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Author Topic: What is Bitcoin Cash?  (Read 2470 times)

Niko

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What is Bitcoin Cash?
« on: October 01, 2018, 09:05:25 PM »
Bitcoin first appeared almost exactly nine years ago and it's now as strong as ever. These days, it's not only the world's first but also the most expensive, stable and popular cryptocurrency.

That being said, it is not perfect. One of the most pressing issues for the cryptocurrency has always been its scalability. More specifically, it's been the size of a block of transactions, which upon the creation of Bitcoin was limited to one MB. This limit causes substantive delays in transaction processing times and limits the number of transactions the network can process.

Bitcoin Cash was a different story. It differs from the other versions in that in enabled the increase of the block size from one MB to eight MB. It's overall goal is to increase the number of transactions that can be processed by the network, hoping that Bitcoin Cash will be able to compete with the volume of transactions that industry giants like PayPal and Visa can currently process
Bitcoin Cash was launched in August 2017 and has since become Bitcoin's most successful offshoot.
Story of the hard fork

The one MB limit for the size of every block was originally implemented to lower the possibility of potential spam and DDoS-attacks. While there were not that many transactions occurring in the network, the limit was not affecting anything at all.

As Bitcoin larger and more popular, the limit started causing blocks to pile up, which unnecessarily extended the transition times. The situation got out of hand around May 2017, when some users reported having to wait for confirmation for up to four days.

Users had a chance to pay higher transaction fees to speed up the confirmation, but this approach basically rendered Bitcoin useless as a payment method, especially when it came to smaller transactions. For instance, paying for a sandwich or a cup of coffee with BTC just simply was not viable, as a $ 3 cup of coffee will incur a transaction fee of more than $ 15. Otherwise, the seller will receive an unspendable dust amount.

The Bitcoin community came up with two possible solutions to this situation: Bitcoin Unlimited and Segregated Vision (SegWit).

Bitcoin Unlimited would scrap the block size limit altogether. Many miners were in favor of this solution, as the lack of block size limit would not only prevent blocks from piling up but also raise the overall miner's fee for every block.

However, a lot of developers were against this proposal, thinking that its implementation will lead to small miners going out of business, which, in turn, could lead to a centralization of the entire network by massive mining corporations.

A Segregated Vision solution implying storing some of the information in separate files outside of the Blockchain. Developers claimed that it would free up a lot of storage space, the blocks will fit in more transactions and the confirmation time will significantly decrease. But, many people believed it was just a more complicated temporary stopgap when compared to the Bitcoin Unlimited approach.
As a result, a compromise protocol called SegWit2x was developed. Launching this protocol meant storing some of the information outside of the Blockchain as well as increasing the block size limit to two MB. The protocol was implemented on Aug. 1, 2017, after 95 percent of miners voted for the proposal. However, the network did not see the immediate increase in the block size limit. To a lot of people, this mean postponing a problem instead of solving it.

Moreover, this decision seemed to cater for those who treat Bitcoin as an investment opportunity and not a payment system it was created to be.

Then, during the Future of Bitcoin conference in Arnhem, Netherlands, the first implementation of the Bitcoin Cash Protocol called Bitcoin ABC was announced by Amaury Séchet, a former engineer at Facebook.

Séchet and his team of developers decided to abandon the SegWit2x protocol and increase the block size limit to eight MB. As such drastic changes required their creation to split from the original Bitcoin network, it was announced that a hard fork would take place on Aug. 1, 2017.

For those that do not know, a hard fork is the only currently known method for developers to update Bitcoin software. Developers split the network and essentially create a new Blockchain with altered rules. The original and the forked version of the cryptocurrency have identical blockchains all the way up to the block when the split occurred. From there on, the two networks exist independently.

After the split happened, everyone who held Bitcoins before the hard fork received the same amount of Bitcoin Cash tokens.

The new cryptocurrency was quickly adopted by investors, as by the end of the first day of its existence Bitcoin Cash became the third cryptocurrency behind Bitcoin and Ethereum in terms of market capitalization.

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What is Bitcoin Cash?
« on: October 01, 2018, 09:05:25 PM »


nufika89

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Re: What is Bitcoin Cash?
« Reply #1 on: October 02, 2018, 05:58:05 AM »
Let's make a shorter description of bitcoin cash. Bitcoin cash is a digital currency fraction of bitcoin with electronic P2P technology for the internet. This coin is fully decentralized, because it is not supported by the central bank. Besides this coin does not require a third party to operate.

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Re: What is Bitcoin Cash?
« Reply #1 on: October 02, 2018, 05:58:05 AM »
:)

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Re: What is Bitcoin Cash?
« Reply #2 on: October 09, 2018, 05:48:27 AM »
Bitcoin Cash is a new coin that has more volatile prices than Bitcoin. This coin, which is often referred to as BCH, has a more mainstream wave. But BCH is upgraded more sophisticated to cover the shortcomings that exist in Bitcoin.

abc123

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Re: What is Bitcoin Cash?
« Reply #3 on: October 17, 2020, 04:46:17 PM »
Bitcoin cash is a fork of bitcoin and launched in 2017. Bitcoin cash is a peer to peer electronic cash system.aims for fast payments, micro fees , privacy and higher transaction capacity .also It has a huge potential and has huge trading volume.so bitcoin cash is one of the best coins to invest.

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Re: What is Bitcoin Cash?
« Reply #4 on: June 10, 2021, 01:37:55 PM »
Bitcoin cash is a crypto currency that is a fork of bitcoin and created in August 2017.This new chain had 8MB blocks and was called bitcoin cash. it has lower transaction fees and faster transaction time. Especially it is a primary best investment currency.

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Re: What is Bitcoin Cash?
« Reply #5 on: October 13, 2021, 05:33:08 PM »
Bitcoin cash is a popular cryptocurrency currency. There is a lot of demand for currency transactions in the market. Its popularity is constantly increasing. So I think the future of this currency is very bright. Currency transactions will increase a lot in the future. The use and circulation of Bitcoin will increase a lot only when Bitcoin is recognized all over the world.

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Re: What is Bitcoin Cash?
« Reply #6 on: August 27, 2022, 03:35:24 PM »
Bitcoincash is a altcoin that was created in 2017. This coin offering a cheaper and faster way to process payments than bitcoin. Bitcoincash one of the top fifty coins in the crypto market today.
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