Did Bitcoin split or not? Help me understand Bitcoin Cash
Some people are saying that Bitcoin Cash does not represent a split from Bitcoin, I thought BCC came to exist because consensus couldn't be reached for SegWit. What's strange is this people are trying to make the case from the perspective of BCC being an altcoin...of course it is an alt, that's how people are referring to when they speak about anything other than Bitcoin.
Even if SegWit got enough approval to be implemented I don't think that means Bitcoin Cash didn't come about from lack of total consensus, meaning it split from Bitcoin.
Is it correct to call it a divide or does Bitcoin Cash have nothing to do with Bitcoin an it's just a new project and made it's initial distribution using BTC balances as receivers?
Why then did they begin mining at the same difficulty BTC had on August 1st?
I'd love some clarification and will make sure to reward those who help me understand this.
It's literally a split. A fork of the code and the blockchain. If you used a wallet that supports Bitcoin Cash before the split, like Bitcoin ABC or Bitcoin Unlimited, and you hate money, you could ignore Bitcoin Core and go on as if nothing happened. Nothing was distributed. Existing private keys and addresses are simply valid on two blockchains now.
Bitcoin Cash was 'distributed' on exchanges (and Bitfinex users only received 0.85 BCH per BTC), but money on exchanges is fake anyway - just balances in a company's ledger that you hope will be credited as real money when you withdraw.
Now you could argue that Bitcoin Cash is not legit Bitcoin because it wasn't approved by the Bitcoin Core developers. And that exchanges should ignore it because anyone could create a split. But Bitcoin Core supporters don't like to appeal to authority, so they're using all kinds of fallacies and underhanded tactics instead. Like calling it Bcash, creating a totally different logo, having a supposed big-block supporter say he lost faith in Roger Ver on /r/btc because the price went down, and pointing out any transitional problems. They laugh at the slow blocks, while they would have called a faster difficulty adjustment unsafe. The trolls don't seem to realize that they're only drawing attention to Bitcoin Cash.
it´s kind of a helicopter drop for all bitcoin hodlers. The new coin has the same history as the original bitcoin but has more "space in the blockchain" for transactions. So the transactions should be faster and cheaper. The main reason for the split is the fact that segwit did something against the scaling problem, but there are miners which have mining racks with asic boosts which can´t be used with the originial bitcoin anymore. So this miners would´ve bought this new stuff for millions of dollars and now it would be worthless with segwit.
So it is a split after all?
Yes it is but it happened before with for example ethereum and ethereum classic, only time can tell if it will survive in the top 10 or eventually die off
That's what I understood, that it was something like what happened with ETH. But some people are saying that's not what happened and that's where my confusion comes from.
Goodnight.
Recommend to invest in BTC right now