What's Bitcoin Cash, Bitcoin And Where the Hell Did It Come From?
What's Bitcoin Cash And Where the Hell Did It Come From?
Most People ask this same question all the time , Now i will tell you a short story you need to know about bitcoin...
On August 1st, 2017, Bitcoin Cash (BCC) was born as a result of a fork in the ledger of the digital currency, ending (for now) the long debate over the scaling of Bitcoin’s block size. “At 18:24:41 UTC, ViaBTC pool produced a 1.9 MB BCC block, which was not valid on the legacy Bitcoin network. This marked a clean break and the birth of Bitcoin Cash,” read the official website of Bitcoin Cash.
What is Bitcoin Cash?
Bitcoin Cash call itself a “peer-to-peer electronic cash for the Internet”. It is fully decentralized, with no central bank and requires no trusted third parties to operate.
Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
All Bitcoin holders as of block 478558 are also owners of Bitcoin Cash. All are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.
Is Bitcoin Cash different from 'Bitcoin'?
Yes. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
If I own Bitcoin, do I automatically own Bitcoin Cash too?Anyone who held Bitcoin at the time Bitcoin Cash was created became owners of Bitcoin Cash. This means that Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time. If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your Bitcoin Cash.
Why was a fork necessary to create Bitcoin Cash?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Since Bitcoin Cash emerges from the split in the blockchain, Each Bitcoiner gets their Bitcoin Cash equal to the amount of Bitcoin held at the time of the forking block. In cases where Bitcoins were held with an exchange, you need to check with your exchange about your Bitcoin Cash holdings.
New Features
On Chain Scalability - Bitcoin Cash follows the Nakamoto roadmap of global adoption with on-chain scaling. As a first step, the blocksize limit has been made adjustable, with an increased default of 8MB.
Emergency Difficulty Adjustment (EDA) - Responsive Proof-of-Work difficulty adjustment allows miners to migrate from the legacy Bitcoin chain as desired, while providing protection against hashrate fluctuations.
New Transaction Signatures - A new SigHash type provides replay protection, improved hardware wallet security, and elimination of the quadratic hashing problem.
Decentralized Development - With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash is resistant to political and social attacks on protocol development. No single group or project can control it.
Country that Allow Bitcon
The United States
Canada
Australia
>>The European Union
Finland
Belgium
United Kingdom (UK)
Bulgaria
Germany
Countries That Say No to Bitcoin
Iceland
Vietnamzstan
Ecuador
Russia
China
The digital currency Bitcoin Cash will use the ticker BCC and is currently supported by exchanges listed below.
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