Bitcoin Crosses $3,470 For The First Time Ever

Bitcoin’s incredible surge, which started last year, culminated on Saturday when it touched a new high of $3,470.87.

Not only is this the first time it has crossed the $3000 mark, it makes the news of it breaking $1,000 just eight months back seem like a lifetime ago.

It currently stands at $3,400, giving it a market value of almost $54 billion. This month alone it has risen by more than 15 percent.

Bitcoin Cash

Its derivative, the new Bitcoin Cash isn’t doing that well, trading at $223 after taking a 36-percent hit this Friday. The new currency reportedly has a $5 billion market value.

This split happened last Tuesday, after miners and developers decided to use Segwit2x, a new technology for boosting bitcoin’s transaction capacity. Segwit2x will allow the increase of the bitcoin blockchain’s size from 1 MB to 2 MB.

This problem has long been a hindering factor behind Bitcoin’s growth, since it doesn’t allow more than 7 transactions per second, causing issues with its scalability.

Rival Group

A rival group leading Bitcoin Cash however decided to take a different “hard fork” route than Segwit2x’s “soft fork”, leading to the new currency’s formation.

Increasing the blockchain size to 8 MB, this radical approach is not backward compatible with previous block chains, and views the other group’s proponents as simply delaying the problem and treating Bitcoin as an asset rather than as a currency.

It is already seeing halts in transactions, due to a “transaction malleability attack” on its network.

The Bitcoin update will hit on August 8th, and that’s when the real game begins.

  • The title is incorrect. It hit 3k for the first time a few weeks back.

    also segwit2x is aiming for a hard fork too in a couple of months time. the author has confused segwit2x with segwit. the two are not the same.

    segwit2x is not bitcoin cash. god what a jumbled up article. full of inaccuracies.

  • Don’t promote this fraud bitcoin it is a fake currency used by criminals around the world it should be banned and avoid the use of it.

    • If your stupid state bank did not legalize it that does not mean it is a fake currency. And all kinds of currencies are used by criminals.

    • lo g kr lo gall. bhai g U.S.A, U.K , Canada , Dubai , Ukraine main BTC ki ATM’s lgg rahi hy. log daily ki zingdee me isko use krna strt hoo gaye hain. kuch countries jinki aapni currency crashed ho gyae hy wo totally BTC use ker rahi hain daily paisa k toor pr. 2020 tk India me iski ATMs lg jaani hy or pakistani bechaaray sooch me aisi technology se aagly 50 saal tk mehroom rhy gy

    • lol pumps and dumps are the part of marketing . jb ye pkr 30 ka tha tb b yehi sooch thi logo ki or aaj ye pump and dump hooty hooty 350,000 tk chala gaya hy asay he ye 2018 December tk 500,000 se 1,000,000 tk jaye ga or log baaty krny walay baaty krty rhy gy.

  • LOL AND before 2 days ago I PURCHASED $10,000 BTC when 1BTC=2800. just bought 3.571 BTC and sell @ $12200 earns $2200 in 2 days #MASHALLAH

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