The hottest of the digital currencies, Bitcoin, is seeing its price drop as a hard fork occurred in the market as of Tuesday, October 24. Although the currency is up a staggering 400% this year alone this new version of the currency has the potential to bring the price down once again.
In a recent report done by CoinDesk, the currency officially split apart into its new form as of Tuesday morning. The new currency works on the same blockchain as the original, but with some slight tweaking. One of the most important parts of this split, will be how the market reacts to this occurring.
CoinDesk stated that “instead of scaling bitcoin to support more users, bitcoin gold tweaks bitcoin in an effort to make bitcoin this going decentralized again. This, proponents argue we’ll make the network, designed to offer in egalitarian way to send payments digitally around the globe, more accessible to users.”
The split between the two digital currencies occurs after several disagreements in the market made consumers realize that there might be in need for a hard fork. Since the currency is open source, anybody can go in and update the software that the currency relies on.
In another piece of news, the website that bitcoin gold is working off of has had a cyber security attack as of recent. This could have an effect on the market as a whole, and possibly affect the prices of both currencies.
There’s still a strong divide in the community as to whether or not these types of splits are positive or negative for the market and the future of digital currency. The hopes are high that the prices of both coins will continue a steady rise as time goes on.