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Oh, and China banned Bitcoin — for real this time. By the end of the year, it was clear the community had passed many points of no return and would never again be the same — for better or worse. The NYA mapped out a scaling path consisting first of a soft-fork to implement segregated witness SegWit transactions, before a hard-fork a few months later to double the block size to 2 MB.
These two groups supported SegWit, but opposed a block size hard fork without further testing — a position which would become important later on. That was only the beginning of the real drama, though.
While Bitcoin Cash BCH did not gain majority support, it gained enough mining and economic power to survive and even thrive. Its ongoing existence, name, user base and market cap gains remain both contentious and confusing.
Hard forks of popular coins may replace newly-created tokens and ICOs as a fundraising and attention-getting technique. This one speaks for itself really. It seemed high at the time. These gains naturally attracted the attention of the price-obsessed mainstream media and general public, who understand little else about cryptocurrency. Suddenly Bitcoin was on all the news and financial shows again, it appeared in sitcoms and late-night gags.
Even Goldman Sachs is rushing to join in. This part of the story is far from over. Of note, nearly all these assets came into being years after bitcoin; some even after bitcoin became widely known. Though the concept and name existed before , they were known variously as token sales, crowdfunders and appcoins — and their sale often associated with novelty, celebrity and scam.
And you could raise money from anyone, anywhere, in any amount. For many, the ICO has indeed been a wonderful thing.
As well as bestowing instant riches on their founders and developers, ICOs have also brought their own kind of pressure even without legal regulation. ICOs have also threatened at times to bring down the Ethereum network, as buyers rush to buy and trade hot new tokens. Ethereum has, as a result, experienced congestion similar to Bitcoin. Like its crypto cousin, Ethereum boomed before developers were able to implement a workable scaling solution — though both continue to hobble along.
As it seems to go in crypto, though, things changed quickly after that. Some moved all or part of their business to other countries, like Korea, Singapore, or the U. They may have slumped in the immediate wake of each new development, but by the end of September had rebounded and continued to soar ever-higher until December.
China finally brought down the banhammer on cryptocurrency trading after years of threats, only to have it bounce off and fly away. That tactic may not longer work, which changes the game. Bitcoin Cash Is Born That was only the beginning of the real drama, though. Those Price Hikes Though This one speaks for itself really.