Bitcoin hits record highs at R113 000 a share

Mae Love
November 11, 2017

At press time, BTC/USD exchange rate is trading at $6788.28, which demonstrates the drop of 5.68%, according to CoinMarketCap.

At the moment, it seems that the upcoming implementation of the hard fork created a fresh wave of bids, taking the price to the skies, and it the coming days we should see bitcoin reaching new record prices.

As such, he said, Classic will cease operations "in a matter of days or weeks", urging all miners and nodes now supporting the network to immediately migrate to an alternative.

SegWit2x was initially expected to speed up the transactions made within Bitcoin's platform.

Tor Bair, head of growth for Enigma, a crypto investment platform, told Business Insider that investors might have increased their bitcoin holdings before the fork so they could get more clone coins. He wore a gray blazer with a blue t-shirt underneath that read BCH PLS - BCH is the symbol for bitcoin cash.

The announcement to shelve the upgrade, however, drew disappointment from investors who had expected that the SegWit2x upgrade would have led to the creation of a new cryptocurrency that would have distributed to current holders of bitcoin.

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That anticipation could have been the reason for the high price of Bitcoin recently.

Another expert told Business Insider backers of the Segwit2X upgrade might be switching over from bitcoin to bitcoin cash, which similarly to Segwit2x has the potential to process more transactions.

Proposed bitcoin scaling solution Bitcoin Classic has announced it will be closing its doors, claiming bitcoin cash is now achieving what the project set out to do.

"The 2x fork is dead. If the Bitcoin community doesn't come to a consensus about how to scale the network soon, it may run into congestion, in which case people will need an alternative".

Ver answered questions from the audience of about 200 people for almost two hours, in what at times felt like a religious revival, with numerous people thanking him for what he had done to promote bitcoin over the years.

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