What is Bitcoin Cash (BCH)
According to the Bitcoin Cash whitepaper, BCH is a peer-to-peer (P2P) cryptocurrency for the internet that is completely decentralized. It works without the intermediary of a financial institution.
In fact, the definition of Bitcoin Cash is completely analogous to Bitcoin.
BCH coin reason
While discussing this issue, we need to look a little bit back at bitcoin. Bitcoin faced a number of controversial issues in the community, especially block sizes, almost eight years after its launch.
Specifically, Bitcoin's block size is limited to 1MB. This significantly increases the processing time of transactions and limits the number of transactions that the network can process.
After a long lingering conflict, a group in the community led by Roger Ver and Jihan Wu decided to hard fork to create new coins besides Bitcoin. Out of step with the times".
This new coin has an initial block size of 8 MP. Currently, the BCH block size has been increased to 32MP.
This helps the network to process more transactions and allows it to compete with financial industry giants such as PayPal and Visa.
Some changes have been made to the Bitcoin Cash platform. However, these changes will later become a stepping stone to the competition with Bitcoin.
Increase block size limit
By providing anti-replay and deletion features, the Bitcoin and Bitcoin Cash chains are completely independent in every way.
Proof of work difficulty setting is faster in Bitcoin Cash than in Bitcoin.
Signing a new deal.
Is Bitcoin Cash cheaper than Bitcoin transaction fees?
The answer is yes. However, this only happened at the beginning of the Bitcoin Cash launch. Why is this?
At the end of 2017, bitcoin users were required to pay an average of $ 28 per bitcoin transfer. At the same time, Bitcoin Cash users and users pay 99.56% less than equivalent transactions on the Bitcoin network.
But that changed a lot in 2018 when transactions of less than $ 100 million reach hundreds of millions of dollars.
Hard fork without referendum
Hard forks or monetary protocol updates should be polled. However, the Bitcoin Cash hard fork is not.
Implementing some upgrades / forks makes BCH more competitive compared to bitcoin and prevents miners from abusing BCH if the difficulty decreases or increases.
However, you need to consult with the community and the BCH development team is rarely implemented. In fact, only three people make the decision. These are Roger Ver, Jihan Wu and Daedalus Nyx.
The total number of “all nodes” is much less than that of Bitcoin
Since Bitcoin operates about 10,000 full nodes, this is the most important factor that makes Bitcoin a decentralized cryptocurrency.
For hackers to attack 51% of the Bitcoin network, they need to control over 10,000% of the 50 running nodes around the world.
Meanwhile, according to Coin, Bitcoin Cash only has about 1,200 full nodes.
Bitcoin Cash, Bitcoin ABC and Bitcoin SV
You've probably all heard the above names. You don't know what Bitcoin ABC is, but you probably know Bitcoin SV.
Before the advent of BitcoinCash, there was a heated debate within Bitcoin. This led to a hard fork with the advent of BitcoinCash.
Likewise, after months of intense debate within the company, Bitcoin Cash decided to hard fork in November 2018.
As a result, BitcoinCash is split into two camps. One of them supporting the previous direction is Bitcoin Cash ABC and the other is BSV (Bitcoin Vision).
Currently, the term Bitcoin Cash (BCH) stands for Bitcoin Cash ABC. Some exchanges, such as Bittrex, still retain the BCH symbol, while some exchanges, such as Binance, are changing their name to the new BCHABC code.
And Bitcoin SV (BSV) is no longer Bitcoin Cash. Please note that if you send BCH to your BSV wallet, it will be considered missing.
Is BCH worth investing in?
The investment sector is a potentially dangerous area, especially in the cryptocurrency market. So you decide for yourself whether to invest or not.
Therefore, please take the time to study price fluctuations, the development of the Bitcoin Cash community, etc., to make your decision.
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