Although all seems set for bitcoin to eventually scale and overcome its recent troubles with the aversion of a hard fork, the future is still uncertain to some extent. The events of the next few days will determine if we can finally hold hands and heave a sigh of relief.
The bitcoin community received with joy the news that a hard fork of the crypto coin has been prevented. This is after over 80% of miners signalled that they would adopt Segwit when it launches. Investors and traders had been worried that the beginning of the end was near, but veterans were sure bitcoin would weather the storm like it has been doing for the past decade.
Bitcoin has also bounced back tremendously in reaction to the news, pulling the whole crypto market up with it. The coin gained all it has lost and almost hit a new all-time high after the news was broken.
However, it is not yet a Uhuru moment for bitcoin investors and traders. Although almost all miners (over 95%) have signaled adoption of Segwit2x, we don't know if they will actually go through with it.
"It's premature to say the worst is over. But we have reached one important milestone down the road in bitcoin scaling. And there are a few more milestones coming up," Bobby Lee, CEO of BTCC, a bitcoin exchange, said on Friday according to CNBC.
Bobby Lee knows what he's talking about. It's one thing to say you'll do something; it's another thing to go through with that promise.
The next few days will be interesting for bitcoin and the cryptocoin community. If miners go through with their promise and adopt Segwit2x, confidence in the coin will be up and more; people will invest in it. Bitcoin price will hit a new all-time high and everybody will catch the fever again. Mouthwatering futures will be predicted for the coin, everyone will want a bigger piece of the action.
However, if miners don't go through with their promise, disaster looms. As August approaches investors will probably start to sell their coins in panic. The currency will fall once more and negative speculations will abound.
So, it's not over until it is over. The fate of bitcoin depends on China at the moment.
Miners had to compromise after months of infighting before grudgingly agreeing to embrace Segwit when it eventually arrives. And they also made sure that they got something in return- they were promised that the size of each block on the bitcoin blockchain would be increased in accordance with their request. This, however, won't happen until sometime around November or December.
One can't but wonder if these events are triggered by a fight for supremacy in the bitcoin community. It's miners versus developers and everyone else. It seems the miners- mostly firms in China with million dollar investments in mining pools- want to control market while core developers and other community members want a decentralized currency. It looks like the miners are on the back foot at the moment, forced to accept Segwit, but trust them to fight back. No one wants to lose their position in a booming gold mine community like bitcoin.
One good thing about the bitcoin community though, is that everyone wants the cryptocoin to succeed. That's why miners grudgingly agreed to Segwit2x and that's why Core developers will have to compromise in the future if another situation like this arises.
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