Heuréka! Sanity prevails and there’s a Bit of light at the end of the tunnel! In case you haven’t heard, the SegWit2x hard fork has been called off by some major parties of the New York Agreement. Bitcoin has once again displayed a remarkable resistance to change and this is arguably the most important feature of the protocol. The foundation, which still seems incomprehensible to some people, stands firm like a rock in the storm surrounding it. Mere humans can’t change the nature of this beast without a tremendous amount of cooperation. So what does this mean for the future of Bitcoin? Well, basically that the Bitcoin of today remains until another scaling proposal proves good enough for implementation on the network.
Until then however, what will happen is that the network will grow, demand will grow and supply will continue to slow down. This will in turn make prices go up and, as the network keeps growing, so will the fees. Especially if you measure the fees in dollars instead of Bitcoin. What happens when the fees go up? It becomes even harder to obtain Bitcoin and if you thought that would lower the price, think again. With higher fees it will only be feasible to buy or sell large amounts of Bitcoin which in turn will make it even more of a luxury commodity. Something for the bourgeoisie. The elite. What will that do to the price do you think?
The dream of a new way for people in poor countries with corrupt governments to trade peer-to-peer might be over for the moment but for those of us that hopped on the train in time the future looks brighter than ever. This is probably good for everyone in the long run because brave and bright minds make up the lion’s share of this community and when you empower the enlightened the planet benefits enormously. Those thoughts set aside, scaling is coming! While the scaling debate raged on our heroic developers spent their time working on solutions such as the lightning network which is getting closer to becoming a reality every day.
The crypto space. The final frontier. These are the voyages of the starship Bitcoin price. Its continuing mission: to explore strange new worlds, to seek out new life and new civilizations, to boldly go where no one has gone before.