Bitcoin Is Splitting in Two. Now What?

IMAGINE LOGGING INTO your checking account and seeing that you now also have a second account, stocked with an equal amount of a new currency. It happened yesterday to many people who hold the cryptocurrency bitcoin.

Not long after 8 am EDT, a new currency called Bitcoin Cash is due to appear, split from bitcoin in a technical maneuver called a “hard fork.” It’s the project of a group that says bitcoin’s keepers are limiting its reach by resisting change.

The creation of Bitcoin Cash is the most striking result yet of a 2-year-old feud over bitcoin’s future. Bitcoin is collectively valued at $47 billion but remains a niche product. Backers of the new currency say it’s necessary if bitcoin is to make a real mark on how the world uses money.

Bitcoin Cash’s confusing origin risks making it harder for cryptocurrencies.

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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 Is Splitting in Two. Now What?

by Mike Rawson time to read: 1 min
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