Bitcoin crashes: Here's what you need to know

Mae Love
November 13, 2017

The sides had been locked in disagreement until supporters of the SegWit2x upgrade, which had been threatening to break off from the main chain even if they didn't have full support, chose to cancel the split last week. According to Bithumb, it took less than two hours for the value to fall almost 40 percent to 1.68 million won at 5:40 p.m., causing investors to panic.

The upshot for now is that the prospect of Bitcoin Cash dethroning the original bitcoin as the "real" version of the currency appears over now though, given the incredible volatility of cryptocurrency markets, it's impossible to predict what will happen next.

Some sceptics have called Bitcoin's rapid advance a bubble but the digital currency has become too big for many to ignore.

The main difference between bitcoin and bitcoin cash is the block size.

Meanwhile, others on Twitter are suggesting that much of Bitcoin Cash's weekend gains was fueled by speculators in Korea, who could incur large losses if the currency doesn't regain its momentum.

Block size limits transaction speeds, and the cancelled SegWit2x upgrade would have raised the block size to two megabytes.

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Supporters of bitcoin cash say bigger blocks allow for faster and cheaper transactions, and view the size increase as the update bitcoin needed to become a better means of exchange to compete with payment services such as Visa or Master Card.

Earlier this year, bitcoin's underlying blockchain technology split in a process known as a "hard fork".

Bitcoin cash saw a huge spike as bitcoin sold off with many investors betting that this could be a viable alternative. For a period over the weekend it was more profitable to mine - verify - the Bitcoin Cash blockchain than the original bitcoin, causing further delays and congestion in the original bitcoin blockchain.

In Korean won, the value of bitcoin cash soared to a record high of around 2.84 million won ($2535.8) at 3:50 p.m. Sunday.

Bitcoin has been similarly volatile. It marked a 30 percent drop from last week's record high of $7,882.

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