What do you know about BCH hardfork?

in #cryptocurrency6 years ago
Question originally asked on Musing.io - Click here to see other answers

Bitcoin Cash was forked off of Bitcoin in August 2017. Anyone who owned 1 BTC at the time now owned 1 BCH. The goal of Bitcoin Cash was to fix the scalability problems of Bitcoin, so that there are lower transaction fees and faster transaction times. There were two main approaches to solving this problem:
  1. Increase the sizes of the blocks to make it so that more transactions can fit into one block, reducing fees and transaction times. This is basically the 'Throw storage space at it!!!' solution. Not the best, in my opinion. (This is BCH's solution).

  2. Use clever programming like Segwit and the Lightning Network to make the transactions more efficient. This is the 'Think hard and actually solve the problem' solution. This is the solution currently employed by Bitcoin.

Just recently, Bitcoin Cash switched from having 8 MB (Bitcoin has 2 MB) block size to 32 MB (a lot!). With this change, if the blocks are filled up, in a few years the Bitcoin Cash blockchain will be almost a terabyte!!

Bitcoin Cash is also highly manipulated, often being pumped and dumped (once going from less than $200 to almost $2000 in a week). Bitcoin Cash is also known for pretending to be the real Bitcoin. In fact, they own the domain name bitcoin.com, and on that site talk about how Bitcoin Cash is the real Bitcoin. They also at one point owned the Twitter account @bitcoin, which allowed them to also say that Bitcoin Cash is the real Bitcoin.

I do not recommend Bitcoin Cash as an investment, as the original Bitcoin is much better, and there are much better investment opportunities in the crypto space, such as Steem, Icon, etc.

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https://steemit.com/steemit/@prometheusrisen/beware-of-smartsteem-scam

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