Will there be a Bitcoin Split? What does this mean? eToro Comment

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Iqbal Gandham, UK Managing Director at eToro, on the possible Bitcoin split, comments:

“The surge in pricing we’ve seen since the start of this year has thrown digital cryptocurrencies into the public eye. Bitcoin in particular has been making headlines, as the possibility of it one day becoming a real world currency used throughout the world looks increasingly likely, even if this is a long way off.

“But Bitcoin’s sharp increase in popularity has also risked its demise. Demand for Bitcoin has been so high in recent months, that those creating the cryptocurrency can’t keep up, slowing transactions. For Bitcoin to continue to scale and have the potential to become a globally used currency, this slowdown in transactions has to be addressed.

“Although the Bitcoin community has now agreed on a process for speeding up transactions – the mystic sounding Segwit – not everyone is happy. Some in the community are threatening a split to create an entirely new cryptocurrency created using a different process, called Bitcoin Cash. Nobody can be sure how this is going to play out over the short term.

”Over the long term, regardless of the outcome, it’s clear that blockchain technology can completely remake the world of money, and that in the future, a blockchain powered cryptocurrency, like Bitcoin, will be used by billions of people. This makes for a huge investment opportunity, but naturally one that comes with a few bumps in the road.”

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