Bitcoin technology faces split, may create ‘Bitcoin Cash’ – Reuters

Bitcoin’s underlying software code could be split today to create a clone virtual currency named “Bitcoin Cash”.

As per Reuters report, “The initiative is being led by a small group of mostly China-based Bitcoin miners – who get paid in the currency for contributing computing power to the Bitcoin network – who are not happy with proposed improvements to the currency’s technology.”

The ‘fork’ is set to be activated today. Bitcoin avoided bigger split two-weeks ago when its software developers and miners agreed to implement a software upgrade called the Bitcoin Improvement Proposal [BIP] 91.

Bitcoin Cash futures are trading at around $282.40. Bitcoin is trading at $2,866 levels.

Read – Bitcoin Analysis: Bulls reinforced ahead of the Bitcoin QE

from Forex News