Bitcoin: What – s going on with the digital currency? ABC News (Australian Broadcasting Corporation)

Bitcoin: What's going on with the digital currency?

Updated August 02, two thousand seventeen Ten:24:53

There are some switches about to happen in bitcoin.

Here’s a look at what’s going on and why some investors are jumpy.

Hold on, refresh me on the basics

We get it, bitcoin is a bit confusing.

It’s a digital currency that isn’t tied to any bank or government.

Like cash, it lets users spend or receive money anonymously, but like other online payment services, it lets them do so over the internet.

The coins are created by miners, who operate computer farms that verify other users’ transactions by solving elaborate mathematical puzzles.

These miners receive bitcoin in exchange.

It’s also possible to exchange bitcoin for US dollars and other currencies.

It’s been touted as a currency of the future, but so far hasn’t proven very popular as a way to pay for goods or services.

What’s going on?

Bitcoin can be slow. Real slow.

The bitcoin civil war

The bitcoin network is limited in how quickly it can shuffle around digital money.

As it has grown, payment delays have become more common and worrisome.

Some software developers came up with a way to speed things up by reengineering bitcoin’s universal ledger, which is called the blockchain.

Did everyone want this to happen?

Well, there were differing views on the right solution.

Supporters of the fresh method include Microsoft, the bitcoin exchange Coinbase and a diversity of other bitcoin proponents who would like to see the currency used more widely in commerce.

Reformers had threatened to stop recognising transactions confirmed by miners who hadn’t adopted the upgrade.

And a stir by users to force a switch in the computer code seemed to have worked.

On Tuesday, AP reported that a majority of miners — the core bitcoin users who verify bitcoin transactions around the world — had signalled their support.

However the switch is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

The display of support helped switch sides a slide in the value of bitcoin from around $1,900 two weeks ago to toughly $Two,800 on Monday.

However, some uncertainty still remains

Regardless of the compromise to update the system, a separate group plans to launch bitcoin cash, which they say will suggest more transactions with swifter speeds.

The Big black cock has reported ex-Facebook engineer Amaury Sechet and other Bitcoin insiders have exposed plans to launch it at Ten:20pm AEST.

Bitcoin explained

Bitcoin cash effectively prizes every proprietor of bitcoin with an equal amount of the fresh currency using a system that can treat much higher volumes of trades.

Some digital currency exchange operators- including Coinbase and Bitstamp – have said they won’t support bitcoin cash.

And Cornell computer science professor Emin Gun Sirer said savvy traders could game the system to create free money for themselves.

Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as “alt-coins”.

He says the concept is similar to Clams, digital coins that were also awarded to bitcoin holders in two thousand fourteen but now trade at about one-thousandth of bitcoin’s price.

Once bitcoin cash goes live he said people “will instantaneously sell it for bitcoin”.

What would a split mean?

Generally speaking, chaos — however mostly limited to those who use or squirrel away bitcoin.

People who use bitcoin couldn’t be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

Taking bitcoin, for example, could leave you with currency you couldn’t spend loosely — and that might vanish entirely if it ended up being the “wrong” kind.

Bitcoin: What – s going on with the digital currency? ABC News (Australian Broadcasting Corporation)

Bitcoin: What's going on with the digital currency?

Big switches are coming to the digital currency bitcoin.

Reuters: Jim Urquhart

There are some switches about to happen in bitcoin.

Here’s a look at what’s going on and why some investors are jumpy.

Hold on, refresh me on the basics

We get it, bitcoin is a bit confusing.

It’s a digital currency that isn’t tied to any bank or government.

Like cash, it lets users spend or receive money anonymously, but like other online payment services, it lets them do so over the internet.

The coins are created by miners, who operate computer farms that verify other users’ transactions by solving sophisticated mathematical puzzles.

These miners receive bitcoin in exchange.

It’s also possible to exchange bitcoin for US dollars and other currencies.

It’s been touted as a currency of the future, but so far hasn’t proven very popular as a way to pay for goods or services.

What’s going on?

Bitcoin can be slow. Real slow.

The bitcoin civil war

The bitcoin network is limited in how quickly it can shuffle around digital money.

