The separation of bitcoin will not have a negative impact on the course and confidence in the currency
What happened on 1 August?
To install the new SegWit2x protocol, it was necessary to update the software, which is used by miners and owners of bitcoins. After that, the size of the bitcoin block (record of the last transaction) should have increased from 1 MB to 2 MB. The update was announced a few weeks ago, but some users said that they did not intend to install it, which could lead to the separation of the bitcoin transaction chain into two branches.
Technically, the process began on August 1 at 15:20 Moscow time. The new branch was called bitcoin cash and, in fact, became another crypto currency. The bitcoin cash block size is larger than that of bitcoin - 8 MB.
Separation can allow all the owners of bitcoins to earn money. "They automatically had as many coins as bitcoin cash, as there were bitcoins at the time of the split (in the middle of the day on August 1). The severity of this crypto currency will be determined by those who accept them for payment and exchange and at what price, "said Safello, the technical director of the exchange, member of the Board of Directors of Blockchain.Community Alexei Bragin. He believes that bitcoin cash will have few followers, since earlier most of the representatives of Western business agreed to support the main bitcoin branch.
Thus, not all will be able to conduct a transaction with a new crypto currency, and the option of its complete elimination from possible calculations is also not excluded. According to Edward Maas, there may be some drawdown in the price of bitcoin, but it will be temporary. "Until now, the growth of the value of this currency was largely restrained by the expectations of the division," he said. At 19:30 MSK, the cost of bitcoin cash was $ 310, but it continued to grow, while the cost of bitcoin was $ 2.7 thousand. However, Maas noted that there were predictions that Bitcoin Cash could become the fourth largest in terms of capitalization.
Exerte think that the reform of 1 August would set a precedent for the market of bitcoins. Until now, separation has occurred in other cryptocurrencies, whereas in bitcoin it will happen for the first time. A precedent can initiate a wave of similar examples. During the transition period the owners of bitcoins will be able to receive additional income due to new coins bitcoin cash. However, he believes that in the long term, nor bitcoins, nor on the level of confidence in the currency separation in principle would have no effect. On the contrary, investor confidence may grow as the system proves its stability.
