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The Implications of the Bitcoin Hard Fork

Oct 25, 2017 Posted /  2918 Views

The Implications of the Bitcoin Hard Fork

Implication on Price of Bitcoins

It is expected that the Bitcoin segwi2x hard will again raise the price of Bitcoin high. Currently bitcoin trades at $5690 having reached an all time heights of $6100 this week end. With the ongoing creation of Bitcoin Gold pioneered by HongKong based ASIC manufacturer Jack Liao under his company LighteningAsic. Bitcoin is expected to gain billions of value after the segwit2x hardfork just as it happened during the lasthardfork that created Bitcoin Cash. Perry Woodlin the Ceo of Node40, a blockchain accounting platform  recently said that if history continues to guide the future as is the case, the segwit2x aftermath will see an increase in Bitcoin Market Cap. Woodlin highlighted that this is already happening and is the reason for the constant increase in the price of Bitcoins.

The split in the Bitcoin community and Exchange

There is a split among the major Bitcoin Exchange across the globe with some exchanges relaying support for the segwit2x hard fork which others disagreeing with it. Coinbase one of the world’s top Bitcoin exchange platform recently published an information on their blog indicating that they (coinbase) rally support for segwit2x. Other major platforms like Gatecoin, a bitcoin Exchange based in Hong Kong  indicated clearly that they will not support the segwit2x hardfork.gatecoin highlighted on their blog that it’s customers who intend to claim the B2X coins equivalent to their bitcoin value minted during the hardform should withdraw their Bitcoin from the exchange 12 hours before the hardfork. Many other major Bitcoin exchanges have divisive views on the segwit2x hardfork indicating that a split will obviously be realised. Many of these exchange refuse  to run the B2X nodes because of the lack of replay attack protection on the segwit2x software.

 Also Read : SegWit , Explained and Made Simple

What the Bitcoin community is saying

The Bitcoin community is basically divided on the segwit2x debate with some people supporting the idea while others are refuting it. Recently a user on the Bitcointalk community suggested that the Bitcoin core developers should block the segwit2x node from the Bitcoin Network. He believes that the S2X nodes is an attack on Bitcoin which must be stopped.

       A response to the pause state possibly a developer of the Bitcoin core and an administrator in Bitcoin talk explains as follows. Any move to block the segwit2x node on the Bitcoin network would result in a cat and mouse kind of game. He stated that if clents using the S2x nodes wants to stay connected to the network i’s their right to do it. He highlighted that the Bitcoin core can not release a new software update if a client of the segwit2x changes their nodes. He continued and said the hard fork will not affect the Bitcoin core clients much only an hitch with a short time connection loss would occur. He concluded by saying Segwit2x is creating a hard environment for itself which will not affect Bitcoin core in any way.


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Tags: bitcoin hard fork Segwit2x fork Gatecoin attack on Bitcoin

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