When a Blockchain is split into two forks, it is called as a fork in the Cryptocurrency fraternity. That way on Aug 1st, 2017, the fork of classic Bitcoin was created known as the Bitcoin Cash. It helps to increase the size of a block hence letting the processing of many numbers of transactions.
Brief History
Regarding scalability, Bitcoin was always sitting in the hot seat from the day it was launched. Notably, during 2010, the size of the blocks was set to 1000 bytes also referred as 1 megabyte. It created a worry that it will slow down the transaction-processing time. This, in turn, will limit the potential of the currency. This is a concerning factor at the time of its peaking business.
Bitcoin code had imposed a limit to stay free from the spam attacks when Bitcoin market was low. Later, the size increased, and by 2015, this created a situation in which the transaction time got delayed due to the addition of blocks, and it reached the capacity.
Several proposals were made in due course of time, and the prime focus was on the block size. There was no central management in the Bitcoin code, and hence consent of both the miners and developers were required for making any change. This further led to delay in the processing of the proposals. As a result, groups started creating a blockchain ledger with a current standard and named it as FORK.
To name a few forks like Bitcoin Unlimited and Bitcoin XT was not much accepted by the audience and hence the Bitcoin Cash came into light during August this year. Thus, it is a fork of Bitcoin Classic.
Difference Between Bitcoin Cash and Bitcoin Classic
The block size increased to 8MB from 1MB. It removed the Segregated Witness (SegWit), which is a proposed code adjustment developed to free up block space. The block space can be freed up by removing some part of the transaction. Bitcoin Cash aimed at increasing the processing speed and hence make more purchase than before.
Bitcoin cash is expected to compete with Visa and PayPal. It is considered to be carrying out transactions in volume in line with increasing the block size and improving the speed.
The computer power plays a significant role in processing larger blocks. This will lead to pricing out of the smaller miners. It is indeed a cause for concern. Moreover, it is a worry among the fork opponents that there will be a threat to the great consensus-driven approach in the Bitcoin classic world.
Future With Bitcoin Cash
Bitcoin cash will develop long enough by enticing companies and individuals to make use of the new digital currency. It is managing to build substantial interest to reach a critical mass.
After reaching that point, it will become successful and will prompt others to create an alternative to their respective coins.
Thus, Bitcoin Cash will arrest the issue of scalability by increasing the size of blocks when compared to classic bitcoins.
Why do some people call Bitcoin Cash “Bcash”?
There are some who oppose the existence of Bitcoin Cash for personal reasons and wish to undermine it as a viable alternative to Bitcoin. Instead of offering a technical or economic critique of Bitcoin Cash these people refer to Bitcoin Cash as “bcash” on social media in hopes that this nickname will lead to confusion and diminish adoption rates.
If your wallet or exchange uses the term “bcash” they are likely referring to Bitcoin Cash; but, it should be noted that “bcash” is not the proper name, nor a commonly used abbreviation of Bitcoin Cash, and is a hostile attempt to confuse users. It would be best to proceed with caution when dealing with anyone who would use the term “bcash” instead of the currency’s actual name, Bitcoin Cash.
Should I use Bitcoin Cash?
Whether you decide to use Bitcoin Cash or not is entirely up to you. While Bitcoin currently has a larger network and supporting infrastructure, many are dismayed by the ever-increasing fees and long transaction times.
Bitcoin Cash offers lower fees and a more reliable rate of transaction than Bitcoin.
In terms of development, most of the code for Bitcoin Cash is the exact same as Bitcoin’s. This makes developing software or altering existing software to support Bitcoin Cash quite simple.
Related topic:
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Bitcoin story: https://read.cash/@Jeth-jeth/bitcoin-story-1379311c
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