Bitcoincash

Introduction

Behind Bitcoin

Blockchain technology has been explained

How to avoid being scammed

Where to buy or sell

Other cryptocurrency examples

Bitcoin cash

Litecoin

Peercoin

Feathercoin

Cryptocurrency mine

An apprentice guide to cryptocurrency mining

What is a 'recognized share'?

How You Can Lose Cryptocoins While Mining



Biscuit Oregon

Scott Oregera has been a technology journalist since 2007. He has 25+ years of experience as a programmer and QA leader and several certifications from Microsoft.

Bitcoin is a virtual currency (or cryptocurrency) that allows its users to send and receive funds directly to each other without the need for a bank or other payment-processing intermediary to facilitate transactions. This peer-to-peer system is based on blockchain technology, which prevents fraudulent activity such as double-spending and maintains a public record of all transfers to the bitcoin network.

Bitcoin is the world’s most popular cryptocurrency by a wide margin, but it has faced significant challenges as it continues to expand, especially when it comes to managing scalability and its rapid growth. Disagreements within the Bitcoin community over how to address these issues eventually led to a tough fork in its blockchain and the creation of a new standalone cryptocurrency called Bitcoin Cash.

The more transactions, the more problems

Bitcoin uses the Proof-Work (POW) method to secure transactions on its network and then adds them to the blockchain. When a transaction first occurs it is grouped with others that have not yet been confirmed in any cryptographically secure block.

Computers known as minerals then use the processing power of their GPU or CPU cycle to solve complex mathematical problems. They pass the data of a block through the SHA-256 algorithm until their combined power discovers a solution and solves the block.

Once resolved, the block is attached to the blockchain and all transactions related to it become valid and are considered fully processed at that time. The miners who solved this block are rewarded in bitcoin, with the amount varied based on each individual hashing power.

The maximum size of a block in a Bitcoin blockchain is capped at 1 MB, limiting the number of transactions that can be confirmed at any given time. As a result, people who submitted transactions continued to use Bitcoin as a spike as they waited longer to be sure.

Those who preferred to pay a larger transaction fee preferred, but overall the barrier was clear. The average time to verify the validity of a bitcoin transaction has been significantly reduced, a trend that is likely to continue.

Bitcoin is the birth of cash

The solution to this problem may seem simple at first glance - increase the size of the block. It’s not that simple, though there are multiple high-impact fires and cons to make such a change. Many members of the Bitcoin community argued in favor of giving up things, while others prayed for a larger maximum block.

Until the end, the hard work of the blockchain was the way to be decided by the next parties. This split occurred on August 1, 2017, marking Bitcoin cash as an independent cryptocurrency. Those who held Bitcoin during the fork had the same amount of Bitcoin cash.

All transactions occurring after block # 478558 in Bitcoin and Bitcoin cash blockchains, however, are part of a completely separate entity and have no relationship to each other. Bitcoin Cash is an alternative cryptocurrency, also known as a wellcoin, featuring a unique code base, developing community and set of 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, as opposed to the 1MB limit of Bitcoin, which theoretically results in lower transaction fees and faster confirmation.

Bitcoin cash transactions use an updated signature hashing (sighash) algorithm, making them invalid in the original bitcoin blockchain and preventing attacks from playing again.

In contrast to Bitcoin’s core development team, Bitcoin Cash maintains software implementation by multiple individual group programmers to decentralize.

The Emergency Difficulty Adjustment (EDA) is designed to encourage miners to migrate to the Bitcoin cash network and provide protection from sudden fluctuations in hash rates.

Buying, selling and rading bitcoin cash

Bitcoin Cash can be bought, sold and traded on popular popular exchanges such as the US Dollar or other cryptocurrencies including Bitcoin such as Coinbase, Bitrex, Kraken and CX.IO currency

Bitcoin cash wallet

Bitcoin cash, like Bitcoin, Litcoin, Feathercoin and other cryptocurrencies, can be stored in digital wallet software or a physical hardware wallet - both protected by a private key. You can choose to store your Bitcoin cash offline in a paper wallet, but this method is only recommended for advanced users.

For a list of suggested Bitcoin cash wallets, visit BitcoinCash.org

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