Latest Bitcoin 'Hard Fork' Causing Concern in Cryptocurrency

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This latest Bitcoin "hard fork" scheduled for today is making some in the cryptocurrency community uncomfortable.

Bitcoin Suffering Significant Slowdown

  • On Thursday, Bitcoin was trading at $14,347, down more than 8% from an opening bid of $15,37 There are already a number of variations of Bitcoin available created by previous hard forks, including the core Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin Gold (BTG).
  • Sergei Sevriugin, CEO and founder Rega, a risk sharing platform, explained that the current block number in the Bitcoin blockchain is 501394 and that with the mining of 57 additional blocks, the Segwit2x hardfork start point could be reached today. Unlike Tabbakh, however, Sevriugin is optimistic about the impact of the impending hard fork.
  • "Bitcoin has suffered significant slowdown in [recent] months due to high demand, and the current length of the block is an obvious limitation for resolving this bottleneck and returning to Bitcoin its power as a payments instrument," said Sevriugin. "So we are looking forward to today's hard fork and think that it will have a positive impact on blockchain community."
  • According to some, Bitcoin and blockchain technology more generally are still at their very early stages. Nick Martyniuk, co-founder and CEO WePower, a blockchain-based green energy trading network, explained that the technology is being developed by a decentralized community, so it's inevitable there would be different visions, opinions and tactics.

Technological Evolution

  • According to some, Bitcoin and blockchain technology more generally are still at their very early stages. Nick Martyniuk, co-founder and CEO WePower, a blockchain-based green energy trading network, explained that the technology is being developed by a decentralized community, so it's inevitable there would be different visions, opinions and tactics.
  • "This is why both hard and soft forks are a part of its technological evolution," said Martyniuk. "It is very hard to tell what Bitcoin will actually evolve to but it is, just like with any other technological change we had, all about testing different versions until the right one is found."
  • The previous Bitcoin hard fork occurred back in August, creating Bitcoin Cash. Sergey Shenderov, co-founder and CEO Mom.life, an app with a strong focus on new technology and human behavior, explained that Bitcoin Cash and the recent attempts at Segwit2x hard forks are aimed at increasing the "medium of exchange" capacity of the original cryptocurrency.

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