The bitcoin community has been divided on how to solve its scaling issue. Currently, only 1 megabyte of transactions can be processed at any one time, leading to delays.
"Demand for Bitcoin has been so high in recent months, that those creating the cryptocurrency can't keep up, slowing transactions," Iqbal Gandham, U.K. Managing Director at eToro, said in a press statement on Monday.
"For bitcoin to continue to scale and have the potential to become a globally used currency, this slowdown in transactions has to be addressed."
Bitcoin miners attempted to solve the scaling debate earlier this month by signalling support for SegWit2X. This would introduce "segregated witness" to the block chains, which would move some of the data outside the main bitcoin network to increase its capacity, and later increased the number of transaction to 2 megabytes.
However, some investors, miners and exchanges are unhappy with the proposal and think that it doesn't go far enough. Bitcoin Cash will increase the transaction limit to 8 megabytes.
"This means that the two sides that were once debating within Bitcoin, can instead apply their different views of what the cryptocurrency should be in two different blockchains," said Hayter.
"So while this is a development that sparked from previous disagreements, it may come to end the scaling debate once and for all."
