[Criptopedia] Bitcoin Cash - BCH
Bitcoin Cash
Market Capitalization
https://coinmarketcap.com/currencies/bitcoin-cash/
Description
Bitcoin Cash is a hard fork of Bitcoin , created with the aim of being more efficient, by increasing the block size to 8 MB, which, according to the creators is the solution to the scalability problems of Bitcoin .
Being a hard fork, those who held Bitcoins in a wallet at the time it happened received an equal amount of Bitcoin Cash.
What is the problem Bitcoin Cash proposes to solve
Increase the scalability of transactions by increasing the block size to 8 MBs, coupled with a faster adjustment of the mining difficulty.
The creators of Bitcoin Cash promise a faster confirmation of transactions and a reduction in transaction costs.
Type
Coin
Symbol
BCH
Currency Supply Limit
21 Million
Official Project Website
https://www.bitcoincash.org/
Whitepaper
Bitcoin Cash presents as its White Paper, the original of Satoshi Nakamoto
Year of creation
2017
Created by
Amaury Sechet
Transaction Validation Method
Proof-of-work
Cryptographic Protocol
SHA-256
Code Type
Open-Source ( Github project )
Blockchain Explorers
https://blockchair.com/bitcoin-cash/blocks
https://bitcoincash.blockexplorer.com/
https://www.blocktrail.com/BCC
Acquisition Forms
- Direct purchase
- Mining (proof-of-work)
Useful Websites
Wikipedia - https://en.wikipedia.org/wiki/Bitcoin_CashStatistics - https://bitinfocharts.com/bitcoin%20cash/
Trade Charts and Statistics - https://www.tradingview.com/symbols/BCHUSD/
History
July 2017 - Some exchanges start the trading of Bitcoin Cash futures
August 01, 2017 - Hard fork occurs in the Bitcoin network that gave rise to Bitcoin Cash
November 11, 2017 - Bitcoin's Segwit2x does not happen, causing an increase in the price of Bitcoin Cash
November 13, 2017 - The mining difficulty adjustment algorithm is replaced due to the rapid fluctuation of the difficulty caused by the previous algorithm
December 2017 - Bitcoin Cash is listed on Coinbase, one of the largest exchanges in the world, causing a rapid increase in its price.
March 01, 2017 - A lawsuit against Coinbase is filed, alleging that there are internal manipulations during the launch of Bitcoin Cash on the Platform
To me scalability needs to mean two things, fast and free. A blocksize of 8 MB might make the chain faster for now but BCH will run into the same problems as its big brother when transactional volume increases. Right now it makes sense to buy a car with bitcoin, but not a cup of coffee because fees are proportionally high and it's obviously slow. To solve the scalability issue I think the only way to go is side-chains, which is why I'm eagerly anticipating Segwit and Lightning Nework developments.
Indeed, since the whole blockchain must be stored to process transactions.
Lightning network? I still dont know. Probably Will make things faster, but might create some problems on the decentralization Topic.
That's the great thing about it! When I'm buying coffee, who cares about decentralization? I just want it fast, and cheap so it makes sense to use the lightning network. But when I'm storing my life savings and transferring large sums, I don't care about fast and cheap. I care about secure and decentralized, so it would only make sense to use the Proof of Work chain. Lightning network wouldn't replace Proof-of-Work, it would simply exist as an option for use in certain scenarios. Do you see any potential problems?
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You got a 2.71% upvote from @mercurybot courtesy of @phgnomo!