Hello guys, today I simple discusse about Bitcoin & Bitcoin cash
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Table of Contents:
The more transactions, the more problems
Bitcoin is the birth of cash
Bitcoin Cash vs. Bitcoin: The main difference
Buy, sell, and trade bitcoin cash
Bitcoin Cash Wallet
Bitcoin is a virtual currency (or cryptocurrency) that allows its users to send and receive funds directly to each other without any bank or other payment-processing intermediary to facilitate transactions. This peer-to-peer system is based on blockchain technology, which maintains a public ledger of all transferees on the bitcoin network, while preventing fraudulent activities such as double the cost.
Bitcoin is the most popular cryptocurrency in the world by a wide margin, but it is expanding exponentially, especially when it manages the scale and its rapid growth. Disagreements within the Bitcoin community over how to deal with these issues eventually led to a hard fork in the blockchain and the creation of a new single cryptocurrency called Bitcoin Cash.
More transactions, more problems
Bitcoin uses the Proof of Work (PoW) method to secure transactions on its network and subsequently adds it to the blockchain. When a transaction is first performed, it is grouped with others that still have a cryptographically secured block to be confirmed.
Computers are referred to as mines but use the processing power of their GPU or CPU cycles to solve complex mathematical problems. They do not pass the information of a block through the SAAA-56 algorithm until their combined strength invents a solution and solves the block.
After the solution, the block is added to the blockchain and all related transactions are verified and assumed to be fully processed at this stage. Mines that solve blocks are rewarded in bitcoin, with each individual receiving a unique amount based on each individual hashing.
The maximum size of the Bitcoin blockchain block is capped at 1 MB, limiting the number of scheduled transactions at any one time. As a result, those who have submitted exchanges are no longer waiting to be sure that their use of Bitcoin will continue as a spike.
Those who preferred to prioritize larger transaction fees, but the overall disadvantage was obvious. The average time to verify the legitimacy of bitcoin transactions has decreased significantly, a trend that is likely to continue.
Bitcoincash is the birth
The solution to this problem may seem simple at first glance - increasing the size of the block. This is not easy, although there are multiple high-impact and hazardous components when making such changes. While many members of the Bitcoin community are arguing for things to go as they go, others are clamoring for the biggest block.
In the end, the hard work of the blockchain was the path determined by the subsequent parties. The split marked Bitcoin Cash as an independent cryptocurrency on August 1, 2017. Fork owned the same amount of Bitcoin cash as those who held Bitcoin at the time of Fork.
All transactions that occur after block # 478558 on Bitcoin and Bitcoin Cash blockchains are part of completely separate parts and subsequently unrelated to each other. Bitcoin Cash is an alternative cryptocurrency, also known as AltoCain, which sets a unique code base, developing community and rules.
Bitcoin Cash vs. Bitcoin: The main difference
The differences between Bitcoin Cash and Bitcoin include:
The maximum block size of Bitcoin Cash is 8MB, the 1MB limit of Bitcoin, which is theoretically less than the transaction fee and fast confirmations.
Bitcoin cash transactions use an updated signature hashing (sighash) algorithm, treating their original bitcoin as invalid in the blockchain and preventing re-attack.
Opposed to Bitcoin's main development team, Bitcoin Cash is run by multiple independent groups of programmers to decentralize software implementation.
The Emergency Crisis Coordination (EDA) is designed to allow miners to migrate to the Bitcoin cash network and provide protection against sudden declines in hash rates.
Buy, sell, and trade bitcoin cash
Bitcoin cash can be bought, sold and traded for a fit currency like the US dollar or other cryptocurrencies, including Bitcoin itself, many popular exchanges such as Coinbase, Bitrex, Kraken and CEX.IO. A.
Bitcoin Cash Wallet
Bitcoin cash, like Bitcoin, Lightkin, Featherkin and other cryptocurrencies, can be stored in digital wallet software or in a physical hardware vault - both protected by a private key. You can also choose to store your Bitcoin cash offline in a paper wallet, but this method is only recommended for advanced users.
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Awesome, thanks for more enlightenment