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Bitcoin Makes The Split

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Bitcoin has seen its fair share of ups and downs over the past year when it comes to both stock price and mainstream adoption.

While the cryptocurrency is struggling to gain traction, there’s been talk brewing of a rival bitcoin being developed to compete against it. Reasons for the new bitcoin competitor stem from many believing it’s not where it should be at this point in time.

Just last week, we reported that bitcoin narrowly escaped being split in two — but it appears that’s no longer happening.

Bitcoin will indeed be split into two separate digital currencies.

Investors and entrepreneurs out of Asia just dropped the news that they’re planning to unleash Bitcoin Cash starting in just a few days. The goal behind this new virtual currency is to process more transactions every ten minutes. Currently, the tenants of bitcoin only allow for five transactions per second. Developers have shared that increasing the amount of data that can be processed may lead to problems on both the individual and corporate level.

Many are already starting to get in on the investment action of Bitcoin Cash early. This Tuesday, it was trading for less than a fourth of bitcoin’s $2,600 value at $450. Upon its entry into the cryptocurrency market, current bitcoin holders will have direct access to the same number of Bitcoin Cash. Following this initial offering, the two digital currencies will split.

Although there have not been many public supporters of this bitcoin split, many are speculating those people will come out of the woodworks in the coming weeks.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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