LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
After Segwit2x was planned to happen in mid November this year, the fork was unexpectedly cancelled, leaving many Bitcoin enthusiasts wondering what is going on within the Bitcoin community.
Now, a month later, the new fork is set to launch again. The new announcement was made on the 16th of December, with plans for the fork to happen on 28th of December. According to an article in the Bitcoinist: ” Some Segwit2x futures markets are still live on some exchanges, and this attempts to finish the project that was started. HitBTC and YoBit are already supporting the fork, saying that the people who’ve purchased B2X tokens receive their coins.”
There are a few changes to the new planned fork, including an increased block size that will be 4MB, while the initial plan was for 2MB. The time for block production is decreased from ten minutes to two and a half minutes. The roadmap of the fork is already planned.
One of the most interesting features of the new fork is that there will be redistribution of Bitcoins. The ones in question are owned by the creator of Bitcoin, Satoshi Nakamoto. His Bitcoins, now numbering around 1 million, will be redistributed to current Bitcoin holders in proportion to their own holdings.
The price of Bitcoin has tumbled in the last week, with prices swinging between $17,000 and $12,000. Such ups and downs seem to disturb investors and the community seems apprehended by the upcoming changes and news regarding the future of Bitcoin.
Recently, Jack Ma stated that the true value of Bitcoin is blockchain itself and the power of cashless societies. However, in his words, what the intrinsic value of the digital currency is by itself is not known yet. Blockchain can disrupt sectors and ultimately people’s lives around the globe, but the price of Bitcoin and its value are not related to these inherently.