Happy Birthday Bitcoin Cash........

One year ago to the day, Bitcoin Cash (BCH) came into existence after a hard fork from the Bitcoin blockchain.

It has been an interesting 12 months since the fork gave birth to BCH,Nevertheless, on the anniversary of the creation of Bitcoin Cash, it is worth revisiting what caused this altcoin to come into existence what it's aimed to do.

History....

The Bitcoin creator Satoshi Nakamoto set out the technical details for a ‘peer-to-peer electronic cash system’ that would enable people to transact without the need for a central authority.

This eventually led to the wider Bitcoin community — comprised of big mining pools, wallet and exchange service providers and developers — to discuss ways to address these problems.

This gave birth to what is known as Segregated Witness (SegWit), a soft fork in the Bitcoin protocol that originally looked to solve transaction malleability. However, it was then proposed that SegWit should include an update in block size from 1 MB to 2 MB, and here is where the community came to a crossroads.

SegWit was eventually implemented — bar the size increase — but some members of the community pushed for a hard fork that would implement the size change as well.

Bitcoin Cash was born courtesy of a fork on August 1, 2017. The Bitcoin community then celebrated the launch of SegWit on August 24.

The launch of Bitcoin Cash was a highly contentious issue among the cryptocurrency community for a number of reasons.

As mentioned above, some members of the community were dead set on SegWit including a block size increase to provide more capacity for transactions on each block.

When it became clear that SegWit would go ahead without this change, a group of miners planned the hard fork, which would see a number of changes to the protocol — including an increase from 1 MB per block to 8 MB.

By providing much greater bandwidth per block by first increasing to 8 MB and then again to 32 MB. This additional room is more than what is needed right now, but BCH seems to be looking ahead and getting ready to process high volumes of traffic. The greater block size also enables BCH to store more information in each transaction, giving the blockchain space to write smart contracts on-chain at low costs.”

As a fork of the Bitcoin blockchain, users that held Bitcoin would receive an equal number of Bitcoin Cash at the time of the fork.

Chinese mining manufacturer Bitmain was an original proponent that suggested the Bitcoin Cash hard fork in 2017, but later clarified the move as a contingency plan to a soft fork. Amaury Séchet is credited with the first announcement of Bitcoin Cash, originally known as Bitcoin ABC.

Bitcoin Vs BCH

Since then, Roger Ver has arguably been the biggest promoter of Bitcoin Cash. His initial backing of BCH in 2017 was met with skepticism, partly due to his involvement in an earlier fork, Bitcoin Unlimited (BU).

Ver strongly supported BU and, at one point, even claimed he would sell his BTC holdings in favor of the forked coin. However, once Bitcoin Cash was launched, the owner of Bitcoin.com seemed to jump on the bandwagon.

Since then, Ver has seemingly pushed an anti-BTC agenda, beginning with claims that Bitcoin Cash is the ‘real Bitcoin’ in November 2017.

As for the ideological battle between BTC and BCH, De La Torre suggests that the fervor between the different camps highlights the faith that different people have in the two cryptocurrencies:

Both cryptocurrencies have clear benefits that attract users according to different interests and use cases. We don’t see them as mutually exclusive, but more as complimentary coins. BCH was created to immediately preserve Bitcoin’s status as an electronic cash system and its focus has stayed on that goal...

While the BTC vs. BCH debate that has been raging on with no end in sight, Bitcoin Cash has established itself as one of the strongest cryptocurrencies in terms of market value.

According to data from Coinmarketcap, BCH is currently ranked number four by market capitalization, with over $13 billion. However, BTC still holds a massive 47 percent of the total crypto market cap.

Despite BCH’s controversial birth in 2017, Bitcoin still holds a massive dominance on the overall cryptocurrency market. However, as De La Torre points out, each and every cryptocurrency that has gained widespread use aims to provide a unique service that is challenging the financial world as we know it.

The two will continue to be used by people around the world for differing reasons, but the history that led to the emergence of Bitcoin Cash will always make for interesting reading......

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