Less than a week ago, headlines declared that a market-shaking fork in Bitcoin had been averted. But the people backing a new cryptocurrency called Bitcoin Cash have now announced that the expected compromise between warring factions is dead. Next week, the huge Bitcoin fork will begin, and here’s what it’s all about.
The debate over a so called “hard fork” in Bitcoin has been going on for two years. The world’s most valuable cryptocurrency is getting older and it’s reached highs of more than $2,600 in recent months. From the beginning, it has had defined limits on how much data the Bitcoin network can process every 10 minutes. This was, in part, to keep a check on the speed of its growth and to serve as a security measure against cyber attacks.