@Ashma
edited
more from that month
Reasons Behind The Origin Of Bitcoin Cash
If you're crypto follower and a read cash member then I think you all know Bitcoin Cash (BCH) a very well know as well as popular cryptocurrency. In this article I'll explain the reasons behind the birth of Bitcoin Cash. In 2009 there was a beginning of crypto era. **Satoshi Nakamoto** developed a cryptocurrency, today we all know that cryptocurrency as Bitcoin(BTC). In beginning there were very few people interested in this new currency but after some period people started to realise the potential. As the number of interested people increases there's increase in bitcoin holders and payment transactions. But there's one issue, Bitcoin's transaction speed was 7 transactions per second which is very low where as visa performs 24,000 transactions per second. To tackle this transactions issue there's discussion regarding some reformations to allow Bitcoin to scale further. Why Not Just Increase Volume Of Transactions ? Increasing the number of transactions would brought multiple vulnerabilities, such as security, network crash and many more. Let's understand this using an example of traffic :
If you're living in crowded cities then you've definitely seen the traffic issue. If I'll say if government increases the speed limit will it solve the traffic issue ? No !! It'll create more problems like safety. There'll be increase in accident cases and people will get injured. Along with these, there'll be no small vehicles on roads as they're slow, so there'll be only big & powerful vehicles on the road. The same problems would be created if the volume of transactions were increased. More transactions brings more data processing, so small nodes will not be able to process this big amount of data which will throw them out of the network, which will create a big hole in decentralised network. **But still problem had to be solved somehow** To solve the issue Bitcoin was split using a process which is know as "Hard Fork", which created new version of bitcoin which we today know as "Bitcoin Cash". The new version of Bitcoin i.e Bitcoin Cash still uses the same codebase as that of previous version of Bitcoin, but there was increase in blocksize to 8mb (Bitcoin has blocksize of 1mb at that time now it's 2mb). Due to this increment in blocksize, it allows Bitcoin Cash network to perform two million transactions per day !!
After this 'hard fork' the bitcoin was cloned by the new coin bitcoin cash (BCH) previous bitcoin holders get the same amount of BCH coins in their cloned wallet. Did these bitcoin holders got both Bitcoin & Bitcoin Cash to spend ? No, the BCH was stored in cloned wallets that means if someone sent their bitcoin then the same amount will be deducted from his/her BCH wallet. So the main reason behind the origin the origin of Bitcoin Cash is the issue of transactions !! Bitcoin cash is indeed a next version of Bitcoin, it solved many bitcoin network problems mainly transactions and transaction fees. Bitcoin Cash is still in it's early stage, the community is growing rapidly. Thousands of people are adopting Bitcoin Cash, thousands of vendors accepting Bitcoin Cash in their physical as well as online stores. Today you can buy lots of services and products using Bitcoin Cash. The future of Bitcoin Cash is bright, the time will tell !! *I would really like to get feedback from BCH supporter* @tula_s *Your feedback on this post will definitely help me to improve my articles in future.* Hope you liked my article, subscribe me if you like to get notified for my future posts **Thanks For Your Time...!!**
21 comments
Thanks for sharing this info
Hope you found it Helpful
Yeeeees😊
Very nice article. This article is very informative and also helpful for us. Thanks for this article.
Very nice
Such a great information about BCH.Thank you so much.
Yes, that's the history of bitcoin cash and satoshi is the founder of BCH. Now, it is a popular crypto because there are so many projects right now that involve BCH for better adoption.
Hey can I ask what type of project are you involved in just for curiosity, I love Exploring 😀
Plastic flower that involves BCH as a mode of payment.💞
That's great to hear you're adopting crypto in business. Good luck for your project 👍
Thank you💞
Thanks for revising this information with us. It is appreciated, especially for the newbies.
Glad you found it informative @Olad
Roger Ver and Craig Wright (spilt again into BSV) are key players would be good to cover their involvement in a follow up post. And include the battle of the miners! :) thanks!
Yeah !! Thanks for reading my article @Historian hope you liked it !!
All good :)
👍
nice information
Nice... information..
Bitcoin helps a lot nowadays.
Actually, when Bitcoin was created, it didn't have the transaction limit. The transaction limit was added because a very large block could be used as an attack vector on 2009 servers on 2009 Internet connections, but the intention of Satoshi Nakamato was to increase this limit at pre-planned block heights to scale with Moore's Law. However, Satoshi disappeared early on and the people who took the reigns made fake excuses not to increase the limit. Excuses included "everyone needs to be able to run a node, so we need to limit the size of the blockchain" and "if we increase the blocksize, there will be more orphans." These excuses were made in spite of the fact that Satoshi Nakamato had clearly indicated that only miners needed to run full nodes and that the blocksize could safely be increased in the future (here in 2020, Moore's Law still holds). After years of infighting and multiple instances of NOT forking off in spite of it, Bitcoin Cash was finally created because Blockstream had made it abundantly clear that they would not be providing an increased blocksize even after agreeing that they would. It is amazing how closely that parallels with today where Bitcoin ABC has made it clear that they are going to try to force unwanted changes into the blockchain after agreeing that they wouldn't.