Monday, 17 July 2017

Bitcoin Want To Apply New Conditions

     A few days ago it began to be heard that Bitcoin would have a bifurcation. Even an entrepreneur and developer Bitcoin indicated that such a decision might not be a good idea and compared it to a bad divorce.

     However, the most radical think that it is a good choice because of the high prices that has reached the cryptocurrency. The agreement was made in New York City and was signed by Bitcoin companies and miners. Some Bitcoin users who did not agree with the hard fork and decided to sell Bitcoin not to lose the investment in case the price of the digital currency goes down.

     If a hard fork occurs without having predicted which part of Bitcoin will continue with mining, all Bitcoin users will be affected by the split between both versions. Several Bitcoin Exchange also had their opinion on this invention and they did not agree since that would cost to them because they would have to separate their Bitcoin Exchange and can lose much data and users in those transactions. However, for some of the Top Bitcoin Exchange they are confident that this could be an advantage.

     The supposed division or hard fork would be something more or less like this; First the power of mining and developers will be divided. In this first part is crucial for the Top Bitcoin Exchange since if any is not chosen it would fall immediately. The mining pools would choose which of the two chains (versions) would devote their processing power, and the developers, in charge of the technical part, would also choose their side.

     The second part, perhaps the most complex, will be the division of Bitcoin Exchange and Bitcoin Wallets. This would definitely create differences and discord between them. However they can reach agreements and choose with which users would work each one.

     Finally, the most complicated part would be the division of the users since in the end they are the ones who keep the price of Bitcoin high. As in a divorce, both sides seem to be quite sure of being right, and with it, the majority of user support and therefore, most economic support.

     It is likely that the community does not get to the point of experiencing a Bitcoin break because of an awkward hard fork. However, the controversies between both sides will continue, perhaps for new reasons. And the escalating war can only end up hurting the ecosystem as a whole.

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