Johntechservice previously reported that Bitcoin price reduced to $926 due to hard fork contingency and the likelihood of Bitcoin Unlimited being forked by its closed group of developers.
Bitcoin price bounced back to $1,115 in the early morning of March 22, 2017.
Also Read:Bitcoin Price Increasingly Gettting Higher and Stronger
Immediately after Bitcoin recovered back to the $1,115 margin, it still went down to $1,010, due to the situations surrounding the execution of the Bitcoin Unlimited hard fork. Because of the possibility of Bitcoin Unlimited creating a split chains and two tokens of the Bitcoin network, both investors and traders worry that the introduction of BTU (Bitcoin Unlimited token) will lead to the decline of Bitcoin price very soon.
Bitcoin Unlimited Bug & Patch
The entire market, including the Bitcoin community, miners, developers and businesses are focused on the development of the block size debate and the progression of Bitcoin Unlimited.
Bitcoin miners in China are starting to show their strong support towards Bitcoin Unlimited with the fear that off-chain transactions made by innovative solutions such as Lightning will decrease
Although the miner profitability issue was already addressed by experts including BitGo engineer
Jameson Lopp, miners in China are still concerned
that the reduction of on-chain transactions will lead
to lessened miner revenue.
This concept emerged due to some of the miners’ failure in understanding that SegWit is, in fact, a real and actual scalability solution which can expand bitcoin block size by up to 3.7 times.
Earlier today, Bitcoin Unlimited bug was discovered by its developers. As a temporary response, Bitcoin Unlimited developers released a closed-source code
in order to prevent the bug from affecting miners and
Tag : bitcoin news