What happened to Bitcoin?


The digital currency Bitcoin, valued at 182 per cent since the beginning of the year, divided into two. Bitcoin, that started with a value of 0,06 dollars and reached to 3 thousand dollars in seven years, chose to split into two when the demand for growing like an avalanche since the beginning of the year was not managed.

There is no physical counterpart and any central bank, official establishment in this imaginary currency. Well, what does it mean to divide a non-related virtual currency into two? Nick Szabo, an academician student at George Washington University, who is using the code-name Satoshi Nakamoto, posted an increase of 182 percent since the beginning of the year. Bitcoin, which was produced by means of “mining”, which has produced 21 million pieces in total and has mathematical problems in computer environment, has exceeded 3 thousand dollars and broke its historical record.

The digital currency has regressed slightly in the past two months, trading slightly higher than the $ 2,800 level. Every process in Bitcoin is processed into digital blocks and these blocks are added one after the other to form Bitcoin  BlockChain. Each transaction carries the sender’s signature and personal key information. The size of the blocks is set at 1 megabyte, and when one block reaches 1 megabyte, the subsequent operations are processed in the other block.

All the operations up to now, namely BlockChain, have exceeded 120 gigabytes, and within this large file size, 10-20 minutes of delays have begun to complete the transfer process. Along with the division, the Bitcoin Cash currency was introduced as an alternative to the classic Bitcoin, which has now come to a stopping point. Born on August 1, 2017, Bitcoin Cash traded above $ 200 on the first trading day.

The money in the hands of Bitcoin owners can be automatically converted into Bitcoin Cash. But, the two currencies are supported by different digital technologies and they may go in different directions. In fact, this increases volatility risk.

 

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