The bitcoin divided since the time of their launch. There are those who consider them an extraordinary innovation and those who see them as absolute evil. Today we can say that the truth lies somewhere in between. Satoshi Nakamoto's invention has peculiarities that make it an innovative platform, but also gaps that block its final launch. To say that cryptocurrency is not a "perfect machine" are the same miners who work there . This is how the birth of Bitcoin Cash is explained.
Today I will be talking about a hard fork of the most famous bitcoin.
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What is Bitcoin Cash
How Bitcoin Cash Works and it Main Features
How to Invest & buy Bitcoin Cash
What is Bitcoin Cash
To understand how Bitcoin Cash comes to life, it is first necessary to explain what a hard for k is. This occurs when a software development team takes the source code of a given software and begins to independently develop its version, creating a derivative of it, but with specific distinct and separate properties.
The Bitcoin hard fork that gave life to the Cash version began on July 20, 2017 , when the miners community voted in favor of the Bitcoin improvement proposal called BIP 91. The initiative was put forward by James Hilliard, the guarantee assistant of Bitmain (a Chinese company specializing in the production of hardware to generate cryptocurrencies), which intended to activate the Segregated Witness algorithm for Bitcoin .
What is it about? We are talking about a protocol able to mitigate the size limit problem of the blockchain, and, consequently, increase the speed of transactions . The so-called SegWit divides the transaction into 2 segments , removing the unlock signature (“witness” data) from the original portion and adding it to the bottom as a separate structure. The motion passed with 97% of the vote. The remaining 3% gave rise to a hard fork from which Bitcoin Cash was born, on 1 August 2017. The "rebels", in fact, believed that it made no sense to switch to SegWit without increasing the block size limit to a number of megabyte higher than 1. The big difference between the two versions of the cryptocurrency lies precisely in the size of the blocks.
How Bitcoin Cash Works and it Main Features
The main feature of Bitcoin Cash is that it has an 8 megabyte block which makes it incompatible with the bitcoin blockchain (which cannot exceed 1 MB). This translates into a greater speed and security of transactions which, in turn, favors the flow of exchanges, but also a wider democratization.
The basic idea of the new version is, in fact, to avoid the so-called "mining monopoly" which, precisely because of the slowness and complexity of the transactions, risked creating a sort of "oligarchy" also in terms of votes inside the Blockchain. According to the "law of Bitcoin" in fact, every miners who owns a bitcoin has the right to one vote. It has been calculated, however, that the miners have managed to grab almost 20% of the cryptocurrency in circulation, precisely because of the "stunted system" of the Blockchain.
It must be said that the Cash version inherited the Bitcoin transaction history before the split, but subsequent transactions (after the fork) then became separate
How to invest and buy Bitcoin Cash
As for the cryptocurrency, initially, those who owned Bitcoin, also received its Cash version "as a gift" with the hard fork. This was key to the launch of the new currency. Just like the "parent company", Bitcoin Cash has also placed a ceiling of 21,000,000 in terms of circulating currency. Bitcoin Cash currently has an exchange rate of $ 1,464.
To be able to purchase the cryptocurrency, it is first necessary to open a wallet independent from the one in which the bitcoins are housed. Secondly, you will have to rely on an exchange service to exchange your money or cryptocurrency with the new cryptocurrency. It must be said that, initially, their are quite dosen of exchanges that had decided to support BCH or Kraken and Bitfinex. Now the number has increased, but some skepticism about him remains.
As for investments, the best way to earn with Bitcoin Cash are CFDs, or contracts for difference. In this case, indirect trading is carried out, focusing not on the purchase of the cryptocurrency, but by making a forecast of an increase (long contract) or a decrease (short contract) of its value. This type of trading also allows you to make a profit if there is a decline in value. The important thing in this type of operation is to predict the exact evolution of the asset, in order to have a constant profit, as you continue in the expected direction.
Investing in Bitcoin Cash could be convenient in the medium term because, the current version solves many problems of the "parent company" and, if it keeps its promises, it could attract numerous investors. Furthermore, cryptocurrency can be traded all over the world not only quite quickly, but also in cost-effective terms. However, we must be careful not to get caught up in enthusiasm. Its relative "youth" makes it an asset with an undefined future.
Thank for Reading
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