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Bitcoin Civil War In The Horizon, ‘Moderates VS Extremists’

Bitcoin.BTC Keychain.Flickr

Just when it’s thought that Bitcoin is volatile enough, here comes a potential civil war brewing within the community governing the currency itself. Thanks to the unprecedented rise of the cryptocurrency, there are two sides forming with very distinct viewpoints when it comes to the future of Bitcoin. The result could include a huge crash and the opposing teams are playing chicken.

Now, just to put some context in this story, Bitcoin is basically controlled in the background by computer geniuses who regulate the mining of the coins and the trading of the currency. Now, two factions have formed among these powerful influences that could split Bitcoin trading down the middle. Considering that the market is now worth $41 billion, such an eventuality could be quite shocking, Bloomberg reports.

One of the biggest problems with these developments is the fact that cryptocurrency really doesn’t have a central figure of authority to turn to for decisions. What makes Bitcoin so attractive is now what makes it so dangerous. Even experts who have been keenly following the event are not sure which way the market will go.

On the one hand, some of the people behind Bitcoin want to limit the power of miners by creating an environment that is more friendly towards enterprises, Futurism reports. On the other hand, there are those who want transactions to increase by increasing block sizes.

Both these points are quite contrary to one another, which is where the impasse is at. While it is true that both groups have more to achieve by coming together and coming up with a compromise, this is simply not guaranteed to happen.

So, what is a simple Bitcoin trader to do? The current train of thought is simply to brace for the inevitable impact and act as soon as the situation becomes clear. Perhaps this is where Ethereum can overtake Bitcoin as the largest cryptocurrency being traded.

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