What is Bitcoin cash, what is worth knowing about it and how has it revolutionized the market? We present our article about Bitcoin Cash – many facts can really surprise you!
What is Bitcoin cash
Bitcoin Cash (BCH), also called Bcash (mainly by its opponents, to avoid using the phrase “Bitcoin” in the name) is an open-source cryptocurrency based on a decentralized blockchain transaction register. The idea of the creation of Bitcoin Cash was allegedly implementing hiego Nakamoto “(anonymous bitcoin creator) and not only creating an alternative to BTC, but even replacing it completely. To date, however, the plan has failed, despite this, many BCH developers and promoters claim that Bitcoin Cash is a real bitcoin. One of the main promoters of Bitcoin Cash is Roger Ver.
What is Bitcoin cash
Bitcoin Cash is based on the source code of Bitcoin, while being its first minority (Art Nouveau) hard-fork. This means that some part of the community, previously focused around bitcoin, decided to disconnect and introduce their own vision of project development already on the new block chain. The Bitcoin Cash hard-fork took place on Tuesday, August 1, 2017. It consisted in the division of the bitcoin block chain into two independent networks (the current bitcoin blockchain and the new Bitcoin Cash), with the assumption that each BTC holder receives an equivalent (1 : 1) the number of BCHs assigned to your private key.
Bitcoin Cash was created as part of a split among developers who decided to disconnect from the bitcoin community to oppose the biggest problems of BTC (low scalability of transactions, high costs of transfers) and, in their opinion, realize the vision of an anonymous creator of BTC code (who was Satoshi Nakamoto ), saved in the whitepaper. Increasing the BCH scalability was obtained quite simply, by increasing the block capacity by eight times – from 1 MB in bitcoin to 8 MB in Bitcoin Cash. This solution is also called on-chain scaling, i.e. based on a technical solution implemented within the block network.
What are the differences between Bitcoin and Bitcoin Cash
First of all, Bitcoin Cash increased the block size from 1 MB (Bitcoin) to 8 MB.
A new type of transaction signatures has been introduced – SigHash, which provides replay protection, increases the security of hardware wallets and eliminates hashing problems.
Bitcoin Cash is based on the proof-of-work algorithm the same way as Bitcoin, but in the case of BCH a new difficulty regulation algorithm (DAA) was introduced, which causes the difficulty to change every 10 minutes and not like Bitcoin every 2 weeks .
Bitcoin Cash has (unlike Bitcoin) decentralized development, which means that many independent teams are involved in the development of BCH.
The reward for digging Bitcoin Cash is currently 12.5 Bitcoin Cash and will decrease as in the case of Bitcoin.
A new block is mined every 10 minutes.
Where to buy Bitcoin Cash
BCH is one of the most popular digital currencies, available on about 100 cryptocurrency exchanges, including on the most popular platforms, such as: OKEx (largest daily volume), Binance, Huobi, Bitfinex or Coinbase). Bitcoin Cash can also be purchased on the Coinroom, Exmo, BitBay or BISQ (decentralized exchange) exchanges.