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To understand what bitcoin cash is, you need to know its basic definition. The official site designates Bitcoin Cash as a peer-to-peer electronic standard for use on the Internet. These virtual funds are decentralized and not tied to the central bank. Also, you don’t have to work with people you trust. Simply put, the existence of a given currency depends on a large number of transactions. We have already considered this in one of the articles on our site.
Simply put, after looking at what Bitcoin is for cash, one can understand why this cryptocurrency was created. To list bitcoins (buy or accept them through mining) you must have a wallet and each activity is confirmed by the user. Confirmed transaction information is added to the blockchain. In this method, the system is decentralized. Data cannot be forged by fraudsters, as it is stored on many computers. Therefore, the currency cannot be controlled by any of the government agencies.
The developers introduced a restriction that allows one block to be added to the blockchain every 10 minutes, up to 1 MB in size. Thus, the system was protected from DDoS attacks. However, the popularity of Bitcoin has increased and the payment time has increased significantly, leading to user complaints. To solve this problem, the developers started using a new protocol for the Seguit 2X blockchain, which increased the block size by 2 MB.
The successful Bitcoin hard fork allowed the emergence of a new cryptocurrency - Bitcoin Cash, created by American programmer Amery Setchet. To understand what Bitcoin cash is, you need to understand that it is practically no different from traditional cryptocurrencies. However, the limit for adding new data was immediately increased to 8 MB, which led to the popularity of this kind of electronic money.
If you want to know what Bitcoin is for cash, what kind of currency it is and what it is for, it is important to understand how to deal with this type of money. To receive these funds, you need to have Bitcoin in your wallet or on an exchange that works with new currencies. If you have Bitcoin in your wallet during currency splitting, they are doubled and you can use BTC and BCC separately from each other. For BCC presence, if funds are stored in a virtual wallet, you need to enter the key in one of the bitcoin wallets that works with bitcoin cash. You should find a list of exchanges and wallets that support Bitcoin cash for convenient work with such funds.
Stock Markets Group - The course of the most popular cryptocurrency has not arrived in the spring in very good shape, however, you can take stock of Bitcoin's winter fall and consider the economic and political component with which the cryptocurrency will move further.
The most important thing for Bitcoin is the end of the correction. Of course, the price will continue to fluctuate further in the range of 6,000 - $ 7,000, but today it is already clear that it will be difficult to go below the cryptocurrency.
Politics still plays an important role in cryptocurrencies, so more dynamics will depend on it. Here are some important things to keep in mind when it comes to summer.
Officials are no longer afraid of Bitcoin ... If you remember before, the sound of any information around the cryptocurrency market caused a strong reaction among officials.
The big politicians started talking about the risks to the global economy that the financial system would collapse and eventually Bitcoin should be banned at the political level. Today the situation is light, and many politicians are in favor of cryptocurrencies through legalization.
The number of digital coin bans has dropped significantly. China and South Korea put heavy pressure on Bitcoin just two months ago.
The cryptocurrency market has changed as a result of the emergence of information on sanctions imposed by the authorities of these countries for almost half a year.
Many exchanges went to other countries, mining firms also left the territory of China and South Korea due to persecution.
The biggest thing, however, is that as a result of this change, Bitcoin and other cryptocurrencies have become less sensitive to being banned and the authorities in these countries have stopped pushing the market.
Bitcoin has become a major issue in political life ... The recent G20 summit in Argentina has shown the interest of world political elites in the development of the cryptocurrency market and the existence of Bitcoin.
Blockchain has become one of the main topics of discussion, and has forced officials to go through negotiations, not for future bans.
Many countries are already sharing their experiences and trying to develop common rules and guidelines for solving the problem of legalizing bitcoin and cryptocurrency.
Political elements have become more loyal to digital resources, which will support prices in the future.
There have been some changes in the economic aspect as well and they are more progressive than politics.
Regulators have learned to see the problem on a larger scale. Commercial banks and central banks have recently been aggressive in developing crypto markets.