As it has grown, payment delays have become more common and worrisome.

Some software developers came up with a way to speed things up by reengineering bitcoin’s universal ledger, which is called the blockchain.

Did everyone want this to happen?

Well, there were differing views on the right solution.

Supporters of the fresh method include Microsoft, the bitcoin exchange Coinbase and a multitude of other bitcoin proponents who would like to see the currency used more widely in commerce.

Reformers had threatened to stop recognising transactions confirmed by miners who hadn’t adopted the upgrade.

And a stir by users to force a switch in the computer code seemed to have worked.

On Tuesday, AP reported that a majority of miners — the core bitcoin users who verify bitcoin transactions around the world — had signalled their support.

Tho’ the switch is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

The display of support helped switch roles a slide in the value of bitcoin from around $1,900 two weeks ago to toughly $Two,800 on Monday.

However, some uncertainty still remains

Regardless of the compromise to update the system, a separate group plans to launch bitcoin cash, which they say will suggest more transactions with quicker speeds.

The Big black cock has reported ex-Facebook engineer Amaury Sechet and other Bitcoin insiders have exposed plans to launch it at Ten:20pm AEST.

Bitcoin explained

Bitcoin cash effectively prizes every proprietor of bitcoin with an equal amount of the fresh currency using a system that can treat much higher volumes of trades.

Some digital currency exchange operators- including Coinbase and Bitstamp – have said they won’t support bitcoin cash.

And Cornell computer science professor Emin Gun Sirer said savvy traders could game the system to create free money for themselves.

Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as “alt-coins”.

He says the concept is similar to Clams, digital coins that were also awarded to bitcoin holders in two thousand fourteen but now trade at about one-thousandth of bitcoin’s price.

Once bitcoin cash goes live he said people “will instantly sell it for bitcoin”.

What would a split mean?

Generally speaking, chaos — tho’ mostly limited to those who use or squirrel away bitcoin.

People who use bitcoin couldn’t be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

Taking bitcoin, for example, could leave you with currency you couldn’t spend loosely — and that might vanish entirely if it ended up being the “wrong” kind.

Bitcoin: What – s going on with the digital currency? ABC News (Australian Broadcasting Corporation)

Bitcoin: What's going on with the digital currency?

Big switches are coming to the digital currency bitcoin.

Reuters: Jim Urquhart

There are some switches about to happen in bitcoin.

Here’s a look at what’s going on and why some investors are jumpy.

Hold on, refresh me on the basics

We get it, bitcoin is a bit confusing.

It’s a digital currency that isn’t tied to any bank or government.

Like cash, it lets users spend or receive money anonymously, but like other online payment services, it lets them do so over the internet.

The coins are created by miners, who operate computer farms that verify other users’ transactions by solving complicated mathematical puzzles.

These miners receive bitcoin in exchange.

It’s also possible to exchange bitcoin for US dollars and other currencies.

It’s been touted as a currency of the future, but so far hasn’t proven very popular as a way to pay for goods or services.

What’s going on?

Bitcoin can be slow. Real slow.

The bitcoin civil war

The bitcoin network is limited in how quickly it can shuffle around digital money.

As it has grown, payment delays have become more common and worrisome.

Some software developers came up with a way to speed things up by reengineering bitcoin’s universal ledger, which is called the blockchain.

Did everyone want this to happen?

Well, there were differing views on the right solution.

Supporters of the fresh method include Microsoft, the bitcoin exchange Coinbase and a multitude of other bitcoin proponents who would like to see the currency used more widely in commerce.

Reformers had threatened to stop recognising transactions confirmed by miners who hadn’t adopted the upgrade.

And a budge by users to force a switch in the computer code seemed to have worked.

On Tuesday, AP reported that a majority of miners — the core bitcoin users who verify bitcoin transactions around the world — had signalled their support.

However the switch is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

The showcase of support helped switch roles a slide in the value of bitcoin from around $1,900 two weeks ago to harshly $Two,800 on Monday.

However, some uncertainty still remains

Regardless of the compromise to update the system, a separate group plans to launch bitcoin cash, which they say will suggest more transactions with swifter speeds.

