Bitcoin dispute results in split-coin, the latest Crypto news

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Bitcoin, which is created or “mined” from computer code and not regulated or backed by nation’s central bank, can be used to pay for a variety of products and services online and increasingly in real shops.

Miners run a digital ledger, known as the blockchain, which keeps a theoretically unhackable record of transactions.

But some developers have grown impatient with the original technical protocols for the currency since its 2009 launch that limit the number of transactions.

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Tuesday saw a group backing a new protocol allowing for an increase in the volume of transactions that can be processed by the increasingly popular currency break away and create a new variant—Bitcoin Cash.

Bitcoin’s value has been extremely volatile but recent months have seen the peer-to-peer traded virtual commodity close in on the $3,000 mark.

Following Tuesday’s announcement its market value was almost unchanged at $2,775.03 (2,347.37) according to data compiled by Bloomberg, which collates readings from the crypto unit’s largest exchanges.

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That compares to an all-time high on June 12 of $2,999.97—that equating to a 222 percent rise on the start of the year.

By contrast the new unit was trading on the futures market at around $300.

Among a flood of other virtual coins to come into being in recent years are ethereum, launched in July 2015, and zcash, launched last October.

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