Bitcoin soared 16% to a record price of $3,292.41 against the dollar Friday following division over the future of the cryptocurrency.
The debate over bitcoin’s technological future has one camp rooting for miners who want to dramatically increase the size of data blocks and establish Bitcoin Cash and the other camp moving to instead implement a smaller technology upgrade called SegWit2.
The difference in opinion was driven largely by miners who have pushed push for the use of Bitcoin Cash. Their plan will grow the blockchain drastically, allowing for more transactions and more data processing. The SegWit2 plan also provides for blockchain growth, but only about a quarter of what other miners are calling for.
The price of Bitcoin Cash has tumbled 67% from a record high reached last week, suggesting its predecessor could be a more appealing investment. Bitcoin Cash has a $4 billion market cap, while original Bitcoin’s is $53 billion.
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