Price Bitcoin Rises to Record Height $3,212 despite Splitting
Price Bitcoin Rises to Record Height $3,212 despite Splitting. This increases the price to a peak, one week after the cryptocurrency is peeled in two.
The expectation was that the split would just cause concern: what version of the Bitcoin would become popular? But soon, the consensus seems that the normal Bitcoin we’ve known for years is the most popular variant.
The other variant, Bitcoin Cash, started on August 1st. The big difference between the two is the size of the payment blocks. The original Bitcoin has blocks of 1MB that fill up quickly with commands, making payment processing so long. At Bitcoin Cash, the blocks are no less than eight times larger, making payments faster.
More Expensive than Gold
Due to the record price, a bitcoin is worth almost three times as a troy ounce of gold (31.1 grams, also abbreviated to Oz). According to Coindesk, a news site with crypto news, this is a sign that investors are increasingly looking at cryptovaluta and also taking the phenomenon more seriously.
Bitcoin Cash has fallen in value from $1,900, and it stabilized at around $2,500. That’s a lot of free money for many Bitcoin investors: the bit coins they already have are automatically converted to Bitcoin Cash.
That means that 1 old bitcoin after the split has become 1 bitcoin and one bitcoin cash. However, that happens only to people who manage their bitcoins themselves or sit at a Bitcoin Cash-friendly Bitcoin Fair.
Three Versions of the Bitcoin
The coming time will be exciting for Bitcoin investors. In November, a big decision is made about the original Bitcoin. Then the size of those blocks turns: they may be increased from 1MB to 2MB. This means that the Bitcoin is reassigned: one with blocks of 1MB and one with blocks of 2MB. That version comes next to Bitcoin Cash with 8MB blocks.
The question then is again: what version will the miners support? Bitcoin miners put in the enormous computing power of their computers to “discover” new bitcoins. To be able to, they are required to verify payment orders. Thus, they act as bit coin payment processors and are therefore essential for a reliable system.
It is possible that all Bitcoin miners switch to the new version, which makes the old version no longer functional because no one is allowed to check the assignments. But there is also a chance that only a small part of the miners will move. Then there are even three versions of the Bitcoin.