The cryptocurrency industry reached another crossroad in August when a fork segregated bitcoin cash (BCH) from bitcoin. Later, the planned November launch of another hard fork, SegWit2X plan, failed when the bitcoin community reached no consensus.
Bitcoin’s price slightly increased from $7200 to $7800 after the abandonment only to shortly fall to $6000 making investors and traders raise doubt about SegWit’s capacity.
In contrast, After SegWit2x’s cancellation news, bitcoin cash which previously drifted steadily downwards, stunned speculators when it dramatically pumped upwards with a $ 2600 margin.
Bitcoin existent crisis
Even as users discover more of bitcoin and the popularity escalates, there is an increasing danger of bitcoin scaling issues serious impact on bitcoin’s price.
As users increase, confusion rises
It is true that users are drawn to bitcoin due to its high prices. But, Bravenewcoin CEO, Fran Strajnar thinks what is worsening things is the high confusion degree that exists amongst some users who can’t differentiate between the two bitcoins forms which raise fear, doubt, and uncertainty in the crypto industry.
Pump and dump
The pump and dump phenomenon has become a common thing around the altcoins. In essence, some individuals specialize in increasing the price of a certain coin so that it gathers enough buzz to dump it for a cool profit later.
As more bitcoin forks appear in the future, bickering within the community cannot end. But, the encouraging news is that there is adequate space for both bitcoins to operate and flourish.