As bitcoin’s price soars, uncertainty surrounds a possible bitcoin split. This is affecting the value of hundreds of other digital tokens. Stan Miroshnik (CEO of the Element Group), said that everyone thinks about bitcoin as a conservative position. He also helps startups with initial coin offerings. The November software upgrade to bitcoin’s underlying network will increase transaction speed and decrease costs. However, it could also cause disruptions. Because bitcoin offers greater liquidity during times of uncertainty, investors are choosing to play it safe and transfer funds from other digital currencies to bitcoin.

1. Digital Ledger
2. Virtual Trader
3. Conclusion

Digital Ledger

Developers can split the blockchain, which is the digital ledger that is the basis of bitcoin, to get additional coins. This happened with the creation bitcoin gold this week, three months after bitcoin cash was first created.

Bitcoin is flirting with a new record high. The prices of many tokens startups sold to raise capital are plummeting. The Bletchley Ethereum Token Index has fallen nearly 16% over the past month. According to Lucas Nuzzi, a Senior Analyst at Digital Asset Research, around 10% of the money that was invested in tokens has already been withdrawn due to the software switch.

This could be a wake-up call for many companies who are planning to offer ICOs. According to CoinSchedule, 75 ICOs have been scheduled for November, up 64 from last month.

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Virtual Trader

Wax, a virtual-goods trader, is changing the timing of ICOs due to the software change. Many offerings raise funds via bitcoin and investors don’t want to part with them. Other disruptions could result from the switch, also known as a hard fork in the industry. Coinbase, the world’s largest online exchange, will stop bitcoin buying and selling 24 hours before the upgrade.

Malcolm CasSelle (President of Wax), stated that “Forks are full with uncertainties.” He also explained that the delay in Wax’s presale started a week after Oct. 17. “Many exchanges don’t allow funds to move. This friction means that token sales are slowed.

The computers that support the network are divided into two groups: miners and those who don’t. This could cause other problems, such as slow transaction speeds.

“The markets seem to believe that the fork would go smoothly,” stated Kyle Samani, managing partner of crypto hedge fund Multicoin Capital. “I don’t believe it will. It could lead to a market crash or a flight to bitcoin/ether.

Conclusion

Some investors are even willing to double down on bitcoin in the hope that a split will yield additional profits. Since not all computers on the network will be able to switch to the new software it will lead to two competing networks each running their own version of the currency. Both coins will be available to bitcoin holders.

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Bitcoin cash, the new currency that was split last summer, rallied almost a month before falling. Bitcoin’s rise continued after this week’s second split. In addition, holders received bitcoin gold, currently worth approximately $122. Since the first split, bitcoin’s value has more than doubled to $5,956.

 



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