Bitcoin claws back losses, snapping two-day losing streak
Bitcoin claws back losses, snapping two-day losing streak
Investing.com | Aug 03, 2017 03:22PM ET
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Bitcoin claws back losses, snapping two-day losing streak
Investing.com – Bitcoin traded higher on Thursday, as investor demand returned, following a two-day slump in the digital currency, after the blockchain supporting the cryptocurrency split into two, creating a new competitor called “bitcoin cash”
On the U.S.-based Bitfinex exchange, bitcoin rose to $2,792, up $112.1 or 4.18%.
Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – split into two earlier in the week, in an event know as a ‘hard fork’, creating a competing currency called Bitcoin Cash.
Bitcoin Cash was developed as an alternative to SegWit2x, a software upgrade, which seeks to solve Bitcoin’s scaling problem in a different way.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoin’s block size later in the year.
Meanwhile, Ethereum, rose to $225.08, up 3.85%.
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