Since Bitcoin is created, there have been questions surrounding Bitcoin’s ability to scale effectively. Do you know, How many transactions can the Bitcoin network process per second? Seven. Transactions take about 10 minutes to process. As the network of Bitcoin users grows, waiting times will get longer, because there are more transactions to process without a change in the underlying technology that processes them. Where ever Visa processes 150 million transactions per day, averaging out to roughly 1,700 transactions per second.
On August 1st, 2017, the Bitcoin Network experienced a fork that led to the creation of a new cryptocurrency called Bitcoin Cash. The symbol for Bitcoin Cash is BCC (although on some exchanges the symbol is BCH to avoid conflict with already existing tokens on that platform).
What is Bitcoin Cash?
Bitcoin Cash is a new cryptocurrency denoted, as of now, as BCC and BCH.
A group of influential miners, developers, investors, and users who are against the agreed consensus (aka BIP-91 or SegWit2x) have decided to fork the original Bitcoin blockchain and create a new version called “Bitcoin Cash”.
The official Bitcoin Cash Website Stated
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.
The Features of Bitcoin Cash
- Block Size Limit Increase – Bitcoin Cash provides much-needed relief to users with an immediate increase of the block size limit to 8MB.
- Replay and Wipeout Protection – Should two chains persist, Bitcoin Cash minimizes user disruption, and permits safe and peaceful coexistence of the two chains, with well thought out replay and wipe out protection.
- New SigHash Type – As part of the replay protection technology, Bitcoin Cash introduces a new way of signing transactions. This also brings additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.
Other features as shown in below image
Who is Supporting Bitcoin Cash?
- ViaBTC – At present, ViaBTC, which is one of the largest Chinese exchange for cryptocurrencies, is supporting BCH.
- ViaBTC Minning Pool – This has almost 5% hash power in the market and is the world’s 8th largest mining pool. They will support BCH mining post-fork.
- Bitmain – This is the Chinese miner manufacturing company which owns AntPool, the world’s largest mining pool with 23% hash power. They have also announced that they will be supporting BCH mining.
- Bitcoin.com (Roger Ver’s Pool) – They operate a small mining pool and have announced that they are open to supporting Bitcoin Cash in the case the user demand surges.
Together, these four pools in total make 30% of the entire hash power, which is not small. So far, there is no official confirmation that they will be giving all of their hash power to BCH mining. But if that happens, BCH is here to stay.
What does it mean for Bitcoin (BTC) holders?
As the official website of Bitcoin Cash states:
All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
If you held any Bitcoin in a personal wallet (or on certain exchange wallets listed here) then congrats, you own an equal amount of Bcash too!Like If you have 1.110 BTC in a wallet then you will get 1.110 BCC (Bitcoin Cash) for free. Like double.
* The price will not double as their value is different
Read how to get free Bitcoin Cash
How Bitcoin Cash different from Bitcoin
While Bitcoin’s block size limit remains at one megabyte (allowing for ~250,000 transactions per day), Bitcoin Cash has increased the limit to 8MB, allowing for around two million transactions to be processed per day.
As far as the users of Bitcoin/Bitcoin Cash are concerned there is very little noticeable difference on the front end when using either currency. The main difference between these coins is the fact that, given equal hash rate, BCC protocol allows for more transactions per second, which means, to faster payments and lower fees. I already wrote the features of Bitcoin Cash above.
So, In The End, Bitcoin Cash is a Forked Coin from Main Bitcoin/ Bitcoin Core and The Different is Bitcoin Cash is created to faster payments and lower fees that Bitcoin (BTC).
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