BITCOIN CASH: Amazing things about BTCH (FULLY EXPLAINED)
Bitcoin Cash (BCH) is a cryptocurrency that was created on August 1, 2017, when a section of the Bitcoin community decided to fork away from the main protocol. Start earning an cryptocurrency - https://bit.ly/bittubes Bitcoin has been riddled with a bunch scalability issues and according to these community members, the problem could be solved by just increasing the block size. After a long stand-off, they finally decided to create their own cryptocurrency with a block size that had an upper limit of 8 MB as opposed to the original 1 MB. According to them, the increased block-size will allow for more transactions to be processed.
Scalability of Bitcoin has been at the forefront of the community interest since the launch of the network. The block size set at 1 MB in 2010 limits the transaction process times and thus somewhat limits the potential of the cryptocurrency. The block size limit was added to the cryptocurrency to prevent spam attacks on the network at a time when the value of Bitcoin was relatively low. As the popularity of Bitcoin was increasing, the scenario in which transaction times could be delayed was starting to be more likely.
A number of proposals have been made over the years to deal with this problem. Some entrepreneurs, developers, investors, and largely China-based miners were unhappy with the proposed SegWit improvement plans and pushed forward alternative plans to increase the block size to 8 MB. This resulted in a split and a hard fork, which created Bitcoin Cash.
“Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.” Did you notice the emphasis on the words “peer-to-peer electronic cash”? It is done by design because the primary motivation of bitcoin cash’s existence depends solely on carrying out more transactions as Jimmy Song points out in his Medium article.
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