Cryptocurrency Bitcoin lost a quarter of its value after a dispute on its network pertaining to a hard work that would improve the blockchain. Despite the fall in price, Bitcoin is now worth three times more than last year in this period. It’s value now is 2.300 USD, while in mid June it reached even 3.000 USD.
The fall could mean the end of Bitcoin, but it is also possible it will bear no significance.
The future of Bitcoin depends on the decision its miners reach on software update called SegWit, that would improve the capacities of the network.
There are some who disagree with the update, as the lower transaction time could mean lower fees, and therefore, less profit for them.
Bitcoin is cryptocurrency based on a database called blockchain. Its digital payment system does not depend on banks or governments. It can be sent and received anonymously online. Transactions are done through nodes on the network, using computer capacities given by the miners, who receive some Bitcoin in exchange.
Bitcoin.org advised users to not accept Bitcoin two days before the deadline given for the update (July 31st), and to wait and see how will the situation resolve.
