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What Is Bitcoin Cash

What Is Bitcoin Cash

Introduction

Bitcoin cash is one of the cryptocurrencies which came into existence in August 2017 from the fork of bitcoin classic. It became extremely popular because of its new concept in the crypto world for increasing the block size of bitcoin. This technology enables bitcoin to allow more transaction as compared to classic bitcoin with lower fees.  

History

Before August 2017, one crypto community, along with Mr. Roger Ver, was thinking to increase the transactions cycle of bitcoin and launched the concept. However, Craig Wright had a different approach in the crypto world. On August 2017, hard fork induced to the ledger of bitcoin which means if you have one bitcoin, then you also got one Bitcoin cash unit automatically.  The main difference between Bitcoin and Bitcoin Cash is that Bitcoin Cash can have larger blocks in its blockchain as compared to bitcoin. This massive block allows much more transaction per second than bitcoin classic. At the end of 2018, a hard-fork chain split of Bitcoin Cash happened in between two competing blocs called Bitcoin SV and Bitcoin ABC.

Technical Details

Bitcoin Cash is decentralized; therefore, it is accessed all over the world for people to use it. Any user can send and receive the bitcoin cash without involving any central party or central bank. Which means, no one can know by any means about the transaction happenings. It has security from fishing or cyber-attack like bitcoin transaction because of the blockchain nature. No one can alter the code silently. If anyone tries to modulate into the ledger, it sends an alarm to all users. This makes the hackers work impossible. Miners across millions of computers must verify any transaction. There are few more technical details like Precision 10−8, Ticker symbol BCH, Split ratio 1:1, Hash function SHA-256, Block reward 12.5 BCH, Supply limit 21,000,000 BCH.

Significance

  • Buy/Sell: There is more possibility to buy or sell within the Bitcoin network against BCH at a lesser price as compared to the classic bitcoin.
  • Expandable Scope: There is a much scope to expand with the introduction of Fork BCH, so it helps to do more number of transaction per cycle.
  • Economic:  The transaction cost is approximately $0.20 for BCH while in BTC, it could cost $1. Therefore, if you are having a good number of volume, then BCH may save the right amount of money.
  • Quicker: In comparison to BTC, you don’t need to wait for your transaction for 10 minutes like in BTC. Here transaction can be done in less than BTC transaction time.

Conclusion

Bitcoin Cash is nothing but a fork of Bitcoin only. Demand for scalability and lower transaction cost tends to be at the vanguard. The developers have made Bitcoin Cash, which facilitates the users for more frequencies of trades as well as providing the transaction at a cheaper rate. Despite the BCH quality of scalability, speedy transaction, and lower transaction cost, there is still a conflict between the developers. It is still an unsolved issue like automatic control of complexity, increased volatility. These two networks are still in a conundrum, i.e., which network may run stable in the longer run.

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