Bitcoin has split into two digital currencies after the original’s power brokers could not find a solution for preserving a unified version, according to Business Insider.
Business Insider reported Tuesday that bitcoin and bitcoin cash are now available after the former’s leadership missed a deadline for keeping it intact this morning.
Bitcoin was reportedly the first digital currency created with blockchain technology, which allows its transactions to be independently verified without a middleman like a bank.
Tuesday’s divide purportedly occurred on how to address bitcoin’s transaction speeds through blockchain technology.
Bitcoin cash is founded on the same blockchain network as its predecessor, according to Business Insider, but increases its “block” size to speed up information processing.
Some Twitter users on Tuesday celebrated the split, with many calling it a “fork” in the Bitcoin world.
So..How about that Bitcoin!?💰 Anyone exchanging for BCC? This whole split is pretty intriguing! 🤔— Dekai (@officialdekai) August 1, 2017
Other people on the social media platform criticized bitcoin cash, which emerged from bitcoin ten years after the original’s creation.
bitcoin cash more like BITCOIN CRASH— ابو بطاطة (@thefriendlyarab) August 1, 2017
People already dumping!!
Erik Voorhees, the CEO of Shapeshift, a digital trading company, announced Bitcoin’s fork on Twitter around 9:30 a.m. ET Tuesday morning.
“Fork has happened,” he said. “Now awaiting first block from bitcoin cash. Regardless of options, this is a very exciting/fascinating day in cryptoland.”
Business Insider reported that the bitcoin community has recently debated the rules guiding the cryptocurrency’s blockchain network.
So-called core developers on one side prefer smaller bitcoin blocks protecting the network against hacks.
The other group is often called miners, according to Business Insider, and they advocate increasing the size of blocks to make the network quicker and more scalable.
Bitcoin cash is reportedly a new software boasting all of the old platform’s history while increasing the size of its cash blocks to 8 megabytes.
Business Insider reported that a solution known as Segwit2x was slated to become bitcoin’s standard until last week, and would have doubled the size of its blocks from 1 to 2 megabytes.
Cryptocurrencies like bitcoin use cryptography to secure the currency’s transactions and manage generation of its additional units.