Bitcoin rebels risk 'currency trading chaos'

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Published by : CT WEB 2017-08-01 15:47:43

A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency on Tuesday.

A group of insiders is unhappy with existing plans to speed up transaction times.

They plan to offer existing investors a matching amount of a new virtual asset - called Bitcoin Cash - which could put pressure on the value of original bitcoins.

One expert has warned there could be trading "chaos" over the coming days.

Several popular Bitcoin platforms are refusing to support the new coins.

That means investors who currently rely on some Bitcoin currency exchanges and virtual wallets will be unable to take advantage of the offer unless they switch to alternative providers. And moving from one platform to another carries risks of its own.

"Nobody can be sure how this is going to play out over the short term," commented Iqbal Gandham, UK managing director of the eToro trading platform.

(BBC)

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