The fate of cryptocurrency (bitcoin) to be decided tomorrow. The miners of bitcoin and core developers will be deciding on August 1, whether the bitcoin remains as it is or the hard fork that split the chain into two.
Currently, bitcoin is trading on high about $2,792 per coin rate. Now when the date arrived and everyone has been expecting the activation of SegWit2x, a brand-new proposal being introduced which may or may not be ready till Tuesday. This new proposal is believed as an alternative for SegWit and bitcoin, the “Bitcoin Cash.”
According to the sources, A bitcoin cash is nothing but a replacement of SegWit that is also termed as “altcoin.” As per the Charlie Morris, the chief investment officer of NextBlock Global, an investment firm with digital assets, told Business Insider.” A group of miners who didn’t like SegWit2x are going to opt for this new software that will increase the size of blocks from the current 1 megabyte to 8.”
The majority who want the increase in block size is in favor of bitcoin cash and other developer look out for SegWit. Over the past, we have seen an interesting trend on the bitcoin price chart and other cryptocurrencies. It is hard to predict whether the bitcoin price goes up or down. As other cryptocurrencies aren’t doing so well. Bitcoin trading volume may get affected on Tuesday until the settlement of proposals.