Generated, on August 1st 2017, the ideas on Bitcoin Cash, called BCH, were divided between those who considered it a simple ape of Bitcoin and those who instead a potential investment opportunity. The fact is that Bitcoin Cash immediately established itself among the most traded cryptocurrencies. Like all the others, it is a decentralized virtual currency, so it does not respond to a central bank and does not need intermediaries. However, it differs from BTC precisely because it solves some limits. After all, the developers who set up BCH criticized the original cryptocurrency for having lost its initial decentralization. In fact, the miners have set up monopolies (the so-called mining pools).
Daughter of Bitcoin, or better fork of BTC, its main difference lies in the fact that the latter supports blocks of 1 MB, Bitcoin Cash reaches 8 MB. An important break in terms of potential. Furthermore, BCH should boast greater security against replay and wipeout situations. Bitcoin Cash has its own futures market. Initially, those who owned bitcoin also owned bitcoin cash. And that was important in order to give it the initial momentum. Moreover, from the moment the split became final, the transactions remained the same from one currency to another.
The excellent performance of Bitcoin Cash in the first months of life is mainly due to the tempting 8 Mb block. After all, speeding up the blocks was the bone of contention that caused the split between the BTC developers at the end of July.
What is Bitcoin Cash really? Bitcoin Cash is a "hard fork" of the Bitcoin cryptocurrency. A project fork occurs when developers take a copy of the source code from a software package and begin independent development on it, creating a separate and distinct piece of software. So it is a new project. The term Fork not only indicates a development branch, but also a division in the developer community. What once would have been called "schism". In history, the best known schism is that between the Western Church (the Roman Catholic Apostolic Church) and the Eastern Church. Which gave birth to the Orthodox Church.
In the workplace or company, the fork is consumed when there are dissonances within a team of developers of a given project. And this is exactly what happened in the case of Bitcoin. Part of it did not agree with some technical specifications of the project, thus launching BCH on August 1st 2017. As mentioned, all the people who had Bitcoin, automatically also owned the same amount of Bitcoin Cash. For example, if you had 100 Bitcoin on July 30, on August 2 you had both 100 Bitcoin and 100 Bitcoin Cash. A strategic choice to allow you to better advertise BCH. Its developers wanted to speed up BTC transactions, still at 1 MB as it was when it was launched in 2009. On the other hand, there is also a more ideological reason, let's face it. The creators of BCH did not tolerate the fact that the first cryptocurrency, created precisely to make the monetary system democratic and decentralized, ended up having monopolies (the so-called mining pools) within it. In fact, these monopolies are able to grab 20% of the bitcoins in circulation. With the consequence of creating inequalities of economic and political power (1 btc 1 vote) within the Blockchain. In short, BTC ended up betraying its initial mission. With the consequence of creating inequalities of economic and political power (1 btc 1 vote) within the Blockchain. In short, BTC ended up betraying its initial mission. With the consequence of creating inequalities of economic and political power (1 btc 1 vote) within the Blockchain. In short, BTC ended up betraying its initial mission.
Its functions
Speed: Very fast transactions in minutes
Reliability: no congestion and no bottleneck effects occur in the Blockchain
Low commissions: ability to send money around the world by spending only a few cents
Ease of use
Stability: the system on which it rests is highly reliable
In my opinion I am not very convinced of the BCH crypto, but for many traders it is an advantage that it exists, they can take advantage of its very volatile price, earn a lot of money compared to other cryptocurrencies. There are not many developments like other coins but it still attracts many investors and its price goes up and down very quickly every time. I see it more as a speculative crypto rather than a better project that continues to develop and improve the platform.
What do you think about it? write a comment, your thoughts and what you think.
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