The Big black cock has reported ex-Facebook engineer Amaury Sechet and other Bitcoin insiders have exposed plans to launch it at Ten:20pm AEST.

Bitcoin explained

Bitcoin cash effectively prizes every proprietor of bitcoin with an equal amount of the fresh currency using a system that can treat much higher volumes of trades.

Some digital currency exchange operators- including Coinbase and Bitstamp – have said they won’t support bitcoin cash.

And Cornell computer science professor Emin Gun Sirer said savvy traders could game the system to create free money for themselves.

Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as “alt-coins”.

He says the concept is similar to Clams, digital coins that were also awarded to bitcoin holders in two thousand fourteen but now trade at about one-thousandth of bitcoin’s price.

Once bitcoin cash goes live he said people “will instantly sell it for bitcoin”.

What would a split mean?

Generally speaking, chaos — tho’ mostly limited to those who use or squirrel away bitcoin.

People who use bitcoin couldn’t be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

Taking bitcoin, for example, could leave you with currency you couldn’t spend loosely — and that might vanish entirely if it ended up being the “wrong” kind.

Bitcoin: What – s going on with the digital currency? ABC News (Australian Broadcasting Corporation)

Bitcoin: What's going on with the digital currency?

Big switches are coming to the digital currency bitcoin.

Reuters: Jim Urquhart

There are some switches about to happen in bitcoin.

Here’s a look at what’s going on and why some investors are jumpy.

Hold on, refresh me on the basics

We get it, bitcoin is a bit confusing.

It’s a digital currency that isn’t tied to any bank or government.

Like cash, it lets users spend or receive money anonymously, but like other online payment services, it lets them do so over the internet.

The coins are created by miners, who operate computer farms that verify other users’ transactions by solving sophisticated mathematical puzzles.

These miners receive bitcoin in exchange.

It’s also possible to exchange bitcoin for US dollars and other currencies.

It’s been touted as a currency of the future, but so far hasn’t proven very popular as a way to pay for goods or services.

What’s going on?

Bitcoin can be slow. Real slow.

The bitcoin civil war

The bitcoin network is limited in how quickly it can shuffle around digital money.

As it has grown, payment delays have become more common and worrisome.

Some software developers came up with a way to speed things up by reengineering bitcoin’s universal ledger, which is called the blockchain.

Did everyone want this to happen?

Well, there were differing views on the right solution.

Supporters of the fresh method include Microsoft, the bitcoin exchange Coinbase and a multitude of other bitcoin proponents who would like to see the currency used more widely in commerce.

Reformers had threatened to stop recognising transactions confirmed by miners who hadn’t adopted the upgrade.

And a stir by users to force a switch in the computer code seemed to have worked.

On Tuesday, AP reported that a majority of miners — the core bitcoin users who verify bitcoin transactions around the world — had signalled their support.

However the switch is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

The demonstrate of support helped switch roles a slide in the value of bitcoin from around $1,900 two weeks ago to harshly $Two,800 on Monday.

However, some uncertainty still remains

Regardless of the compromise to update the system, a separate group plans to launch bitcoin cash, which they say will suggest more transactions with quicker speeds.

The Big black cock has reported ex-Facebook engineer Amaury Sechet and other Bitcoin insiders have exposed plans to launch it at Ten:20pm AEST.

Bitcoin explained

Bitcoin cash effectively prizes every possessor of bitcoin with an equal amount of the fresh currency using a system that can treat much higher volumes of trades.

Some digital currency exchange operators- including Coinbase and Bitstamp – have said they won’t support bitcoin cash.

And Cornell computer science professor Emin Gun Sirer said savvy traders could game the system to create free money for themselves.

Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as “alt-coins”.

He says the concept is similar to Clams, digital coins that were also awarded to bitcoin holders in two thousand fourteen but now trade at about one-thousandth of bitcoin’s price.

Once bitcoin cash goes live he said people “will instantaneously sell it for bitcoin”.

What would a split mean?

Generally speaking, chaos — tho’ mostly limited to those who use or squirrel away bitcoin.

People who use bitcoin couldn’t be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

Taking bitcoin, for example, could leave you with currency you couldn’t spend loosely — and that might vanish entirely if it ended up being the “wrong” kind.

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