Bitcoin Cash

Bitcoin Cash | The initial cryptocurrency | Bitcoin Cash currency

Bitcoin Cash Information

Algorithm SHA256
Proof type PoW
Coin Tag BCH
Start Date 01/8/2017
Website Bitcoin Cash/ BCC
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Bitcoin Cash

Bitcoin Cash is a cryptocurrency that is derived from Bitcoin Classic and was created onAugust 2017. BTC expands the size of blocks that allows processing more transactions. To overcome this process, Bitcoin Cash has a block size limit of eight megabytes. It aims to bring sound money to the world. The merchants and users are powered by low fees and reliable confirmations. The future brightens with a potentiality to grow and globally adopt the currency without permissionless innovation and decentralized development.

Bitcoin Cash is P2P Electronic Cash. It allows quick transactions and gets confirmed in few minutes. Bitcoin Cash is a reliable network which operates without any congestion. It charges low fees when compared to other cryptocurrencies. Bitcoin Cash is simple to use without any hassles. It has a payment system which is has proven store of value. Bitcoin Cash is world’s robust blockchain technology. The ticker symbol for Bitcoin Cash is “BCH” or “BCC”.

Journey:

  1. The Bitcoin scalability debate led Bitcoin to split on August 1, 2017. During the splitting process, Bitcoin Cash (BCH) was invented with a goal to increase the transactions and ledger to process.
  2. In July 2017, Bitcoin Improvement Proposal or Segregated Witness was activated. Few members of Bitcoin community were of the opinion that enhancing BIP 91 without increasing the block-size limit would refer it has “transactional currency”.(BIP is Bitcoin Improvement Proposal is designed to document that invents various designs and improvements to the bitcoin network)
  3. “Bitmain” first introduced this plan, and the project was originally referred as UAHF, later on, few people took an interest in the same project.
  4. The Chinese mining pool in BTC proposed this name called “Bitcoin Cash”.
  5. After BTC was launched, Bitcoin Cash started obtaining the transaction history of the bitcoin cryptocurrency on the same date. All the transactions processed under Bitcoin were kept separate.
  6. BTC started rejecting the BTC block and BTC transaction since August 1, 2017.
  7. On August 9, 2017, it was recorded that BTC is 30% more profitable to mine in the original chain.
  8. Since, both the chains utilized the same proof-of-work algorithm, miners can easily choose between both.
  9. On August 30, 2017, Nearly 11,500 blocks were mined on the Bitcoin Cash Chain than on the original one as it featured high profit and attracted a significant proportion of total processing power.
  10. Investor “Roger Ver” and Entrepreneur “Calvin Ayre” were notable supporters of Bitcoin Cash.

Advantages:

  1. BTC enhances number of transactions which a block can process.
  2. BTC eliminates transactions fees.
  3. BTC decreases the size of every individual transaction.
  4. The transactions can be improved faster as it minimizes the time.
  5. BTC increases the scalability of Bitcoin.
  6. BTC has a new SigHash type that provides replay protection. It improves hardware wallet security and eliminates the quadratic hashing problem.

Disadvantages:

  1. BTC is still in the developing stage, and many people are not aware of it; hence People must be educated about the same.
  2. Miners will get lesser transactions fees for every individual transaction.
  3. BTC will enhance the usage of resources as the capacity, transactions, and bandwidth will simultaneously increase.
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