What is Bitcoin Cash (BCH)?

Bitcoin Cash (BCH) is an electronic cash equivalent and the result of the Bitcoin blockchain's hard fork. Bitcoin Cash, in particular, was the most successful hard fork in Bitcoin. The project entered the market during a time of dispute. After the smoke disappeared due to market restrictions, Bitcoin Cash was ranked as one of the world's top ten cryptocurrencies.

Bitcoin Cash is a direct consequence of the scalability issues faced by the Bitcoin blockchain during the digital currency boom in 2017. These issues have become the focus of attention as Bitcoin transaction times and commissions are reached. New level Fee increases and delays are due to excessive network congestion due to larger transaction sizes.

In the same year, as many investors became aware of this digital asset, the use and value of Bitcoin significantly increased. In addition, new investors who want to participate in the digital age "gold rush" have also entered the market. These factors drive the Bitcoin network to be the most capacious.

In the short term, Bitcoin cannot stand up to its growing usage. Programming and moderating the Darknet community is one thing. But meeting the needs of the public is one more thing, so Bitcoin has had to go up tremendously.

Additional Information = Additional Transaction

Bitcoin Cash solves these problems by increasing the block size. These large blocks can accommodate multiple transactions per block. The strategy completely improves the transaction processing rate per second (tps). Satoshi Nakamoto's white paper states that the goal is to allow Bitcoin Cash to be used as a medium for everyday transactions, as was Bitcoin's original intention.

Bigger Block

Increasing block sizes in most blockchains isn't a big deal, but for Bitcoinists, this hasn't changed the core protocol of the coin. For these people it's called Bitcoin Core, 1 MB of block size is the primary function in the networks they support.

Most importantly, everyone, regardless of computer, can join the network. However, with the advent of the ASIC mining platform, this proposal is still being discussed today. It also prevents the network from tampering with spam information.

Bigger is Better

Proponents of Bitcoin Cash believe that increasing the block size from 8MB to 32MB is the best way to provide Bitcoin services to users every day. By using these large blocks, you can manage multiple transactions per block. However, Bitcoin users can avoid charges and delays.

The growing transaction flow means that Bitcoin Cash eliminates the need to integrate the Segregated Witness (SegWit) protocol. SegWit reduces the amount of data transferred per transaction. It is now part of Bitcoin's underlying crypto.

Function of Bitcoin Cash (BCH)

The larger Bitcoin Cash block has completed its mission, Bitcoin Cash is much faster than traditional Bitcoin. Interestingly, in a stress test conducted in September 2018, the platform recorded 25,000 transactions per block. In comparison, the average number of transactions per Bitcoin block is 1,000 to 1,500.

Additionally, Bitcoin Cash is cheap, BCH users pay approximately US $ 0.20 per transaction using the network. These fees are much higher for the Bitcoin chain. Plus, due to the integration of new protocols, Bitcoin Cash is easier to mine.

Bitcoin Cash is the loudest and healthiest community on the market. The coin has several differences in the latest update.

History of Bitcoin Cash (BCH)

The history of Bitcoin Cash begins with a philosophical discussion on how to deal with Bitcoin's scale-up problem. These are issues that Bitcoin developers have always faced. By 2017, the issue has reached a point where the Bitcoin network can be operated.

For example, in 2010, the average block size of the Bitcoin chain was less than 100 KB. As of January 2015, the average block size had increased to about 600,000 pieces. The accumulation of these unconfirmed transactions disrupted the network. Especially with market transactions and time commissions have soared.

Until 2017, in some cases the fee was higher than the actual Bitcoin transmission. During this outage, the transaction time could take several days. In fact, Bitcoin cannot be added to the functionality of the electronic cash system that Satoshi Nakamoto imagined in Japan.

Possibility of discussion

The Bitcoin community has split up ways to tackle this issue. Some recommend increasing the average block size to accommodate more transactions, others suggest that the protocol does not include parts of the transaction to provide more information, suitable for the blockchain (BIP 91). More importantly, both options are sponsored and direct across.

Advocates of increasing the block size, such as Roger Ver, believe that in its current state, Bitcoin cannot be used as a medium for everyday transactions. The label states that if Bitcoin is unable to process transactions in the same way as Visa and other multinational credit card processing institutions, it will not be able to achieve the original purpose of electronic cash systems using equivalent devices.

Bitmain weight

After the world's largest maker of mining equipment and hardware enters a debate, building Bitcoin Cash is almost inevitable. Bitmain initially opposed SegWit and denied some of the advantages of its core miner, AsicBoost, as a mining source. The world's largest, Bitmain has an amazing power in the Bitcoin community.

Birth of Bitcoin Cash (BCH)

In the end, no consensus was made and the community was dissolved. This is why Bitcoin Cash was launched in July 2017. The new coin is the result of blockchain's hard fork. The original digital currency, Hard Fork, officially took place a month later in August 2017.

What is a hard fork?

There are two types of blockchain upgrades: hard forks and soft forks. The difference between the two is that hard fork requires miners to update nodes in order to communicate with the network. Sometimes some miners don't want to switch to a new coin protocol. When this happens, a Hard Fork is created and a new coin is generated.

Coin distribution

Bitcoin holders received the same amount of Bitcoin Cash during the launch. Users can use BCH at participating exchanges. The smartest approach is to mirror all of the $ 21 million Bitcoin Cash.

Complicated mood

Bitcoin Cash has experienced a variety of sensations in the market. The coin hit a high of 900 coins, thanks to the support of the mining industry and Bitmain, the coin gained great influence in this area. In December 2017, Bitcoin Cash hit a record high of $ 4,091.

The Beginning of the Hard Fork

In November 2018, Bitcoin Cash suffered a hard fork. In the hard fork, a community department was created and planned to integrate smart contracts into the blockchain and increase the average block size again. The resulting hard fork was created by Bitcoin Cash ABC (BCH. Bitcoin Cash SV (Satoshi Vision), later Bitcoin Cash SV has been run by cryptocurrency programmers for a long time and claims to belong to Satoshi Nakamoto and Craig Wright.

Consensus

Bitcoin Cash uses a proof-of-consent (PoC) mechanism similar to Bitcoin to accept new coins. Both Bitcoin and Bitcoin Cash combine a problem-modulation algorithm (DAA) to maintain block time consistency. Initially, both Bitcoin and Bitcoin Cash used the same DAA. However, in August 2017, Bitcoin Cash released an additional feature for DAA called Emergency Problem Adjustment Algorithm (EDA). This helped to increase the network's responsiveness.

Bitcoin Cash Mining (BCH)

Bitcoin Cash mining is as easy as mining Bitcoin. Fortunately, this coin is available in conjunction with cryptocurrency mining company Bitmain. Largest in the world In addition, the latest coin has modified the EDA algorithm. This makes it easier for miners to acquire BCH. It is also cheaper to obtain a biosecurity clearinghouse.

Bitcoin Cash (BCH) storage locations

There are several ways to safely store BCHs, the easiest and most convenient one is with a mobile wallet. Mobile wallet is free and you can access BCH when you want. Easy to use, you can send and receive BCH in seconds.

If you're a loyal investor or a planned HODL BCH, a hardware wallet is the right choice. Companies like Ledger have built mobile devices that protect encrypted connections. The only downside is that these wallets cost around $ 100 and up. That's a small price you pay for all the security you get with a machine wallet.

Bitcoin Cash-Patient Story

As for Bitcoinists in the market, Bitcoin Cash can be dropped just as easily as Bitcoin. However, as the token began to assess the changes, updates and community developments that it had received since its inception, this order collapsed. Become a fixed asset in the crypto community.

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