We believe this was partly due to the lack of complete information about Bitcoin and digital assets. In recent months, a lot of work and investigations have been conducted, which has resulted in the revelation of the first criminal case related to cryptocurrency.
This will have a positive impact on the future development of the crypto industry as it will help protect investments. Regulators have moved from sanctions to hard work and important work.
Commercial banks have seen gains in Bitcoin. Many large monopolies have recently opposed the cryptocurrency market and condemned its legalization.
This was probably due to a lack of management to control the digital market, which prevented banks and financial institutions from working legally with Bitcoin and its derivatives.
Today the situation has changed and many commercial structures want to participate in the development of cryptocurrencies and create new tools and trading platforms for monetization.
Some countries are ready to nationalize cryptocurrencies. As you know, Venezuela was the first to take part in this experiment by publishing the first national cryptocurrency, Petro.
Successful ICO makes other countries think about the same move. For central banks, nationalization is one of the ways to control the issuance of digital coins, which is considered one of the main problems for regulators today.
The economic component has also changed for the better in recent months and gives us the opportunity to look forward to the digital asset market.
We believe that during active sales, Bitcoin has moved from the category of pure speculative assets to investment instruments.
There is not enough optimism in the market right now for the rapid development of the original cryptocurrency, but the situation is understandable enough for the big players, which is already very good.
In our opinion, the end of a strong corrective collapse combined with the political and economic maturity of the cryptocurrency market is a good time to recover the growth of Bitcoin in the future.
Stock Markets Group 7
Cryptocurrency is governed by a set of rules and anyone who uses them agrees to these rules. This is called "reduction" or "continuity". If you do not agree with these rules, you can "break" a sens reduction called "hard split" or hard fork. This means you are creating your own currency. Discipline is preserved, but after a cryptocurrency splits into two, all transactions are already running separately.
Bitcoin Cash is a decentralized cryptocurrency, a hard fork The offsuit sh fork of the classic version of Bitcoin happened on August 1, 2017. Bitcoin Cash is an improvement and expansion with updated rules for the use of Bitcoin that allow it to scale and expand.
Bitcoin is now the dominant cryptocurrency and it is the gold standard in the world of cryptocurrency. Every time you look at Bitcoin, you will see the heart of most cryptocurrencies. But now there is a problem with the classic bitcoin due to the size of the data block in the transaction. Currently, the maximum data block size is 1 MB.
All transactions on the classic Bitcoin network are limited to this size and due to the growing popularity of Bitcoin it is now becoming a problem, as the number of transactions increases and queues appear periodically. To speed up the processing of transactions, you can allocate a higher commission if the user wants to speed up his payments, which makes Bitcoin quite expensive, especially for micropayments.
Two ways to solve this problem are suggested:
Removing the 1MB limit even if the transaction fee is reduced, which will remove the queue and increase the profits of the miners. Opponents of the decision believe that lifting the time constraint will increase the power requirement of the mine, small minerals will not be able to support the network, and all calculations will go to several of the largest miners. Such a decision could lead to centralization of the system, which contradicts its original purpose.
Storing parts of information outside the blockchain in separate files. This will free up space and allow more transactions to be placed on this block. This is the so-called Segvit - (split witness). Opponents of this path believe that it is only a temporary solution that will complicate processing and re-create queues as the number of transactions increases in the future, but will also be complicated by the new Segwit algorithm.
Classic Bitcoin now processes 3 transactions per second, which is much slower than the processing speed of transactions in cryptocurrencies such as Ripple, Dash, Litcoin with Visa, MasterCard transaction speeds. Will be able to go which can move Bitcoin away from the first place.
Also in Bitcoin Cash, users who own Classic Bitcoin and receive Bitcoin cash coins in their accounts, a process called “Replay and WiPout Protection” was introduced to protect them. Bitcoin Cash uses a new signature hashing algorithm with a new Saigas_forkid flag. New signature hashes are not valid in the old bitcoin algorithm. This prevents duplication and deletion of classic Bitcoin and in contrast Bitcoin cash transactions.
