Planned Segwit2x Bitcoin Fork Cancelled
The proposed Bitcoin/Segwit Fork has been cancelled for now which caused BTC to reach $7,900 before falling back to the $7,200 to $7,400 range.
I think this is GREAT news for the cryptocurrency market though I know there are MANY that are grumbling right now. News of an upcoming fork that could create a free coin for all of its holders enticed millions of dollars into the market over the past few weeks based on that promise. While that new money poured into Cryptocurrenct, Bitcoin reached new hights while the Alt coins were held at bay until about a week ago when, Ripple, Bitshares and many other coins saw a bump in value.
Now that word has gone out this afternoon the Segwit fork was cancelled due to lack of support and the 'free' coin won't materialize, an increase in value of the Alts is on the rise because people who've invested in Bitcoin, many for the first time, are now looking for things they can do with their Bitcoins & Satoshis.
Initial Coin Offerings
Along with established Alt coins, ICOs have been gaining more attraction by millennials who are looking for different things to do with their money outside of traditional institutions. More and more are coming to the realization that cryptocurrency is the market under everyone's nose. Electroneum saw $40 million raised during their ICO and even with their development problems upon their launch ETN is still trading around .05 cents each even with thousands of users still unable to access their coins.
Crypertium, Zephyr, Cashaa and many other ICO's are going live in the coming months and are all helping the cryptocurrency word bring more users, companies, investers and technology which ultimately will better lives
Even the loss of $300 Million of Ethereum Couldn't Bring Down the Price
News game out today that a major issuer of Digital multi-signature wallets left a bug in the coding after a previous patch on their software was necessary after a hacker stole $32 million out of wallets. The bug incidentally was accessed by a wallet user who didn;t know what was going on and ended up freezing all the coins in the affected wallets. Even with this news Ethereum has jumped as high as about $317 and is currently trading near $310.
Why the Cancelled Fork Won't Negatively Impact Cryptocurrency For Long
New investers that have bought into Bitcoin and other cryptocurrencies dor the first time expecting a free coin have been been sorely disappointed by todays news that they're not going to get anything and are now thinking about what they can actually do with their bits. More people are discovering exchange markets like Cryptopia, faucets like Freebitco, or miners like Miner Gate and the thousands of new people are signing up for cryptowallets daily and developing a bridge to the crytocurrency world, they will be exploring each coin, researching, buying, not only bringing up the prices of most coins on the market, but implementing blockchain technology into everyone's daily lives. Each promising ICO provides a new, better, faster way of doing something and when the hits start coming in, they only grow louder.
November 11, 2020
David has a passion for cryptography, collectibles and helping people to form their own opinions.