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Bitcoin prices may rise when halved, but higher costs will become challenges

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Bitcoin prices may rise when halved, but higher costs will become challenges

Bitcoin prices may rise when halved, but higher costs will become challenges

In the process of halving the number of Bitcoins, Jeff Garzik believes that the high costs associated with Bitcoin, apart from the development of the Lightning Network, will slow down the long-term adoption. At the same time, Bitcoin grew 9.5% over the closing transaction last week, above the $ 8,000 level.

Jeff Garzik is one of Satoshi's first collaborators.

Together with Garvin, they tirelessly defend networks without trust. He moved away from Bitcoin and was a passionate supporter of Segwit2X, a sizing solution that did not take off. Jeff now says that Bitcoin's inability to grow in the long run will slow adoption.

Jeff told CCN:

"Bitcoin Core's pace of innovation is slow and challenging, if you join a group of people in Lightning, transaction costs rise to the point where [most people] can not use Bitcoin. "

Jeff also added that high transaction costs would then lead to financial exemptions, especially for people outside the US and the European Union (EU), stating:

"If you have to pay $ 10 for a Lightning transaction, Bitcoin will be left in the US and the European Union, and that's all - we exclude the entire world only because of the transaction costs."

In the Bitcoin daily chart, prices rose 9.5% compared to the end of last week. At some point this week, the sellers took over the temporary market. However, the reaction over the past 72 hours has been the bull's star. With the emergence of buyers who continue the uptrend.

As a result, every low price is formed. Technically, it becomes a buying opportunity as long as the price trend exceeds the $ 7,500 level or the lowest level recorded on May 19th. Range of negotiation.

In addition to increased participation, the fact that sellers did not push down made the May 19 increase more difficult. In other words, if we analyze the action of prices from the point of view of the effort compared to that of the results.

Nevertheless, conservative traders must stay outside until a better signal appears.

After pushing prices enough above the May 19 and $ 8,500 peaks, these trader patients can hit $ 10,000 and $ 12,000 in lows.

That's why the Bull Bar launched this business plan on May 19th. In the upward trend, each increase above the $ 8,500 level must be associated with a high trading volume, over 25,000 on May 19 and, ideally, 47,000 on May 14. Let's wait and see.
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