Some investors in the bitcoin community have grown uncertain as the November SegWit2x hard fork seems all but inevitable.
One of the most outspoken individuals on the matter has been Litecoin creator, Charlie Lee.
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“For the 2x hard fork, things are a bit more tricky,” said Lee.
“The supporters of 2x and the NYA agreement believe that if all the mining hashrate switches over to the 2x chain, the original chain will be dead and no one would use it. But how is that different than fiat currency, where miners decide (by fiat) that your old bills are no longer valid? Thankfully, Bitcoin doesn’t work this way.”
Lee has started a trend in the cryptocurrency community by encouraging those against the hard fork to add [NO2X] to their Twitter name. His account has over 159,000 followers.
Bitcoin transaction times have been increasing due to the record amounts of trading and deliberation around the setbacks has separated the trading community, with some recommending increasing the number of transactions in each block that has to be proven by miners, and others supporting shifting some information off the main blockchain.
One section is advocating for a system upgrade in November, which might lead to a separation if no agreement is prepared.
The first split happened in the beginning of August, with the creation of Bitcoin Cash. The price of normal BTC slipped 6.8 percent in a 48-hour period but prices recovered, escalating to a high of $4,880.85 by Sept. 1.
Peter Todd, one of Bitcoin’s core developers, says this split is bound to cause user confusion of what version can be labeled the actual Bitcoin.
“In a sense, a split is 100-percent guaranteed,” said Todd.
“The split is likely to be more disruptive.”
Bitcoin is trading at around $4380 at press time as investors realize the negativity from China, South Korea, and Jamie Dimon’s comments doesn’t really matter.
At the start of the week, the mood was still bullish for Bitcoin to retake September highs of $4692, and even reach $6000 by the end of 2017.