About Bitcoin Cash – BCH
Bitcoin Cash aims to bring sound money to the globe by fulfilling the basic commitment of Bitcoin as “Peer-to-Peer Electronic Cash”. Reliable confirmations and low fees empower the users as well as merchants. The future is bright as growth is unrestricted and globe is adopting quickly. It allows permission-less innovations along with decentralized development.
All the users and merchants that hold Bitcoins of block 478558 are also the owners of Bitcoin Cash. All Bitcoin users and potential customers are welcome to join the Bitcoin Cash community as we are moving ahead in generating sound money that is accessible to the entire world.
The fees on Bitcoin network rose a lot that resulted in creating a hard fork to augment the block size. This was the initiative taken by some of the community members. It came into a mind in July 2017 when few members of the BTC community including Roger Velt smelt that keeping BIP 91 without augmenting the block size limitation favored users that wanted to utilize BTC as a digital investment rather than taking it as a transactional currency. Such a push to augment the block size found a resistance. BTC users had maintained certain set of rules since inception till July 2017. Therefore, a certain group of investors, developers, entrepreneurs, Bitcoin activists and largely Chinese miners were not pleased with the SegWit improvement plans proposed by Bitcoin that was meant to increase capacity. Hence, the alternative plans were pushed forward for split that created Bitcoin Cash. The split also proposed a plan to enhance the number of transactions that its ledger could process by enhancing the block size limit to eight megabytes.
Expanded block size limit with a hard fork had been described by Bitmain (hardware manufacturer) in June 2017 as a contingency plan. The first part of execution of the software was proposed under the name of Bitcoin ABC. This name was proposed in a conference in the same month. Mining pool had proposed the name for new split as “Bitcoin Cash” in July 2017.
Cory Fields, the core developer of Bitcoin found a bug in the Bitcoin ABC software in 2018 that could have left attackers room to create a block causing chain split. Cory Fields also notified the development team about the detected bug and it was then fixed.
In May 2018, a research firm Chain Analysis noted, seventeen largest global payment processors like BitPay, GoCoin and Coinify processed the Bitcoin Cash payments worth $3.7 mn, down from $10.5 mn noticed in March 2018.
Bitcoin Cash is also known as Bcash.
BCH Frequently Asked Questions
What is Bitcoin Cash?
Bitcoin Cash is a cash system that allows peer to peer money transfer. It is a decentralized crypto currency which is permission-less and does not require any central bank or third party.
Is Bitcoin Cash different from ‘Bitcoin’?
The Bitcoin project and its community got split in 2017. Bitcoin Cash and Bitcoin are symbolized differently by their ticker symbol to avoid any confusion or controversy; their symbols are BTC for Bitcoin and BCH for Bitcoin Cash. The supporters of Bitcoin consider the Bitcoin project to be legitimate as a mean to transfer money peer to peer in digital way.
Digital currency exchanges like Coinbase, Bitstamp, Kraken, Gemini and ShapeShift offer Bitcoin Cash trading. BCH is the ticker symbol for Bitcoin Cash cryptocurrency. However, some other exchanges use the ticker symbol of BCC, although it is commonly used for Bitconnect.
OKEx suspended all currency pairs of Bitcoin Cash except for BCH/ETH, BCH/BTC and BCH/USDT on March 26, 2018 and the reason was insufficient liquidity. The volume of daily transactions of Bitcoin Cash was one tenth volume of Bitcoin.
The value of Bitcoin Cash had been $900 in Nov 2017 that dropped to $300. The dip in price was attributed to the people that were originally holding Bitcoin, sold off the Bitcoin Cash that they had received at the hard fork. The intraday high volume for the BCH had reached $4355.62 on December 20th, 2017 and then dropped 88% to $519.12 on 23rd Aug, 2018.
BCH Payment Service Providers
Bitcoin Cash payments have been supported by payment service provides like Coinify, GoCoin and BitPay.
What Is Bitcoin Cash (BCH)?
Bitcoin Cash has been enjoying status of a popular cryptocurrency right after two months of its launch. BCH has been actively traded across several major digital exchanges. Now the development team of BCH has launched another website BitcoinCash.org. The website is meant to provide the easiest interface for the newbies to understand the core features of the currency.
