bitcoin cash

What Is Bitcoin Cash?

in News/Use Bitcoin by

Introducing to Bitcoin Cash

What is Bitcoin Cash? Bitcoin cache is considered a fork of the bitcoin. In fact, a new monetary unit exists according to the same rules as bitcoin itself, since it has the same blockchain. The separation took place for the reason that the community of people using Bitcoins could not reach a common opinion on the direction in which the cryptocurrency should be developed in the future. A new kind of bitcoin came to the liking of the Chinese, of whom about 5% among all cryptocurrency miners.

Short history of  Bitcoin Cash

On August 1, 2017, Bitcoin Cash cryptocurrency was created as a result of hard forks Bitcoin. The history of Bitcoin and Bitcoin Cash were identical to hard forks. Everyone who controlled the secret keys of a certain number of their bitcoins or kept them on the exchange that supports the new currency automatically received the same amount of Bitcoin Cash.

bitcoin cash

How Bitcoin Cash relates to Bitcoin?

The most illustrative advantages and disadvantages of the two branches of cryptocurrency were presented by the head of Hell Yeah, Paul Miller. He explains what are the pros and cons of Bitcoin Cash and Bitcoin. In general, SegWit is a new technology and with a block of 1 MB can accelerate throughput by 1.5-2 times. However, the commission here remains very high. It is assumed that as users connect, it will decrease.

So, the first difference is the block size increased by 8 times in the blockchain. As the creators themselves believe the new digital money, a larger size will contribute to an increase in the number of transactions. The second difference is the rapidly changing complexity. Miners react faster to changes. The third difference is the new type of transaction that appears, in which you can specify the amount of payment. And the fourth difference – enhanced protection against erasing transactions and their repetition. It must be remembered that the rate of the new currency is significantly different from the rate of the usual bitcoin.

Earning Bitcoin Cash

Bitcoin Cash has acquired steam rather quickly compared to other new cryptocurrencies. BCH can be purchased on the majority of mainstream cryptocurrency exchanges. Keep in mind that the worth of BTC is around $5,200, whereas BCH is about $400. You can buy bitcoin cash on cryptocurrency exchanges and in some online exchangers. Wallet, which is designed to store the new currency, called – Bitcoin ABC. One of the first sites that introduced such a wallet is Cryptonator. In general, this resource is better than others for storing digital money.

bitcoin cash

Bitcoin Cash Stability

It is hard to tell which chain will win in the long run – Bitcoin or Bitcoin Cash. However, it is clear that they will evolve differently over time. Hardforks are tempting because if a group fundamentally disagrees with the ideology of the initial community, it can separate and launch its own version of cryptocurrency with the same technology, but with a different strategy and management model. This allows the entire cryptocurrency space to evolve due to the fact that some forks introduce innovations. And, no matter what fate awaits Bitcoin and Bitcoin Cash, one cannot deny that it is extremely fascinating to watch the parallel development of these chains, like cryptocurrencies in general.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.