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What is Bitcoin Cash (BCH) *Edited*

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Written by   281
2 months ago

What is Bitcoin Cash and why was it created?

Bitcoin cash was launched on August 1, 2017. It is a hard fork of Bitcoin. It was created because developers could not agree on certain problems that were happening to the Bitcoin Blockchain. The problems came from the fact that Bitcoin was growing faster than expected and the Blockchain could not handle the speed it was growing. On July 21 2007 Bitcoin miners created a software upgrade known as the Bitcoin Improvement Proposal (BIP). This would enable second-layer solutions on the blockchain such as the Lightning Network. A big difference between miners was over the running of nodes. Large block supporters wanted to make it so only private companies, non-profits, and universities could operate nodes. This was not acceptable to a large amount of Bitcoin supporters. Bitcoin supporters wanted blocks to stay small so nodes could be operated with fewer resources. This would be the main reason BCH was created.

*Edit* - I had some of my information wrong above.

BTC developers wanted to artificially restrict that growth by keeping the blocksize very limited. This is what caused the resulting problems (congestion, high fees, loss of marketshare). Of course we knew it was a strategy to push people towards solutions marketed by Blockstream, who employed some high level Bitcoin Core developers. Solutions like Liquid sidechain and the Lightning Network. The big problem, from what we could see, was re-introduction of intermediaries and negative impacts on adoption and growth of BTC due to these unproven and less popular solutions.

Bitcoin Cash is decentralized and permissionless. It is an open network that allows people to connect with each other without intrusion.

Bitcoin Cash was first named Bitcoin ABC under the first implementation. Mining pool ViaBTC suggested the name Bitcoin Cash.

*Edit* - When BCH was created there were already 4 implementations that supported the network:

Bitcoin ABC

Bitcoin Unlimited

Bitcoin Classic

Bitcoin XT

Bitcoin Cash (BCH) is built on the same blockchain as Bitcoin. Some people say it is an upgrade to Bitcoin and some people think it is a spin-off and not worth the time.

Bitcoin cash is a step up from Bitcoin when it comes to TPS (Transactions per second). Bitcoin can only achieve 7 TPS which is slow compared to other Blockchain projects. Bitcoin Cash has been made to be faster than Bitcoin which is why some people think it is an upgraded version of Bitcoin. Bitcoin cash can achieve 116 TPS. This is almost 16X the speed of Bitcoin.

There are multiple wallets and exchanges where you can buy, sell, and exchange Bitcoin Cash.

Coinbase

Coinbase Wallet

Coinomi

Kucoin

Uphold

What is SmartBCH?

Another thing that has come along with Bitcoin Cash is SmartBCH. This is a way for Bitcoin Cash to get into the Defi World. This is a side chain of Bitcoin Cash. It is compatible with Ethereum's EVM and Web3 API and provides high throughput for DApps in a fast, secure, and decentralized manner.

There is no ICO and no smartBCH Coin. Smart Bitcoin Cash will not introduce new tokens. Its native token is BCH, and its gas fees are paid in BCH. - Source

Conclusion

Bitcoin Cash has a lot more to it than Bitcoin does. It is fast and also has ways to implement BCH into dApps.

There also are two amazing social Blockchain projects that use this Blockchain to connect and reward people for interacting and posting.

noise.app - This link is only good for 25 people and only lasts 7 days so if you have problems signing up just leave a comment and I will send another link. 

read.cash

Bitcoin Cash has a bright future and I do not see it going anywhere any time soon. You need to be careful what projects you invest in, but I think as long as Bitcoin is around then BCH is not going anywhere.

Bitcoin is said to be a store of value while Bitcoin Cash is meant to be spent.

What do you think the future holds for Bitcoin Cash?

Check out my website for more ways to learn, earn, and invest in Crypto.

Hatty's Shack

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Comments

Bitcoin Cash has a lot more to it than Bitcoin does. It is fast and also has ways to implement BCH into dApps. Your right here

$ 0.01
2 months ago

I think the article contains a lot of wrong information, at least in the beginning.

Here's some examples:

The problems came from the fact that Bitcoin was growing faster than expected and the Blockchain could not handle the speed it was growing.

No, the problems came not from growth, but from the fact that BTC developers wanted to artificially restrict that growth by keeping the blocksize very limited. This is what caused the resulting problems (congestion, high fees, loss of marketshare). Of course we knew it was a strategy to push people towards solutions marketed by Blockstream, who employed some high level Bitcoin Core developers. Solutions like Liquid sidechain and the Lightning Network. The big problem, from what we could see, was re-introduction of intermediaries and negative impacts on adoption and growth of BTC due to these unproven and less popular solutions.

