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One bitcoin is now worth less than $5,900, down 25 percent from Wednesday’s high above $7,800. Meanwhile, the currency of a rival, spinoff network called Bitcoin Cash has doubled to more than $1,500 over the same four-day period.
This is good news for one side in Bitcoin’s ongoing civil war—the side that sees an urgent need to boost the network’s capacity to deal with growing congestion and rising transaction fees. People in this camp have been flocking to Bitcoin Cash after a plan to expand the capacity of the main Bitcoin network fell apart on Wednesday.
“Bitcoin Cash is what I started working on in 2010,” tweeted Gavin Andresen on Saturday. “A store of value AND means of exchange.” It was a pointed dig to the mainstream Bitcoin network, where slow transactions and rising fees have made it an increasingly unappealing way to make everyday payments.
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Source: Ars Technica – Bitcoin rival doubles in price in four days as Bitcoin price slumps