Are you familiar with Bitcoin? The digital payment system has gotten so popular over the years, one Bitcoin is currently worth more than $6,500.
Even with its massive popularity, investors have been asking for a big change. That's where its digital cousin comes in. You won't believe the frenzy it caused with investors over the weekend.
What's all the buzz about?
If you don't know, Bitcoin is a cryptocurrency and digital payment system known as the first decentralized digital currency, as the system works without a central repository or single administrator.
Now, Bitcoin Cash is making huge news. The main difference between Bitcoin and Bitcoin Cash is their block size, which makes up the blockchain. Bitcoin's blocks hold just 1 megabyte of data, but Bitcoin Cash blocks hold 8 megabytes.
Larger block size is what Bitcoin investors have been asking for. That's because larger blocks allow for faster and less expensive transactions.
The bigger blocks in Bitcoin Cash is what investors believe is needed to compete with other payment services such as Master Card and Visa. Currently, Bitcoin handles nearly seven transactions per second, while Visa handles about 2,000 per second.
Bitcoin developers have been trying to solve this issue with an update dubbed Segregated Witness (SegWit). SegWit2x is intended to be the second stage to SegWit, which will increase Bitcoin's block size to 2 megabytes.
The SegWit2x split was canceled last week, which caused a frenzy with investors over the weekend. Bitcoin Cash was selling at around $600 last week before the SegWit2x split was called off. Over the weekend, investors drove its price up to over $2,400 before dropping to around $1,400 on Monday.
It'll be interesting to see if Bitcoin Cash overtakes Bitcoin as the most popular digital currency. As of now, it has a long way to go, but it's off to a good start.
Speaking of money, here are 3 sure-fire ways to save big online shopping this holiday season.
It's never too early to prepare. Yep, I'm talking about Christmas shopping. Our goal this year should be to try and get ready for Christmas before Christmas Eve. This means we need to start holiday shopping ASAP. So if you're not willing to brave the crowds at the mall, I'll show you ways you're guaranteed to get good deals online.