In August, the bitcoin world split in two when bitcoin cash broke away from bitcoin. It was the culmination of years of growing tension about how to improve the world’s most popular cryptocurrency. The divide has set up a battle over which is the “true” bitcoin, pitting rivals whose combined market value has eclipsed that of Citigroup Inc. and Coca-Cola Co. Now, investors are bracing for volatility and a fight that could define what a cryptocurrency can or should be.
Bitcoin was created in 2009 with an early focus on thwarting hackers rather than becoming widely used. To enhance security, developers kept the technology at the heart of bitcoin on a relatively small scale. But as its popularity mushroomed, problems emerged.