Some of the market observers say that there is a possibility we will see the third Bitcoin creation. Will we have third Bitcoin? Let’s discuss…
3 August, AtoZForex – Reportedly, the New York Agreement which apparently has put an end to the Bitcoin scalability crisis, can also cause a third Bitcoin to be created. This agreement has caused the creation of the SegWit2 plan, thus calling for immediate implementation of the SegWit. This also implies that a November hard fork will be double the Bitcoin block size.
Will we have third Bitcoin?
However, now there is a new concern. Some of the industry experts see SegWit2 as a compromise. Yet, it is not an ordinary compromise. At one side of the agreement, there are big blockers, who had to provide an immediate allowance by activating SegWit. Now, they have to believe that the other side, who are the SegWit supporters, will implement their promises.
One of the promises includes the block increase in just a few months. Meanwhile, some industry observers believe that the SegWit camp now can easily drop the promises about the increase of the block size. In case this happens, miners who support big blocks will launch the fork anyway. In this situation, we could end up having the BTC-SegWit, Bitcoin Cash launched, and BTC-SegWit2x.
Such scenario could be much more damaging that the recent Bitcoin protocol split. According to the industry experts, this split would have a support of a large number of miners. Moreover, it is likely that some small block miners would just follow the fork. The software engineer at BitGo, Jameson Lopp, has tweeted today:
“Sooooooo now that we have 2 Bitcoin forks thanks to Bcash, are folks still doing SegWit2X? Because that’s how you get 3 Bitcoin forks…”
Bitcoin vs Bitcoin Cash
Yesterday, following the Cryptocurrency fork, Bitcoin Cash price has surged to impressive highs! In less than 48 hours after it has forked off the original Bitcoin, Bitcoin Cash’s market capitalization has reached $11 billion. This made it the third biggest digital currency in the world. Today, the Bitcoin Cash market Cap dropped to $7 billion, with its price standing at $446.32.
Nevertheless, Bitcoin’s market cap is still way ahead – it stands at over $44 billion. The second largest cryptocurrency, Ethereum, enjoys a $2 billion market capitalization. Ripple comes 4th, with its market cap standing at $6.7 billion.
As of now, Bitcoin price stands at $2756.27.
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