Does China Hold the Key to Bitcoin's Future?
Because of a pre-programmed cap on the amount of data bitcoin’s network is allowed to process, the current system for verifying payments needs to boost its maximum capacity, or transaction times will balloon and undermine bitcoin’s 4,475 percent advance over the past five years. In theory, there’s a simple fix: With some coding tweaks, transactions could continue apace. But the problem is that any change to bitcoin’s architecture will inevitably create losers, and the motley crew of Chinese miners, software developers, libertarians and entrepreneurs who comprise the bitcoin universe have yet to form a consensus. Bloomberg's Lulu Chen has more on "Daybreak Asia." (Source: Bloomberg)
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Bitcoin Falls as Chinese Exchange Cracks Down
27:07 - Bitcoin fell for a fifth day, the longest losing streak in more than a year, after one of China’s largest online exchanges said it would stop handling trades by the end of the month amid a government crackdown on cryptocurrencies. Bloomberg's Joe Weisenthal has more on "Bloomberg Markets." (Source: Bloomberg)