@lucas
edited
more from that month
The (Shortened) Tale of Bitcoin Cash
Bitcoin was, as we can see from the whitepaper, intended to be a digital peer-to-peer currency used for daily transactions. As its popularity grew and price surged, the blockchain experienced scalability issues. Transaction fees and time required for sending BTC went up. BTC was becoming more an investment vehicle than everyday currency.
On a surface level, this situation was caused by the maximum block size limit. Each block contains a number of transactions and is limited in megabytes of space - 1 MB. Proponents of the main BTC fork, including large pools and companies making up 80% of the network mining power, advocated against increasing block size, instead pushing for Segregated Witness, or SegWit, which reduced the amount of data in the main portion of each block. BCH was created by miners and developers who felt SegWit didn't address the problem adequately and its implementation was far from transparent. "Major proponents of Bitcoin Cash, such as Roger Ver, often invoke Nakamoto’s original vision of a payment service as a reason to increase the block size. According to them, the change in bitcoin’s block size will enable bitcoin’s use as a medium for daily transactions and help it compete with multinational credit card processing organizations, such as Visa, which charge high fees to process transactions across borders." https://www.investopedia.com/terms/b/bitcoin-cash.asp Nowadays, we can see that BCH allows for platforms like read.cash and noise.cash to exist 100% on-chain, whereas Bitcoin developers seek off-chain remedies like Lightning network. Good luck sending tiny amounts like $0.01 with your BTC wallet, haha!
5 comments
I am not yet that technically aware of how are these transactions, blockchains and segwit. But these one really helps! Looking for more of these!
Okay honestly I'm so new to all this that I don't know anything about that even I didn't get much by reading this for it was some high class information that would be helpful for others who knows little bit about all this all I know about BTC is that it's the highest crypto currency and BCH is my favorite one with almost zero transaction fee and fastest transactions and and we can earn it here by content creating 🖤
Nice article, what i can take of this is, basically, the fork was a result of divided opinions about the use of the crypto, resulting in BCH been able to do smaller and faster transactions without any issue. Nice to learn new things about this. It would be nice a youtube-like platform but based in BCH, just a thought.
Hopeful to have a good year and geatful for finding this website
I hope to see more platforms that offer BCH.. Or simple games to earn BCH.. Btw, thanks for sharing this shortened tale of BCH.. And as always, thanks for the upvotes. ☺️