will soon take center attention as key decisions in determining the future of the cryptocurrency are made in the next couple of weeks.
The Run Down
As you may know, there is a cap on how many transactions can be processed within any given block in Bitcoin, which causes slower transaction times and higher processing fees (I touch on this alittle in this video).
A segment of developers within the Bitcoin community have proposed a solution called SegWit which would manage some data outside of the main network (sidechain), however this would reduce Bitcoin miners' profits pretty handsomely.
The compromise agreed upon back a few months ago was SegWit2x, which implements SegWit while doubling the block size limit.
The question remains whether the implementation will lead to a split in the cryptocurrency.
Putting 2-and-2 Together
If you look at the price action of Bitcoin and match-up fundamental news events, we can clearly see that Bitcoin hasn't seen a higher high since June 12, which is ironically the same date as Segwit2x consensus between miners was announced.
Thoughts/Questions
- Do you think this is just a coincidence or true correlation?
- How are you positioning yourself ahead of this Aug 1st event?
- Is the bloodbath over?
