The Bitcoin Cash fork was recently successful. Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralised, with no central bank, and requires no trusted third parties to operate.
The Bitcoin Cash fork came about after months of debates revolving around how Bitcoin should scale its growing user base. One of the most prominent voices in this debate was Bitmain’s, Jihan Wu.
Jihan Wu is one of Bitcoin’s biggest supporters, if not its biggest supporter. He has significant influence over both Bitcoin miners and Bitcoin development and it only makes sense that he would support an initiative that benefits his business model (Bitcoin Unlimited). The problem with the Bitcoin Unlimited plan is simple – it removes important safety features like transaction signatures, replacing them with Bitcoin miners who define the validity of transactions. Transaction signatures are part of Bitcoin’s security model and Bitcoin Cash preserves them while Bitcoin Unlimited does not. You can also visit bitiq for gaining complete knowledge about bitcoin trading.
Bitmain has done very well for itself over the past few years. It manufactures its own ASIC mining chips – one of the crucial hardware components to Bitcoin mining operations. Bitmain also mines Bitcoin itself, which brings in more revenue on top of its manufacturing profits. Thanks to this early-mover advantage, Bitmain has become a behemoth that is increasingly influential in Bitcoin affairs and it just so happens that the new Bitcoin Core fork (Bitcoin Cash) benefits Bitmain directly.
If you’re interested in learning more about what Bitcoin ticks, start by having a look at Bitcoin.org. Bitcoin Cash is peer-to-peer electronic cash that allows instant payments to anyone, anywhere in the world. Bitcoin Cash brings sound money to the whole world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralised development.
BitcoinCash (BCH) is a cryptocurrency that was created on August 1st, 2017 as a hard fork of Bitcoin (BTC). Bitcoin BCH has a block size limit of 8MB – it claims faster transaction speeds and lowers fees than Bitcoin itself. Bitcoin Cash was made by developer Gavin Andresen and entrepreneur Roger Ver, long-time Bitcoin advocates who first invested in the cryptocurrency back in 2011. Bitcoin Cash also has a subreddit, where you can learn more about the cryptocurrency and maybe even get involved.
Bitcoin Cash is a Bitcoin fork that happened on the 1st of August 2017. All Bitcoin holders as of block 478558 are owners of Bitcoin Cash. Here is a guide to claim Bitcoin Cash from all Bitcoin wallets (on Android, iOS, desktop, and hardware).
Bitcoin Cash brings sound money to the world with low fees, nearly instant transactions, and built-in inflation support. Merchants worldwide can now receive payments with zero fraud and zero payment reversals. Bitcoin Cash’s future looks very bright!
Conclusion
Bitcoin Cash ( Bitcoin.com ) is a split from Bitcoin with a protocol upgrade to fix on-chain capacity. Bitcoin Cash has similar blockchain characteristics as Bitcoin but instead of SegWit, Bitcoin cash was upgraded to a block size of 8MB and will continue to grow at that rate. In addition, several improvements have been added such as Emergency Difficulty Adjustment (EDA) and the ability for miners to decide on the size of their blocks.
At 13:16 UTC, the ViaBTC pool produced a 1.9 MB BCC block, leading to a temporary halt of withdrawals and deposits at Bitfinex as they confirmed another fork in BACH’s blockchain history after August 1st’s BTC hard fork. This led many users to angrily voice their concerns on Bitcoin Cash’s Reddit page and accuse ViaBTC of intentionally forking Bitcoin Cash’s blockchain in order to steal users’ funds.
ViaBTC has since then announced that it will give Bitcoin Cash miners the opportunity to mine Bitcoin Cash, despite their focus on Bitcoin. By mining Bitcoin Cash, ViaBTC can boost its price and gain more profit from the short-term inflation of Bitcoin Cash. However, many leading figures within the Bitcoin ecosystem such as Roger Ver have already accused ViaBTC of selfishly attempting to increase their own wealth without taking into consideration what is best for Bitcoin Cash.
Bitcoin Cash ( Bitcoin.com ) is a split from Bitcoin with a protocol upgrade to fix on-chain capacity. Bitcoin Cash has similar blockchain characteristics as Bitcoin but instead of SegWit, Bitcoin cash was upgraded to a block size of 8MB and will continue to grow at that rate. In addition, several improvements have been added such as Emergency Difficulty Adjustment (EDA) and the ability for miners to decide on the size of their blocks.
