As you probably know, there are going to be a ton of changes made to Bitcoin and this could potentially lower a lot of fees. It is also going to try and ease the level of communication and even the ease of use as well. This is going to create an off-the-chain communication solution and it is also going to add way more transactions to every block as well. The main question here is whether or not BTC is going to rise, and if these changes are going to have an impact or not.
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Bitcoin fell recently and this happened after its own 300th death anniversary. The Cryptocurrency has experienced 62 deaths this year alone and it has also lost way more than $2,600 since its 200th death in December. If things keep on going like they are then it is very possible for Bitcoin to fall well below $7,000 in the upcoming days.
Yesterday morning, it was worth $7,699 and this is up when compared to how it used to be. It was once worth $6,500 and this happened in April. The value is up by around 1% over the last couple of days and it is up by around 2% when you look at how it was a couple of weeks ago. The overall value is still down by around 17% however when you look at a month ago, so in a way, things are looking up, but they are nowhere near where they should be right now . So what is happening?
Nobody really knows and there are a ton of new developments happening right now. This could change the trajectory of the coin. A new batching is going to start and this will help to gather a ton of transactions into a single payment. This is also going to help the output per unit and this can only be seen as being a good thing. When you use new features, especially when you look at the ones that are being used by Schnorr Signatures, you’ll soon see that by unlocking the script it would only have one signature. In other words, a single signature would be valid for multiple signature transactions. Atomic swaps would also give some cryptocurrencies the chance to be exchanged with one another, so this is one of the main things that you need to think about if you are an investor.
Even though Bitcoin is currently facing the 300+ death, it is still being listed as being a game-changing currency. There is certainly a lot of potential here and the CEO of Twitter, Jack Dorsey has also come out to praise the currency. He has said that there is a lot of scepticism and there is also a lot of debate as well. He believes that is when magic happens, and that this could actually be a good thing. Forbes has stated that Bitcoin is not immune in the slightest and this is because it is so dependent on electricity.
With how things are going right now, Bitcoin mining is going to become way more difficult and this will increase the cost and even the energy usage as well. The token might struggle to keep its own value and that could mean very bad things if that happens.