Hello guys, I've been really new to the scene of the world of this cryptocurrency and it intrigued me how vast the community despite being a young altcoin.
Today, I'm going to share my presumptive knowledge about the cryptocurrency in light with the challenge/contest that @Arnavaria has held.
Link : https://read.cash/@Arnavaria/writing-contest-about-bch-7bf5f1ea
Bitcoin Cash (BCH)
It was spearheaded mostly by bitcoin miners and developers coming with a scaling solution called "Segwit2x" to increase the block size limits. Many of the bitcoin community weren't happy with this and thought that an increase in block size was the only way to scale.
So likely,
The code was forked and BCH emerged with an 8MB block limit. (which was later increased in 32MB in a hard fork)
I'm not quite familiar to segregated witness as means of second layer solutions such as the lightning network but I haven't dove deep into that but I know it plays a significant role in crpytocurrency.
It was argued by the proponents of BCH that BTC can't be realistically used as a medium of exchange and is far from the roots of P2P electronic cash that was envisioned by Satoshi Nakamoto. (Hard evidenced by the long transaction time and higher fees) Bloated network = Higher fees.
But as the block size gets bigger in the network, its effect is directly proportional to the block chain, which means average community members makes it harder for them to run their own nodes and thus large mining farms and companies can run their node, paving the way for centralization which is a no-no in the community.
(Example : The meme wars)
Bitcoin Cash, has a low transaction fee, and has faster transaction speed making it more amenable for centralization. However, Bitcoin still racks up the popularity even with the higher fees and low speed. Bitcoin beats BCH on adoption fronts.
Bitcoin cash does get coverage and able to get its message out but not as intently watched or followed as bitcoin.
Overall, bitcoin cash is an altcoin that is loved and hate by the community because of the constant debates. BCH is proven useful as a medium of exchange, but it loses its light in the adoption potential because of the shadow of bitcoin. In the end, whether BCH can forge a path forward for itself really depends if bitcoin fails to scale.
After all, BCH's mortal enemy is gonna be lightning network right?
I hope it doesn't come to that.
A/N Is node a device or script for mining? Please let me know. I'm still a newbie in this area.
