Bitcoin sails past $4,000 for the first time
It's riding a wave of optimism that faster transaction times will hasten its spread
Hong Kong/Tokyo — Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender jumped to a peak of $4,125.17 on Monday, a gain of 15% since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. The solution — termed SegWit2x — had been so contentious that a new version of the asset called Bitcoin Cash was spun off earlier in August in opposition. The split grew out of the tension between growing demand for the virtual currency and some of the design features that had fuelled that popularity — the decentralised verification procedures that ensured against hacking and government oversight. While the confrontation in August ended up as little more than a speed bump in bitcoin’s more than 300% rally in 2017, concern remains around the capacity to increase transaction volumes.
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