Why Is Everyone Talking About Bitcoin Cash?

What is Bitcoin Cash?

Bitcoin Cash (BCH) is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. BCH is the continuation of the bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale. If you own a bitcoin then you should have some BCH also, because it is a fork of the ledger.

You can get you BCH wallet HERE

Why Was A Fork Necessary

The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.

bitcoin cash

Was the 1 MB blocksize causing problems for Bitcoin?

Yes, In 2017, capacity hit the ‘invisible wall’. Transfer fees becomes high, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.

Bitcoin stop growing. Many users, merchants, businesses and investors left bitcoin. Its market share among other cryptocurrencies quickly goes down from 95% to 40%.

Does Bitcoin Cash fix these problems?

Yes. BCH immediately raises the blocksize limit to 8MB as part of a massive on-chain scaling approach. There will be ample capacity for everyone’s transactions.

Low fees and fast confirmations will resume with BCH. The network will grow again. Users, merchants, businesses, and investors will return.

Why didn’t Bitcoin raise the blocksize if it was easy?

Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash. Instead, they want bitcoin become a settlement layer.

Which Development Team is In Charge of Bitcoin Cash?

Unlike the previous situation in Bitcoin, there is no one single development team for BCH. There are now multiple independent teams of developers.

Bitcoin Cash

Bitcoin Cash (BCH) is basically a version of bitcoin which is result by a hard fork. Due to miners experiencing difficulties in mining lead them to create their own bitcoin. Because of the frustration they experience in mining and bitcoin due to its scalability.

The appearance of BCH as a fork also gives you two versions of bitcoin. Its better if you have control of your bitcoin wallet because once the fork occurs you will obtain those two versions of bitcoin. So if you have 1 bitcoin on your bitcoin wallet you will automatically have 1 BCH after the fork.

Having or obtaining that version of bitcoin which is BCH gives you the same amount regardless of how much of Bitcoin it is into your Bitcoin Cash wallet, meaning if you have 10 Bitcoin right now will yield you 10 bitcoin cash when the fork occurs. What we mean by having control is having your address and private keys.

bitcoin cash

An example of this is having your bitcoin on trading or exchange sites, in this situation the trading site has control of your Bitcoin and once the fork occurs they will have control of your BTC and BCH, giving them the options whether you will get your Bitcoin Cash or they will have control of it.

Advantage of Bitcoin Cash

BCH increases the size of blocks, allowing more transactions to be processed. The value of BCH is dependent on the market. The reason people recommend BCH and put money in it is to increase its value. So the value of the coin still depends on the people who use it. Initially it was predicted from range anything to pennies, dollars to thousands of dollars as of now Bitcoin Cash has actually reached prices of 2,867 Dollars on its first day BCH reached prices of 215 Dollars on trade while Bitcoin was priced that day 2,750 dollars.

(Visited 348 times, 1 visits today)