#1 Bitcoin has split in two – what does that mean? by anwenwilson 17.08.2017 15:46

Imagine logging into your current account and seeing that you now also have a second account, stocked with an equal amount of a newly created currency. It could happen this week to many people who hold the cryptocurrency bitcoin.
A new currency called Bitcoin Cash has appeared, split from CRM Vendors bitcoin in a technical manoeuvre 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 two-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 – and name – risk making it harder for cryptocurrency to gain wider acceptance. “Bitcoin’s an incredibly well-known brand, and to the extent it’s fracturing into various pieces, that’s confusing to regulators and consumers,” says Dan Morehead, founder and CEO of Pantera Capital, which invests in bitcoin and digital-currency startups. Morehead says he’s neutral on the dispute. “It just sounds bad; we’re not used to currencies that split into two.”

Adding to the confusion: Not everyone who holds bitcoin will get an instant stash of Bitcoin Cash today. Some leading bitcoin-storage services have said they won’t recognise the new currency, forcing people to move their business if they want to claim the new variety of cryptocoins.

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