Bitcoin is near a break that will make Bitcoin transactions easier and reduce fees for transactions. The new update will also allow users to create off-chain payments since more transactions will be added to each block. This will potentially increase the price of Bitcoin. But before we get to that stage, let’s see how BTC is trading today:
During yesterday’s trading session, BTC fell by 1.2% trading at $7,403. This was just after the 300th death anniversary of Bitcoin. The coin has died 62 times just within the first half of this year. The total market value of Bitcoin has dropped drastically losing over $2,600 after December last year when it died the 200th time.
If the price continues to drop like this, Bitcoin will lose more of its gains and drop to $7,000 within the next few trading sessions. At the time this piece was written, Bitcoin was trading at $7, 699 indicating some increase from its $6,500 value in April. Between yesterday and today, the price has increased by 1% and 2% within last week and this week.
Is There Any Real Progress With Bitcoin?
The value is still down by 17% overall from last month. This week hasn’t shown any significant increase in the price of the cryptocurrency even with all the future developments coming up in the Bitcoin community.
Even with all the difficulty facing Bitcoin, Cryptocurrency enthusiasts still consider it is an exceptional coin that will change the game in the industry soon.
Statistics show that Bitcoin mining will become more difficult as time goes on with increasing mining cost causing it to struggle with value. There are threats from governments to shut mining the cryptocurrency down. However, true believers do not think the government can shut Bitcoin mining down even with the level of energy consumption from mining farms.
It will be impossible for miners to make Bitcoin without electricity and operating systems. Since the government is the ultimate provider of electricity, its safe to say that they have the power to terminate mining activities. This makes the long-term stand of Bitcoin unclear.