SegWit2x 'Tantrum' Pressures Bitcoin to 8% Slump as Bitcoin Cash Jumps 40%

SegWit2x 'Tantrum' Pressures Bitcoin to 8% Slump as Bitcoin Cash Jumps 40%

The planned SegWit2x upgrade for Bitcoin was called off on Wednesday after developers announced that they would wait for the community to come to a broader agreement on the matter.

Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.

Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers chose to implement an upgrade in an effort to increase transaction speeds for the digital currency.

Bitcoin Cash's transactions are processed in so-called "blocks" that are larger in capacity than bitcoin's, so can therefore in theory allow for more transactions to be processed at any given time, making transaction fees much cheaper.

It also doesn't hurt that, unlike the incumbent Bitcoin chain, the BCH blockchain still maintains Satoshi Nakamoto's genesis block and also appears to have scaled in line with Nakamoto's original vision for scaling. That anticipation could have been the reason for the high price of Bitcoin recently.

The majority of the BCH buying has been coming from South Korea, a trend seen in previous days.

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Upon the cancellation of SegWit2x, the price of bitcoin surged to a new all-time high at $7,900, prior to plunging to $7,200.

As of November 12, Bitcoin is trading below $6000.

With so much confusion surrounding the last minute announcements and launches of Bitcoin Cash and Gold, it is easy to consider both new altcoins as simply being Bitcoin wannabes. It later recovered a touch to trade around $6,880 by 1645 GMT, but that was still down nearly 4 percent on the day.

The price hasn't gone to zero because some holders of the contracts presumably hope SegWit2x is truly just a suspension until greater "consensus" is built in the community.

Users from all cryptocurrency exchanges were excited because once the fork took place, they would have been granted a free "piece" of the new currency. Bitcoin.org and Bitcointalk co-founder Cobra warned Twitter users BCH was "centrally controlled" and "doesn't have a good future" regardless of its current support. For example, if an investor holds 8 Bitcoins, then he would automatically get 8 of the new cryptocurrency.

The positive view of bitcoin and other digital currencies among millennials reflects the well-documented lack of trust in banks, and other financial institutions, by a generation that has grown up in the shadow of the 2008 financial crisis. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

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