Bitcoin is back above $5,550, up 3 percent from the intraday low of $5376, as fork fears disappear.
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Bitcoin is up 41 percent in October as bitcoin gold, a new reproduction of the bitcoin blockchain was made accessible for purchase yesterday.
Most in the bitcoin community have a negative opinion towards the new cryptocurrency.
“These forks are very bad for bitcoin. Saturating the market with different versions of bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins – since you can always fork it and double the supply,” said Sol Lederer, blockchain director at Loomia.
A “fork” is an update to cryptocurrency software that creates a separate version of the original blockchain, creating a new cryptocurrency.
The fork can last a few minutes, or it can be a lasting divide producing two detached varieties of the blockchain.
There are few reasons why forks might be necessary.
Bitcoin Gold developers, for example, claimed they were making improvements to the software, such as the number of transactions the blockchain can support.