Another innovation in Bitcoin cash is the difficulty of mining with the hash rate and the addition of miners to the network. The difficulty of mining will increase or decrease depending on the number of mines and their processing power.
Everyone who owned classic Bitcoin at the time of the breakup became the owner of Bitcoin Cash. This means that all bitcoin holders in the 478558 block (August 1, 2017 around 13:16 UTC) have the same amount of bitcoin cash as the classic bitcoin.
If your wallet is stored with a third party, for example on an exchange, the exchange will automatically create the same amount of BCH / BCC wallet for you in BTC, or you need to do it manually in the wallet settings. If there is no automatic translation and there is no way to transfer to settings, you will need to request transfer from Exchange through technical support.
If your bitcoins are stored in your personal wallet, you should split them yourself. This method is somewhat different for different wallets. Some wallet managers have the option to split existing BTC wallets. You need to complete this and then transfer the entire amount from BTC Wallet to BCH / BCC Wallet.
Another option is through key exports. We export keys from the original wallet. We download the client for Bitcoin cash, import the keys here and the same amount appears in the new BCH / BCC wallet at regular BTC.
All transactions that take place after Bitcoin is split into cash are now performed separately. Bitcoin is not cash and vice versa among the classic bitcoins that were acquired after the split.
The profitability of bitcoin cash mining varies compared to classic bitcoin and depends on the price of bitcoin cash. In some cases, the cost of bitcoin cash mining was 234% more profitable than regular bitcoin mining. Miners have begun to transfer their energy to mining a new currency, resulting in a rapid increase in complexity and the value of bitcoin cash and the profitability of classic Bitcoin mining will increase with a certain ratio of mining complexity, but the situation is constantly changing. Some mining pools offer their users a service to automatically convert mining to more profitable cryptocurrencies.
Classic Bitcoin charges a transaction fee of more than 1.5 BTC (approximately 1.5 to 6,000) per block. In comparison to this, the transaction fee for Bitcoin cash is very low, about 50 per block.
Bitcoin cash mining is conducted using the same algorithm as the classic bitcoin mining. For mining, you can use a video card or ASIC device.
So far, in the long run, Bitcoin cash possibilities are limited due to the relatively small size of the community supporting the new blockchain. But there is certainly interest in the new cryptocurrency, as evidenced by its price, which has risen 115% in a week. High volatility is certainly present because the currency is inherently new and takes some time to add, verify and increase diggers in the network.
One would think that the emotions would subside for some time and further discussion would continue in a more constructive manner. However, the event served as an excuse for the key players to release their cards and the battle for the "real bitcoin" had already begun in public.
At the time of SegWit2x’s existence, teams and their positions were not yet clearly formed - they had lots of “moderate” and simply random supporters. Propaganda opponents like “Users vs. Minerals” or “America vs. China” are nothing more than clichs, as both camps have representatives from different groups in their respective countries.
The New York Treaty fell apart because it was not united by a common notion of inconsistency of action and the division of its ordinary members. Now all the ultimate opposition to the Bitcoin Core course has come together around the Bitcoin cash blockchain formed as a result of the August 1 hard fork. However, they have lost the most powerful and respected players in the community, such as BitPay, Coinbase, Blockchain, Japao, Shapshift and others, who could have played a decisive role in the success of the hard fork, but have now come back and seen the wait and perspective.
Opponents now have only one solution left - an open conflict, largely against the developers of the Bitcoin core and the disrespectful Segvit and Lightning network technology they are promoting. The “broad masses” of the community have not yet had the time and opportunity to speak. So, it would be most appropriate to tie the parties to the conflict with these names: Bitcoin Core (the "original" Bitcoin, which opponents have already dubbed Legacy Bitcoin) and Bitcoin Cash.
The base was delivered at the most appropriate moment and so surprised everyone was caught and effective