Bitcoin splits to create clone, but new currency off to slow start
New York
BITCOIN'S underlying software code was split on Tuesday, generating a new clone called "Bitcoin Cash", but the new virtual currency got off to a slow start due to lacklustre support for its network.
The initiative was headed by a small group of mostly China-based bitcoin miners - programmers who essentially operate the bitcoin network - who were not happy with scheduled improvements to the currency's technology meant to increase its capacity to process transactions.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
ADB agrees to US$5 billion funds replenishment with donors
Dollar drops as employers add fewer jobs than expected in April
HSBC has no plans to dispose of further businesses, chairman says
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Danske’s net income rises 9% helped by higher interest rates