09:30 GMT +314 November 2019
Listen Live
    A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017

    New Bitcoin Stemmed Cryptocurrency Hits All-Time High

    © REUTERS / Benoit Tessier/Illustration/File
    Viral
    Get short URL
    0 40
    Subscribe

    Over the course of the past few weeks of "cryptocurrency frenzy" leading to the planned hard fork that intended to increase the Bitcoin blocksize capacity from 1MB to 2MB, Bitcoin Cash markets have skyrocketed in value.

    Cryptocurrency traders all over the world have been dumping Bitcoin Classic after its developers announced they would soon cease support of the digital project. Tom Zander, the release manager of Bitcoin Classic, wrote in a blog post on Friday that the best and easiest strategy for users was to sell their old Bitcoins for Cash coins. He gave the new clone currency at most six months to replace the original one.

    "In at most 6 months I’m sure we’ll just drop the "Cash" and call it "Bitcoin," he said.

    In a wake of these news, the Exchange market data has shown recently that the new cryptocurrency value has risen over 50 percent to trade at $1,041.00 before bouncing slightly back to $969.00.

    Zander has assumed that the future was bright for Bitcoin Cash. He admitted that new clone currency would sooner or later eclipse Legacy Bitcoin and become the main cryptocurrency.

    Bitcoin is one of the most popular cryptocurrencies, which have solely digital form and allow users to make payments for goods and services online. It was introduced in 2009 as an independent alternative to government-backed currencies.

    Related:

    Bitcoin Soaring After Hard Fork Officially Called Off
    Bitcoin Hits New Threshold as Its Price Breaks Record of $7,000
    Blockchain Specialist: 'Bitcoin Gold' May Break the Dominance of Large Companies
    The Big Meltups in Bitcoin and the Dow
    My Big Fat Bitcoin Scam: Russian Gypsies Cash In On Cryptocurrency Craze
    Tags:
    bitcoin cash, hard fork, cryptocurrencies, blockchain technology, trading, bitcoin, online, Tom Zander
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik