Bitcoin's civil war could cause a 'fork' - here's what that means
On one hand, the core developers want to keep the blocks that make up bitcoin's network limited in their size to protect it from hacks. On the other hand, some miners want to make the blocks bigger to improve the network's speed.
That disagreement means a bitcoin "fork" could occur on Tuesday as the deadline for a decision is set for 8:20 a.m. ET.
According to a blog post from bitcoin exchange Coinbase, a fork is "change to the software of the digital currency that creates two separate versions of the blockchain with a shared history." Coinbase warns that forks can be both temporary or permanent and occur because users may disagree on the best path forward for the cryptocurrency, which could ultimately lead to it splitting in two.
Forks have occurred in cryptocurrencies before. Bitcoin's rival, Ethereum, experienced its own fork in 2016, eventually leading to the creation of the form of the cryptocurrency we know today.
As for how bitcoin will respond to Tuesday's decision, no one knows. But the majority of bets placed on the event are predicting the price will fall from here. Of the 470 people who bet on the event on Bodog, "310 people think the price will dip below $2,000 per coin," according to a company spokesperson.
Bitcoin is up 189% in 2017, trading at $2,808 a coin.
Get the latest Bitcoin price here.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh