Bitcoin Cash (BCH) Definition
From Bitcoin Core (BTC) via Roger Ver to Bitcoin Cash (BCH)
There is a lot to say about the Bitcoin Cash, but first of all, we need to understand how it all started.
Bitcoin Cash was born on the first of August 2017. Basically, as a result of a split in the original Bitcoin (BTC) called Bitcoin Core, the split is called FORK.
In November 2018, the Bitcoin Cash itself split into two cryptocurrencies: Bitcoin Cash, and Bitcoin SV
Bitcoin Cash logo is the same as the Bitcoin Core logo but the Bitcoin Core logo tends to the right and the Bitcoin Cash tends to the left. In some cases, we can find the Bitcoin Cash logo identical to the Bitcoin core logo but in green color.
The Bitcoin Cash ticker symbol is BCH and also BCC, it just matters in different between exchanges.
Why there is a need for a fork from the original Bitcoin? What is the real reason for that?
The Bitcoin fork was created due to a blockchain network overload. There was a real need to upgrade the software as the number of Bitcoin users increased and therefore, the number of transactions, causing the Bitcoin protocol to be “busy” in terms of transactions approval by the miners.
One block on the Bitcoin Core (BTC) network is 1-megabyte size and can be verified in currency between six and seven transactions per second. Once the blockchain is overloaded, a bottleneck is created in the transaction credentials. This can cause a transaction approval to take more than three or even four days, which of course significantly impairs Bitcoin’s advantage over the fiat (USD, GBP, EURO Etc..).
So what is the actual solution to this problem?
There are two solutions to this problem
1. Segwit2X – Segregated Witness:
This solution has two steps:
A. To split the information of all the Bitcoin transactions, so that the transaction verification will be much faster.
B. To double the size of the block from 1MB to 2MB and a year later to double the size of one block to 4MB.
2. Hard Fork – (the most aggressive solution) Bitcoin Cash
This solution came mainly from a small group of Bitcoin miners who claimed that the change must be immediate, here and now, it is impossible to do it in stages and wait too long, the block should be increased from 1MB to 8MB!
Hard Fork, completely different from the existing legality. An attempt was made to make this decision and to see if there would be an agreement among Bitcoin Miners’, but in August 2017, the date was announced and there was real support for the Bitcoin fork and thus a new currency was born – Bitcoin Cash.
It should be noted that everyone who held Bitcoin during the fork in August received the same amount of Bitcoin Cash as they had in regular Bitcoin.
Speaking of Bitcoin Cash, worth mention Roger Ver which was a Bitcoin pioneer and a big supporter of the Bitcoin Core (BTC).
Today after the Bitcoin Cash was created, Roger Ver is considered to be hated by the Bitcoin community, every time he eulogizes the Bitcoin Core and says it’s time for the Bitcoin Cash to take its place over the “old” Bitcoin.
In addition, Roger Ver keeps posting on his Twitter account how much Bitcoin Cash is better than the original Bitcoin.
*Image source: Twitter
In this post, Roger describes a restaurant that receives both of the coins. But in practice, customers paid 67 tips in Bitcoin Cash but only one tip in the original Bitcoin. He goes on and says that Bitcoin Cash works well and yet the original Bitcoin is on its way to suicide.
Some claim that Roger Ver and a large number of his supporters are peddling the Bitcoin Core blockchain in small transactions, thus jamming the Bitcoin network and claiming that Bitcoin Cash is the best alternative to Bitcoin.
Bitcoin Cash Price
Looking at the Bitcoin Cash graph in the second half of 2017.
On the created day of the Bitcoin Cash the price stand around $ 380, it slightly went up and down to the $ 700 area but didn’t see a particularly bright future for it.
But the big change began in December 2017 when the Coinbase exchange site (which initially claimed we they aren’t ready to accept Bitcoin Cash ) decided to add Bitcoin Cash to the exchange platform, giving those users who owned Bitcoin the same amount of Bitcoin Cash and opening the trade for it. This gave a huge boost to Bitcoin Cash and it took off to $ 3500. This meteoric rise of the Bitcoin Cash caused a kind of flutter in the regular Bitcoin status and many people traded Bitcoin and bought Bitcoin Cash. This has caused many people to eulogize Bitcoin and that Bitcoin Cash is going to replace the well known Bitcoin.
In the meantime, the regular bitcoin recovered and the bitcoin cash began to decline.
Will Bitcoin Cash replace the original Bitcoin in the future? No one can know.
Bitcoin Cash (BCH) Technical details:
- Supply limit: 21,000,000 BCH (same as Bitcoin Core)
- Split ratio: 1:1
- Block reward: 12.5 BCH
- Mining Algorithm: SHA-256 (Proof of Work)
- Mining Pools: F2Pool, ViaBTC, AntPool, BitClub
The Bitcoin Cash (BCH) Official website – https://www.bitcoincash.org/