Cryptocurrencies are still crashing

11.07.2017 / 09:45

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The major crypto-currencies are getting smoked in Asian trade today.

Ethereum has lost as much as 8% and a short time ago had fallen below $200 for the first time since May. Meanwhile, Bitcoin was around 6.5% lower.

Currently, Bitcoin is traded on a blockchain that only allows up to 7 transactions per second. Given Bitcoin’s popularity, that creates delays and order backlogs.

Bitcoin developers are split between two camps as to how to speed things up: either increase the number of allowable transactions on the current network, or create a secondary network to help manage the load.

According to Bloomberg, the dispute pits big Bitcoin data miners against developers who want to maintain the original core platform.

Developers who want to keep transaction volumes low argue it’s to maintain the blockchain’s high level of security.

he Bloomberg report said the two sides recently reached a compromise, with the roll-out of a new platform to double transaction volumes.

It will be introduced on July 21, and the Bitcoin community will then monitor how many developers adopt the new system. If the take-up rate is above 80% to the end of July, the new system will remain in place (for the time being).

Source: Bloombreg Pro Terminal

Junior Trader Stefan Panteleev

Varchev Traders

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Cryptocurrencies are still crashing

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