Bitcoin crashed 20% as the developers fight over its future

20.03.2017 / 10:06

Rating:

After looking like it was on the edge of a cliff last week, Bitcoin crashed over the weekend and lost more than 20% of its value.

The crypto-currency fell as low as $970 and is trading at just over $1,000 this morning, after reaching $1,259 last week.

According to The Wall Street Journal, the crash is due to a disagreement among Bitcoin developers. Behind the scenes, there’s been a running two-year battle for how best to run the digital platform that forms the basis of the Bitcoin marketplace.

In the Bitcoin market, transactions get traded in batches known as “blocks”. Currently, the maximum size that can be processed for one block of transactions is one megabyte. Competing developers have been agitating to increase the size of the trading blocks as the network expands.

Recently, a proposal was raised to create a platform called Bitcoin Unlimited, which would put no size restrictions on the size of blocks for processing transactions. Developers who want to maintain the current version are adhering to a proposal called Bitcoin Core.

Source The Business Insider

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Bitcoin crashed 20% as the developers fight over its future

London

Universal numbers