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00:00:02
>> it's a seminal moment for Bitcoin. The digital currency splitting in two Tuesday to create the new Bitcoin Cash, a separate payment system to exist alongside the original. And a sign that the once mysterious crypto-currency is catching on in mainstream circles. Reuters correspondent Gertrude Chavez.>> Because it's growing tremendously.
00:00:25
>> It's not able to keep up with the number of transactions being processed on the Bitcoin network. So what happened was there were proposals from different segments of the community to improve the software so it can process transactions quickly. So in May they decided on adopting a new upgrade to the software.
00:00:47
But then there's a new group of miners from China who didn't like this proposal. And so today they decided to get away from the community and create their own currency. It's called Bitcoin Cash.>> The innovation proving to be a windfall for those who already own bitcoins.>> If you're a bitcoin holder, you get a private key to BitCoin Cash.
00:01:10
It's like getting free money because it's replicating your own portfolio. So you have 20 bitcoins, you have your own private key, your own private address. You can access that Bitcoin Cash, it's like a dividend on your Bitcoin holdings.>> The value of Bitcoin has been rising of late in anticipation of the split.
00:01:29
One bitcoin worth roughly $2,800 as of Tuesday. The new Bitcoin Cash, which goes into existence 12 to 24 hours after breaking with the mothership, has so far been trading in futures. Where it's currently worth a mere few hundred dollars, giving those who want to explore the bitcoin world a chance to do so at a much cheaper price.
00:01:51
Bitcoin believers therefore touting the split as an exciting and fascinating day in cryptoland.