Episode 708: Bitcoin Divided

China has become the center of the Bitcoin world.i

China has become the center of the Bitcoin world.

Bitcoin was supposed to be the currency of the future: secure, fast, independent of any government. But if there’s one feature a currency needs, it’s to let you pay for things. And, recently, that’s been a problem for Bitcoin.

The idea was always that when technical problems arose, the bitcoin community would come together to solve things. But that hasn’t happened. In fact, behind the scenes, a kind of civil war has broken out.

For more, read Nathaniel Popper’s companion piece in the New York Times. You can also read his book, Digital Gold.

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Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.