Bitcoin Cash is a peer-to-peer electronic cash system that is fully decentralized, and requires no trusted third parties to operate. It was created after Bitcoin users disagreeing with how the network should evolve over time. Bitcoin Cash (BCC) was created after the Bitcoin network experienced a fork. A fork is the split of a blockchain into two versions. With Bitcoin’s soaring to record prices, bitcoin cash was forked off from the Bitcoin network blockchain. Bitcoin Cash users where thereby given a Bitcoin Cash equivalent to the Bitcoin they held during the fork.
In July 2017, mining pools and companies that represented a majority of Bitcoin computing power voted to incorporate the segregated witness technology into the Bitcoin blockchain. This technology decreased the amount of data in each block that needed to be verified, by eliminating the signature data in the blocks that needed to be processed and attaching it to the extended block. The technology was quite significant to the efficiency of the blockchain as the signature data had been estimated to account for up to 65% of the data processed in each block. Thanks to the introduction of this new technology, Bitcoin community has been talking about doubling the size of blocks in order to increase scalability.
Bitcoin cash was created by Bitcoin miners and developers as an answer to the raised concerns over the future of the cryptocurrency and the ability of the currency to scale effectively. The founders of Bitcoin cash felt that the segregated witness technology did not follow the roadmap outlined by the anonymous inventor of Bitcoin. Segregated witness technology did not address the fundamental problem faced by cryptocurrencies, scalability. Furthermore, they claimed that segregated witness technology was not transparent and therefore undermined the core values of Bitcoin, decentralization and democratization.
Bitcoin cash implemented an increase in block size of 8mb and thereby increasing the verification process. It also incorporated an adjustable level of difficulty for the chain’s survival and increased transaction verification speed. This changes have been designed to adapt to the system regardless of the number of miners supporting it which has raised concerns about the security of Bitcoin Cash.
There are little noticeable differences concerning Bitcoin and Bitcoin Cash when using these currencies. The main difference between Bitcoin and Bitcoin Cash if measured under the same harsh rate, Bitcoin Cash protocol allows more transactions per second, to increase the speed of making payments and lowering the fees charged.
There has been a number of people who have opposed Bitcoin Cash. The growing criticism is as a result of the fact that Bitcoin Cash does not offer any technical and economic uniqueness from Bitcoin. However, there are a number of exchanges that support Bitcoin cash despite the efforts to confuse and diminish the adoption rates including; Kraken, Bitfinex, Bittrex, ViaBTC, Huobi, Okcoin, among other.
What is Bitcoin Cash blockchain? Pros and cons:
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