Bitcoin crossed the psychologically key $2, level Wednesday to a record after a late Tuesday announcement from the Digital Currency Group. Bitcoin saw a mass exodus from Coinbase Pro on Tuesday after 48k BTC (worth $m) was removed from the exchange in the second biggest crypto outflow of all. Bitcoin, created in by the pseudonymous software engineer Satoshi Nakamoto, is by far the most prominent cryptocurrency, and its total. FOREX GOLD EA

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But that camp faced opposition from the so-called core developers, a few dozens programmers who maintain the basic Bitcoin software, generally on a volunteer basis. At the end of July, some of the people who wanted Bitcoin to expand quickly broke off and created a rival digital money, known as Bitcoin Cash, that can handle more frequent transactions. Most Bitcoin investors and companies, however, have stayed with the original Bitcoin network and the core developers who are working on it.

The core developers have come up with their own solution to increase the number of transactions running through the system, known as Segregated Witness, or SegWit. While SegWit does not expand the network as quickly as Bitcoin Cash, it makes it easier to build services on top of the Bitcoin network, such as the so-called Lightning Network, that will allow for faster transactions. The biggest backers of the network agreed last week to proceed with SegWit, and it is that agreement, on scaling the network, that is the most obvious reason for the recent surge.

In this vision, Bitcoin would be more like gold in the old gold standard than like a payment network. The gold analogy and the scarcity of Bitcoin — the rules of the network dictate that only 21 million will ever be created — have led some investors to believe that the value of the currency will continue to rise as more people look to store their wealth in the system.

This vision has caught particular fire in Japan and South Korea, which have accounted for an increasing proportion of all Bitcoin trading this year, taking over from China, which once was responsible for the highest trading volume. The introduction of SegWit does not resolve all of the arguments that have divided the Bitcoin community.

Many large Bitcoin companies are still hoping to follow through with an agreement, reached in the spring, that would change the Bitcoin software in November to allow twice as many transactions to flow through the network. The core developers have made it clear in various forums that they do not plan to update the software in November to double the network capacity.

Most Bitcoin investors and companies, however, have stayed with the original Bitcoin network and the core developers who are working on it. The core developers have come up with their own solution to increase the number of transactions running through the system, known as Segregated Witness, or SegWit. While SegWit does not expand the network as quickly as Bitcoin Cash, it makes it easier to build services on top of the Bitcoin network, such as the so-called Lightning Network, that will allow for faster transactions.

The biggest backers of the network agreed last week to proceed with SegWit, and it is that agreement, on scaling the network, that is the most obvious reason for the recent surge. In this vision, Bitcoin would be more like gold in the old gold standard than like a payment network. The gold analogy and the scarcity of Bitcoin — the rules of the network dictate that only 21 million will ever be created — have led some investors to believe that the value of the currency will continue to rise as more people look to store their wealth in the system.

This vision has caught particular fire in Japan and South Korea, which have accounted for an increasing proportion of all Bitcoin trading this year, taking over from China, which once was responsible for the highest trading volume. The introduction of SegWit does not resolve all of the arguments that have divided the Bitcoin community. Many large Bitcoin companies are still hoping to follow through with an agreement, reached in the spring, that would change the Bitcoin software in November to allow twice as many transactions to flow through the network.

The core developers have made it clear in various forums that they do not plan to update the software in November to double the network capacity.

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