There is apprehension all across the crypto-community regarding the next splitting of bitcoin. In the past, successful splits involved majority adoption and a sort of agreement amongst exchanges to use the same version of a coin that has split in two. Mostly because the coin chosen was a better version. The crypto-community is somewhat torn on the idea of bitcoin splitting again, in this fashion.
“…some services and exchanges will be using the new bitcoin, and some will be using the old bitcoin. This may cause a lot of confusion and anger…”
Bitcoin core released a statement warning coin holders that certain exchanges and wallets may convert your current day bitcoin into a new alternative currency. This new alternative currency will be one of two coins that emerge from the splitting of bitcoin. This may not seem like such a bad idea. Ethereum, split and the new coin was given the Ethereum name. The old Ethereum was renamed to Ethereum Classic.
It looks like some services and exchanges will be using the new bitcoin, and some will be using the old bitcoin. This may cause a lot of confusion and anger amongst people who aren’t following the news. Bitcoin core also stated that a few days after the split, the majority of the community may come to a conclusion on what should be used and what coin should be considered a secondary currency.
In other news, the price of bitcoin is soaring, reaching a new high of just over $5,500. I mentioned in my Monday post about what to buy to watch the price of bitcoin and that we were close to a new high. There was a lot of price inflation due to hype around receiving a dividend-like payout for the potential upcoming split. There is another reason bitcoin hit a new high. China. News has surfaced that China might license crypto currency exchanges in an attempt to control the wild wild west that is the crypto world. This has investors clamoring to buy bitcoin to ride the upcoming wave. We’re on our way to our bold claim of $7,250 for Q4.