The core objective of BitcoinCash.org is to let the users learn value of Bitcoin Cash that is traded under the symbol of BCH. Overall, the website explains how BCH has been the best digital currency of the world. It claims to fulfill the basic commitment of Bitcoin as “peer to peer electronic cash”.
The reliability of confirmations and low fees have made Bitcoin Cash quite famous and for these two reasons, BCH has given hard time to original Bitcoin network. Bitcoin has suffered from stretching high fees since the hard fork. BTC has also gone through some development issues. On the other hand, changes implemented in the Bitcoin have not resulted in decreasing transaction time or bringing cheaper confirmation. The debate has begun about increasing the blocksize. This is the reason why split occurred that created Bitcoin Cash.
Supporters of Bitcoin Cash claim that these issues are the starter signals of dying currency while Bitcoin supporters ignore the FUD.
This is quite fortunate that the new website BitcoinCash.org does not emphasis on grinding its biggest competitor, Bitcoin. Instead, it focuses mostly on promoting the features of Bitcoin Cash.
Bitcoin Cash Features
According to BitcoinCash.org, the core features are as follows:
• Transactions are quick as they complete in few seconds and confirmed in matter of minutes.
• BCH network is reliable that runs without congestion and further growth potential can be tapped being a scalable entity.
• The fee is too low; you can send money across the globe for pennies.
• It is easy to use platform irrespective of your level of expertise with cryptocurrency.
• It has a stable payment system that works as authentic store of value.
• Bitcoin Cash depends upon BTC forked version of blockchain which is known as the most robust blockchain technology of the world. Hence, the platform is considered secure.
Therefore, Bitcoin Cash is considered a better option to use as a daily currency provided its functions. BCH has quite low transaction cost that makes it ideal currency for everyday transaction. The fee for Bitcoin Network starts from few dollars which makes it quite expensive to be used as everyday currency. The promise of Bitcoin to function as peer to peer electronic cash has been fulfilled by Bitcoin Cash.
What’s New with Bitcoin Cash?
What makes Bitcoin Cash different from bitcoin? The new website BticoinCash.org has a separate section “New Features” that details about unique features of BCH:
Nakamoto roadmap has been followed by Bitcoin Cash that is a mean of global adoption with on-chain scaling. The first step is increased blocksize which is by default 8 MB while blocksize limits are kept flexible. The developers are constantly looking for the means to integrate massive future increases. Obviously, the debate of blocksize increase has been raging in Bitcoin network as well all the year while BCH developers claim to have resolved the issue with on-chain scalability
Emergency Difficulty Adjustment (EDA):
According to BitcoinCash.org, there is responsive adjustment of proof-of-work difficulty.
“Allows miners to migrate from the legacy Bitcoin chain as desired, while providing protection against hashrate fluctuations.”
New Transaction Signatures:
Every transaction of Bitcoin Cash comes with new signature SigHash that gives improved security of hardware wallet and replay protection. The quadratic hashing problem has also been resolved with this new signature.
Several teams of independent developers have been providing software implementations in order to secure the bitcoin future. Such decentralization assures that the future of Bitcoin is secure as it may resist against the social and political attacks on protocol development. No individual project or group can control it.
The greatest criticism on original Bitcoin among all is that it is completely controlled by a small group of developers and some of them have their own vested interests. The centralized model of Bitcoin negates major benefits of original blockchain of Bitcoin. Although, BitcoinCash.org does not highlight this concern but it is quite clear from their stance as they promote decentralized development as a core feature.
Bitcoin Cash Conclusion
Consequently, if you have been the owner of block 478558, then by default you are also the owner of Bitcoin Cash. The new website BitcoinCash.org aims to promote BCH in user friendly manners. In the past, the Bitcoin Cash community was accused of hostility which also includes the outright aggression towards the core development team of BTC.
BitcoinCash.org could be considered as first attempt towards further productive future where bogging the Bitcoin maximalists doesn’t go around. It simply gives user friendly view of how Bitcoin Cash works and how it stands different from the original Bitcoin.