likely to be using it for illegal purposes, the survey suggested. Each bitcoin has a complicated ID, known as a hexadecimal code, that is many times more difficult to steal than someone's credit-card information. In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Because bitcoin cash initially drew its value from bitcoin's market cap, it caused bitcoin's value to drop by an amount proportional to its adoption on launch.
Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin. With bitcoins price dropping significantly. Bitcoin is divorced from governments and central banks. But with more bitcoins in circulation, people also expect transaction fees to rise, possibly making up the difference. No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins. Unlike US dollars, whose buying power the Fed can dilute by printing more greenbacks, there simply won't be more bitcoin available in the future. Several hundred of these back-and-forths make up a block. Then bitcoin cash came along. Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable. It's organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place.
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