Bitcoin Sticks with Core as SegWit Release Approaches

This past weekend we got some additional fundamental clarity on Bitcoin Core’s next software update, which will include the completed SegWit code ready for deployment. At this time it looks like mid-November is what they are shooting for. 

For the most part we try to refrain from making too many comments about the fundamentals of bitcoin due to the fact that our expertise lies on the technical side of the markets, however we think the release of SegWit is an important milestone not only in terms of scaling, but also from a more ideological perspective as well (and will effect the markets going forward). As far as scaling goes this is just the first step, albeit an important one, in a series of steps which will allow for many more on and off-chain improvements to the protocol over the coming months and years. 

Not only that, but perhaps even more importantly, is the fact that the bitcoin community at large has withstood sophisticated attacks from both the inside and the outside, and today it seems more united than ever behind Core’s vision. We are not dogmatic and are willing to change allegiances at a moments notice, but for the time being we continue to think that the path Core is taking is the most prudent, practical, and effective one given the current environment in the space. The narrative next year could be very different from the current one, but our hunch is that we start to see substantial benefits from these efforts which will lead to even more support for and confidence in the team we currently have. 

Many people seem to assume that bitcoin has had its day in the sun and an inevitable successor will soon emerge to take its spot. While we acknowledge this as a possibility, we think bitcoin remaining the reserve currency of crypto over the coming years is much more likely considering the current state of the ecosystem


Cheers, 

@AKWAnalytics

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