What’s happening with Bitcoin today?
The Bitcoin community have pulled together to approve the cryptocurrency’s software upgrade, which will lead to a split of Bitcoin’s blockchain.
Why should investors take note?
Bitcoin is about to embark on a historical moment, where the network will create ‘Bitcoin Cash’ – a new cryptocurrency that will increase the block size and increase the speed of transactions.
Why does Bitcoin have to split?
As the price of Bitcoin soared in 2017, the capacity of the blockchain has diminished. Bitcoin’s primary objective is to move data from “a” to “b”, but the digital asset is weighed down by the increase in transactions. The Bitcoin community has decided to split or ‘fork’ the original asset – to develop ‘Bitcoin Cash’.
How will the split help?
The blockchain capacity will increase therefore, transactions will speed up! How will it affect the current bitcoin price?
Source: AvaTrade Forex Broker
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