12 Nov '17, 9pm

Bitcoin briefly drops 15% in rocky weekend on controversy over the digital currency's future

Bitcoin briefly drops 15% in rocky weekend on controversy over the digital currency's future

Bitcoin cash split off from bitcoin on August 1 after a minority of developers decided to implement an upgrade that increased the block size to eight megabytes from one megabyte. Block size limits transaction speeds, and the SegWit2x upgrade would have raised the block size to two megabytes. The high cost and slowness of transaction speeds have limited bitcoin's usability as a digital currency. A Bernstein report last week found it cheaper and faster to use more traditional means of sending payments overseas than using bitcoin. Bitcoin vs. bitcoin cash share of total cryptocurrency market capitalization Source: CoinMarketCap Adding to the debate over bitcoin's future, another offshoot called "bitcoin gold" was set to launch Sunday. Bitcoin gold seeks to make the process of "mining," or generating bitcoins, less dependent on the few who have access to specialized technology...

Full article: https://www.cnbc.com/2017/11/12/bitcoin-briefly-drops-15-...

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