Large block supporters wanted to make it so only private companies, non-profits, and universities could operate nodes

This is a straight untruth.

It seems you have an alternate agenda with this article.

Bitcoin supporters wanted blocks to stay small so nodes could be operated with fewer resources. This would be the main reason BCH was created.

This is also bullshit. As I explained the reasons in my comments above.

Bitcoin Cash was first named Bitcoin ABC under the first implementation.

You're confusing the protocol/network ("Bitcoin Cash") with an implementation.

When BCH was created there were already 4 implementations that supported the network:

  • Bitcoin ABC
  • Bitcoin Unlimited
  • Bitcoin Classic
  • Bitcoin XT

I know, many people cannot understand the difference between a protocol and a node implementation.

Bitcoin Cash has a bright future and I do not see it going anywhere any time soon. You need to be careful what projects you invest in, but I think as long as Bitcoin is around then BCH is not going anywhere.

You must mean "BCH is not going away".

Your words as written have the opposite meaning to 'bright future'.

$ 0.50
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2 months ago

It seems you have an alternate agenda with this article.

Small details (small Blockstream lies) that a beginner will not detect immediately, but still they remain. However, all these small mistakes (or lies) make a huge difference.

I doubt this person had an agenda but is misinformed about Bitcoin Cash and the scaling debate among other things. He is just following the mainstream bs out there. I've read similar fallacies by other writers on many platforms.

My recommendation to everyone is to read the whitepaper. Once again, if they already did, as probably they missed the point.

$ 0.05
2 months ago

Thanks, Pantera. I thought I did a good amount of research and what I researched was the truth. I guess I need to do a little more research. I am still learning and I am trying to help other people learn as I learn. I must have gotten that information from a bad source. I try my best to help people understand Crypto even though I am still learning all of this as I go. I am in no way trying to give people bad information or have some secret agenda (whatever the hell that means). I will do my best to read the whitepaper and understand it and put it in my own words but sometimes that can be tough. I like to think I am at least a little smart but I still have trouble understanding a good amount of all of this. This is why I try to make it so people can understand what it is and how it came to be in a simple and easy way. I will do better in my future articles. Thanks for having my back.

$ 0.01
2 months ago

I appreciate the feedback. I apologize for getting the information wrong. I was trying to make this understandable for everyone and must have gotten my information from a bad source. I try to do my best when I research. I am in no way trying to misinform anyone. I am trying to actually inform people. I try to make my articles simple and easy to understand so everyone can get an idea of what every project is about.

I appreciate your commenting and letting everyone know what I was trying to say. I will start reading the whitepaper but normally these are extremely long and can not be understood by the normal person. This is why I read information online that is a little easier to understand so I can then try to explain these projects to people who do not really understand blockchain technology. I will be more diligent in my research though.

I think if you would take the time to read my other articles you will see that I am a small writer just trying to inform everyone about ways to earn and learn Crypto. I am in no way trying to misinform people or have some secret agenda. I apologize for getting the information wrong. I wrote it in the way I understood it. This is the problem with Crypto. It is hard for people to understand. I thought I knew a good amount about it but I apparently do not. My goal is to help people understand. I might get some information wrong but this is why there is a comment section. Instead of coming at me like I have some secret agenda how about working with me and letting me know the things I said were wrong and not acting as if I did it on purpose. We are all supposed to be helping each other not coming at each other sideways.

$ 0.06
2 months ago

Nice write up =)

$ 0.05
2 months ago

Thanks, Patch! I am trying my best to write about each Blockchain but I guess I misunderstood a little about why the fork happened and made someone a little upset. I am trying my best though.

$ 0.05
2 months ago

Hey if we were perfect from the start then this would serve no point. I think you and me write posts in a similar way. I write about things I find interesting or things I am learning about.

And for me that means a few mistakes here and there. But if someone point them out then I can learn from then, and if I think they are very big I will change them. I had one of those in my recent post about a house representative. When I read about it they called him a senator, so I did too. But apparently, he was not. And there I went back and changed the text. But I also noticed I failed to change the thumbnail. Cant win them all ^^

$ 0.00
2 months ago

I think the same thing. I went and put some edits to this article to fix what I wrote wrong. I made a video for this too and posted it on other places so it would be almost impossible to fix them all. At least if they come to the original article it is fixed and the right information is there. I appreciate how the person fixed what I said I just did not like the way they did it. I am always happy for constructive criticism. I will learn from my mistakes and now I realize I need to look at more than just one or two websites for my information. Thanks, Patch.

$ 0.00
2 months ago

I agree with you there. Giving criticism is just as important of a skill as being able to take it is. And it looked like they need to spend some more XP on that skill. =)

$ 0.00
2 months ago