{"id":15278,"date":"2017-11-13T00:00:00","date_gmt":"2017-11-12T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2017\/11\/13\/money-has-been-pouring-into-the-worlds-fifth-biggest-cryptocurrency-and-bitcoin-is-getting-smoked\/"},"modified":"2021-09-18T11:39:02","modified_gmt":"2021-09-18T11:39:02","slug":"pouring","status":"publish","type":"post","link":"https:\/\/wp.dash.org\/news\/pouring\/","title":{"rendered":"Money has been pouring into the world\u2019s fifth-biggest cryptocurrency, and bitcoin is getting smoked"},"content":{"rendered":"
Bitcoin had a wild weekend, as prices for bitcoin (BTC) got smoked while bitcoin cash (BCH) rocketed higher.<\/p>\n
The weekend price action saw bitcoin cash hit a record high above $US2,600 a coin \u2014 after trading around $US300 in recent months \u2014\u00a0as the battle over bitcoin\u2019s transactional capability continues to rage.<\/a><\/p>\n A short time ago, it had almost halved to around $US1,300, while Bitcoin remains more than $US1,000 below its levels above $US7,000 prior to the weekend.<\/p>\n Meanwhile, among the other major cryptocurrencies (measured by market capitalisation), investors have swung sharply into Dash coin today.<\/p>\n This monthly chart shows the scale of the move. After trading in a narrow range around $US300, a short time ago it had almost doubled to an all-time high:<\/p>\n <\/a>Source: Investing.com<\/p>\n The Dash network operates on a two-tier platform, split between miners and network \u201cnodes\u201d which approve new transactions.<\/p>\n To create an incentive system for nodes to help the network run smoothly, the value of each new block on the blockchain is attributed equally \u2014 45% to miners and 45% to the master node. The remaining 10% goes into a joint pool of funds held by the network.<\/p>\n Last week, one of the platform\u2019s developers announced a network update which will\u00a0increase the transaction size for each block to 2 megabytes (MB)<\/a>.<\/p>\n That\u2019s the size which bitcoin developers just rejected, electing to maintain a capped size of of 1MB, while BCH has an 8MB capacity.<\/p>\n The weekend price action reveals the prevailing stand-off among bitcoin developers around what the cryptocurrency stands for and how it should be used \u2014 whether it\u2019s a store of value (like gold), or a faster, trustworthy and more convenient means of exchange.<\/p>\n