Bitcoin Cash: Peer to peer bitcoin electronic cash

Hello Everyone,

Hope you are doing great. I am writing one more blog and trying to cover information about Bitcoin Cash(BCH). BCH is the fourth largest cryptocurrency as per coin market cap data at the time of writing this blog with market cap of $12,195,247,267 and price $708.72 per coin. Its total supply is same as that of bitcoin which is 21,000,000. BCH can be traded on many top exchanges like bittrex,poloniex, binance etc. If we talk about all time high of BCH, it was $4000 in Dec 2017 bull run.

Bitcoin cash is nothing but a peer to peer electronic cash system for the internet which is decentralized and doesn't require any third party for the transaction to complete. Most of the people may know that bitcoin cash is the fork of original bitcoin. But for those who do not know this, let us cover some more information.

Bitcoin blockchain is developed in the year 2008 by Satoshi Nakamoto and since then there are no major changes in the bitcoin blockchain. Initially mining bitcoin was profitable, transaction fees was less and speed was more. But as the time moved on, bitcoin became less profitable and network was charging large fees with more transaction time. This happened because the size of the block of bitcoin is 1 MB which is initially proposed by Satoshi. There were some bitcoin developers who wanted to increase the block size to 8 MB so as to increase the transaction speed with less fees. But core bitcoin developers were not agree with this solution. The debate went years after years and the community divided into two parts. Developers who came out of the core team decided to split the blockchain and create a new blockchain with block size of 8 MB. This event was know as hard fork. The day was 1st August 2017 when the fork took place and each bitcoin holder was rewarded with same amount of bitcoin cash.

So the basic motive behind the bitcoin cash creation was

1. Increase transaction speed
2. Low transaction fees
3. Faster block confirmation
4. Micropayments
5. Decrease congestion in the network by allowing more transactions in the block

Initially bitcoin community believed that BCH project is created just to create a hype and will not stay longer. But BCH proved what they planned and BCH haters also started purchasing it. People still believe that BCH will overtake bitcoin in future and will stand at rank 1. To be bitcoin believer, I don't think so. What do you think? Comment down below.

Sources:

1. Coin Market Cap
2. https://www.bitcoincash.org/

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