Miners are leaving to join Bitcoin Cash! Is traditional Bitcoin going to die?

The wildly rising price of Bitcoin hit an iceberg. On the 12th, its price plummeted by 30%, falling below the $6,000 mark . It has now rebounded to above $6,000.

Zerohedge and CNBC reported that Bitcoin was originally scheduled to implement "Segregated Witness 2×" (SegWit2x) on Thursday (November 16), increasing the block size from 1MB to 2MB, thereby increasing Bitcoin processing speed and reducing transaction costs. However, due to different opinions from all parties, it was decided to postpone the upgrade on the 8th.

After the announcement, the price of Bitcoin first rose and then fell. It rose to an all-time high of $7,879 on the 8th, but then continued to fall for several days. Bitcoin fell to $5,507, a 30% drop from the high of $7,879, which means that $30 billion in market value evaporated out of thin air.

Meanwhile, the new Bitcoin, Bitcoin Cash, became popular, with its price increasing fourfold in the past two days. On the 11th, it once rose to $2,400, overtaking Ethereum to become the second-largest virtual currency. However, the rise of Bitcoin Cash did not last long. On the 12th, it was halved to $1,224, returning to the third position of virtual currency.

Why is Bitcoin Cash so popular? Coindesk reported that this is because Bitcoin delayed the implementation of "Segregated Witness 2×", and members who support "2×" took their money and left, turning to support Bitcoin Cash.

Where is the evidence? Fork.lol data shows that on the 12th, the computing power of Bitcoin Cash's blockchain surpassed that of Bitcoin's blockchain (see the figure below). Jiang Zhuoer, founder of BTC.Top mining pool, said that this means that people who support 2x have brought their funds and mining equipment to Bitcoin Cash. He predicted that the genuine Bitcoin will die.

Bobby Lee, CEO of virtual currency platform BTCChina, said that the rise of Bitcoin Cash may be just a temporary speculative frenzy, which is still uncertain. We need to pay close attention to changes in computing power. If Bitcoin computing power continues to decline, there may be big trouble.

CoinMarketCap quotes show that on the afternoon of the 13th Beijing time, the price of Bitcoin was $6,200, and the price of Bitcoin Cash was $1,240.

The Bitcoin community has been in constant internal strife, and in August this year, traditional Bitcoin split for the first time, resulting in the birth of Bitcoin Cash.

CNBC and Cointelegraph reported that the split between Bitcoin Cash and Bitcoin was due to the unresolved expansion issue. The block capacity of Bitcoin Cash will increase from 1MB to 8MB in one go. Traditional Bitcoin plans to implement Segregated Witness 2X, increasing the block capacity from 1MB to 2MB.

Is it over if China and South Korea ban Bitcoin? International speculators haven’t given up yet

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