Bitcoin Splits, but Clone Off to Slow Start

  • NEW YORK — Bitcoin’s underlying software code was split on Tuesday, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lackluster support for its network.
  • The initiative was headed by a small group of mostly China-based bitcoin miners – programmers who essentially operate the bitcoin network – who were not happy with scheduled improvements to the currency’s technology meant to increase its capacity to process transactions.
  • These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a “fork” on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
  • The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications.
  • Bitcoin’s split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation.

Bitcoin’s underlying software code was split on Tuesday, generating a new clone called
Continue reading “Bitcoin Splits, but Clone Off to Slow Start”

Bitcoin splits in technology dispute, with new clone getting slow start

Bitcoin splits in technology dispute, with new clone getting slow start

  • Bitcoin’s underlying software code was split on Tuesday, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lacklustre support for its network.
  • These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a “fork” on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
  • Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a company providing data on digital currencies.
  • After the split, Bitcoin Cash has all the history from bitcoin’s blockchain, creating the same number of tokens, plus the new currency created.
  • People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies — legal tender such as euros and dollars — or other digital tokens.

Bitcoin’s underlying software code has been split, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lacklustre support for its network.
Continue reading “Bitcoin splits in technology dispute, with new clone getting slow start”

Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

World’s first bitcoin ATM opens in Vancouver

  • An ATM that converts bitcoins to Canadian dollars and vice versa opened for business in a Vancouver coffee shop today, marking a world first.
  • Michael Bliss, owner of Pacific Bliss Yoga, said his business was the first in Western Canada to start accepting bitcoins two years ago.
  • “Now, we’ve got at least 20 businesses this year,” said Bliss, co-founder of the BitCoin Co-op, on CBC’s Early Edition Tuesday.
  • The organization helps businesses and customers exchange bitcoins and connects people to businesses that accept bitcoins.
  • In an interview, Bliss acknowledged that up until now, exchanging bitcoins for other types of currency has been “a pain.”

An ATM that converts bitcoins to Canadian dollars and vice versa opened for business in a Vancouver coffee shop today, marking a world first.
Continue reading “World’s first bitcoin ATM opens in Vancouver”

Mark Cuban, who just called bitcoin a bubble, says he plans to invest in another digital coin

  • Bitcoin skeptic Mark Cuban is looking to take part in one of the hottest trends in the digital currency world right now: the initial coin offering.
  • One of the companies Cuban is invested in, Unikrn, is planning its own offering, and digital currency news site CoinDesk said Thursday that the billionaire entrepreneur intends to participate.
  • An initial coin offering is a fundraising process for blockchain-based projects that allows investors to own part of a project through a digital network token.
  • Cuban tweeted earlier this month that he thought bitcoin was in a “bubble” yet he acknowledged then that there is value in the blockchain technology behind the digital currency.
  • High demand for initial coin offerings last week clogged the network of ethereum, while prices for ethereum briefly fell from above $300 to 10 cents on one exchange, showing how undeveloped the young digital currency world is.

“Shark Tank” investor Mark Cuban is looking to take part in one of the hottest trends in the digital currency world right now: the initial coin offering.
Continue reading “Mark Cuban, who just called bitcoin a bubble, says he plans to invest in another digital coin”