With the Bcash and SegWit storm already abated, we can now see that Bitcoin had weathered all beautifully and is now looking calm for the moment, but ready it could break out at any moment on its way to $5k
The Successful Launch Of SegWit
Segregated Witness or also known as SegWit is a new software to manage Bitcoin’s blockchain network. It is clever solution to increase the age-old problem of Bitcoin, the limitation of 1MB blockchain.
Now that it has successfully updated to support 8MB of blockchain, fears have been allayed for now. And transaction speed is set to increase as gains from SegWit are implemented
More Than Doubled Its Price In Just One Month
Bitcoin did a nosedive last month, going down to $1,904 on July 17th 2017. That goes to show how fearful investors are of the recent split to BCash, as well as the implementation of SegWit.
But we all know that the fork of BCash is done and dusted, and SegWit completed its first block on August 24th 2017, it really is good news for Bitcoin and all of crypto.
$5,000 Is The Next Resistance
With the price now hovering at ~$4,200 USD for the past few days, this new catalyst could spark a new frenzy. Everyone is now eager to get back to work @ mining now that all issues have been settled.
Bitcoin To Compensate For High Cost Of Living
In some parts of the world, especially in third world countries – Bitcoin mining is seen as the next best thing to get out of poverty. We take for example Venezuela, where hyperinflation has rendered its cash useless – people over there are trying everything they can to get on with life.
Therefore, with the steady increase of Bitcoin for the past year; a lot of new miners have now emerged from there. It may have even give them a new lease of life, even to support basic necessities.
With the end of 2017 getting closer, $5,000 USD is not impossible at all. With all things looking favorable for Bitcoin, the price can be achieved a lot sooner than expected.
Category: Team WhaTechCompany about: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.