The price of Bitcoin has fallen by more than 30 % after plans to change the technology have been abandoned, leading some users to turn to a crypto-currency rival. The value of Bitcoin has fallen from nearly 1 300 euros, a decrease of 29 parts in four days. Yesterday, it had recovered slightly to reach 6 400 euros, down approximately 18 % compared to the historic peak of the last week.
This instability of the market will surely encourage criticism from many investors, particularly the CEO of JPMorgan referring to this virtual currency fraud. All the users know very well that the market for Bitcoin is very volatile.
A decrease related to the cancellation of an upgrade to the network of Bitcoin
The decrease comes after proposals to upgrade the network of Bitcoin have been cancelled. This action was intended to improve the speed of transactions. The upgrade, known as the ” SegWit2x “, supported by the main companies in the online exchange, has been designed to make this technology much more efficient.
Unfortunately, this update has not been performed. Up to now, we do not yet have accurate information regarding this decision.
The Bitcoin Cash grows more and more
In practice, the market of Bitcoin is unstable and its price usually depends on the confidence of its users. Moreover, the decision not to upgrade the technology constitutes a bulwark for the development of Bitcoin. More and more users today are turning to the Bitcoin Cash, which is the direct competitor of Bitcoin.
This altcoin has been created in August when the Bitcoin has encountered difficulties. The main feature of Bitcoin Cash is that it is much more efficient and faster. An improvement fostered by the implementation of the SegWit2x.
Source : TheTelegraph