The cryptocurrency market is getting complicated by the day. Well, it isn’t surprising considering how much bitcoin cost currently. In this year alone, the value of the cryptocurrency gain is about 300 percent. As at January, bitcoin was $1,000, in May $3,000 and this past week it was valued over $4,000 but that is not the news.
New reports suggest that Bitcoin may be split into a third new virtual currency called Segwit2x.
Segwit2x, reports note, is liking going to be the middle ground between Bitcoin and Bitcoin Cash. Its blockchain ledger will feature two-megabyte blocks, which will make it faster than Bitcoin, but slower than Bitcoin Cash. It’s a means to increase the transaction block sizes while keeping several witnesses on hand.
It’s hoped, reports suggest, that this splitting of the difference will address some of the issues spotted in Bitcoin and Bitcoin Cash. If not, further reports suggest that there may well be some more splitting involved until the issue is addressed properly.
The need for a third split came up because while bitcoin does not have the ability to process financial transactions at the swift rate of digital commerce, and Bitcoin Cash may have too much to handle with its speed. Segwit2x will operate underneath its own rules, but there is fear that too many options in the Bitcoin space could lead to one of the three options falling to the wayside.
The third bitcoin will officially launch in November of this year, Segwit2x may just be the right combination of cryptocurrency and speed needed for today’s digital finance evolution. Other splits may occur before the perfect balance is achieved.