Bitcoin divides to rule

COMPARED with Brexit, Bitexit seems a piece of cake. On August 1st, without much agonising or awkward negotiations, a group of Bitcoin activists and entrepreneurs managed to create a second version of the crypto-currency. It immediately gained a following: after a day, a unit of “Bitcoin Cash” had a price of $460 and tokens worth $7.6bn were in circulation (although that is still much smaller than Bitcoin classic, which stood at about $2,700 and nearly $45bn).

This “fork”came earlier than expected. But it is how insiders had expected a two-year-old conflict over the future of Bitcoin to end. At the heart of this “civil war” was the question of how to increase the capacity of the system, which can handle only up to seven transactions per second. The new version is able to process more than 50 per second, but otherwise works much like the original one.

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Mike Rawson

Mike Rawson has recently re-awoken a long-standing interest in robots and our automated future. He lives in London with a single android - a temperamental vacuum cleaner - but is looking forward to getting more cyborgs soon.

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Bitcoin divides to rule

by Mike Rawson time to read: 1 min
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