If you’re a tech savvy kind of person, you’ve likely have come across bitcoin as a form or online currency or a medium of exchange.
Even if you’re not tech savvy you may have heard of the newly minted online currency, that can be used to pay for nearly anything nowadays.
While popular, Bitcoin is relatively young, compared to other modern day currencies, and this week it showed it’s growing pains.
The online currency is in a bit of trouble as factions of the company have forked, splitting the company’s users, and causing the currency’s value to plummet on exchange markets.
In a dispute about how to scale the company, a faction of the company has branched off to form Bitcoin Cash.
Some investors in Bitcoin don’t want to upgrade the software of Bitcoin as it is, but others believe a change will legitimize the currency, so that government banks would recognize the medium of exchange.
Despite the fact that Bitcoin has more than doubled in value according to CoinDesk, many exchange companies are refusing to accept Bitcoin Cash today in order to control the market fluctuations.
So, some BitCoin users who have both BitCoin and BitCoinCash could be out of luck when it comes to exchanging their Bitcoin Cash for real currency.
Its like if TD Ameritrade or eTrader refused to deal in a currency to control the market – unheard of!
I guess we will just have to watch this as the blocks develop and new transactions occur, but currently bitcoin cash is valued at a fraction of bitcoin’s price.
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Bitcoin fork could split digital currencies from CNBC.
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