- 1 Basic info
- 2 What is Bitcoin cash?
- 3 Bitcoin Cash Technology
- 4 Known Limitations
- 5 BCH Technical Contributors and Community
- 6 THE TEAM
- 7 Public opinion and criticisms
- 8 Future Plans
- 9 Controversy
- 10 Competition/ Similar Coins
- 11 Convert BCH To USD EUR GBP Fiat
- 12 References
Name: BITCOIN CASH - Sound Peer-To-Peer Electronic Cash
Ticker - BCH
What is it: Bitcoin Cash is a version of Bitcoin with greater transaction capacity.
Known Tickers: BCH, BCC
Release Date: August 1, 2017
Known Websites: bitcoin.com, bitcoincash.org
White Paper: https://bitcoin.org/bitcoin.pdf
Coin Market Cap Link: https://coinmarketcap.com/currencies/bitcoin-cash
Bitcoin Cash was forked out of the need for faster transactions, while keeping the original Bitcoin ideal. Bitcoin Cash supporters claim that the SegWit fork proposed for the Bitcoin blockchain is fundamentally wrong according to Satoshi Nakamoto's vision of full decentralization. Bitcoin Cash allows users to determine their preferred blocksize, which can be scalable from a minimum of 2MB up to 16MB.
Bitcoin Cash is a hard fork of Bitcoin. Generally speaking, there are two differences between Bitcoin and Bitcoin Cash.
The first is that Bitcoin Cash is capable of processing ~27 transactions/second whereas Bitcoin is capable of processing ~3.33-6.66 transactions/second. By comparison, Visa typically processes ~2000 transactions/second and is capable of processing up to 24,000 transactions per second.
The second is that, roughly speaking, mining Bitcoin Cash will eventually require ~4-8x the disk space and memory it takes to mine Bitcoin.
Blocks in the Bitcoin Cash blockchain have an 8MB size limit, whereas blocks in the Bitcoin blockchain have what could be thought of as a 2MB size limit.
In reality, Bitcoin blocks have a weight limit of 4,000,000 weight units since the introduction of segwit, which has an effect roughly equivalent to that of a 2MB size limit on a non-segwit-enabled chain such as BCH.
Because one block is mined every 10 minutes, and blocks are essentially a collection of transactions, this block size limit increase is what enables Bitcoin Cash to process more transactions than Bitcoin.
Bitcoin Cash is only capable of processing ~27 transactions per second. By comparison, Visa typically processes ~2000 transactions/second and is capable of processing up to 24,000 transactions per second.
The Bitcoin Cash community plans to address this issue by increasing the blocksize limit beyond 8MB.
Additionally, due to current and potential future increases in block size limit, Bitcoin Cash faces long term memory and storage scalability challenges. Currently the Bitcoin Cash blockchain can grow by up to 416GB per year. By comparison the Bitcoin blockchain can grow by up to ~104GB per year.
Like Bitcoin, Bitcoin Cash is maintained by an open group of collaborators. While discussions around the development of Bitcoin tend to happen in a specific set of organized and centralized forums, discussions on the development of Bitcoin Cash happen in a less organized and more decentralized manner across a wider variety of forums and groups.
There are dozens of websites that currently accept payments in Bitcoin Cash. Bitcoin Cash is also widely traded, with upwards of $500M worth of BCH changing hands daily.
Just as with Bitcoin, Bitcoin Cash's team are decentralized, meaning there are multiple development teams working independently - it cannot be seized by a central authority. This makes it resistant to political, economic and social attacks.
there may never have been as much controversy over a coin as there has been with Bitcoin Cash. there’s a huge divide amongst people supporting BTC vs BCH – and some users believe Bitcoin Cash can and will overthrow Bitcoin.
Besides Bitcoin Cash's appeal to investors who feel uncertain about SegWit2X, it also suffered its own hardfork coming on November 13th 2017, which was expected.
Accidentally or not, the Emergency Difficulty Adjustment (EDA) hardfork might bring miners from Bitcoin who expect to see lower difficulty levels, and, in turn, bring more investors in a seemingly more stable network.
In December 2017, Bitcoin Cash was added on Coinbase and Bitstamp.
Bitcoin Cash being added on Coinbase has bred some controversy, especially regarding fears that newcomers are being confused about which one is the real Bitcoin. Regarding the price, some allege that due to confusion from new investors, this has led to its price increase. BCH also doubled in price on the day it was listed on Coinbase, suffering an immediate flash crash from which it is still recovering.
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