Things to Know About Bitcoin Cash
Bitcoin Cash is the split version of one of the most popular cryptocurrencies, Bitcoin.
It was created by the community of Bitcoin users due to increasing volume of transactions
and limited block of Bitcoins.
Later on, in 2018, the cryptocurrency Bitcoin Cash also split into Bitcoin SV and Bitcoin Cash,
aka Bcash or BCH.
The main reason behind this split was disagreement in the community of cryptocurrency users
on the operation of Bitcoin and the purposes served by it.
Due to this conflicting situation, there was a situation of Civil war among cryptocurrency
users’ as it caused arguments and tension among people
as well as wide fluctuation in the prices of various cryptocurrencies.
What is Bitcoin Cash?
In order to know what Bitcoin Cash is you must know Bitcoin. Bitcoin is a software program
that cannot be updated like Microsoft Office as there is no single person to control its functioning.
The number of transactions in Bitcoin is increasing day-by-day since last few years.
In order to solve this backlog the users of Bitcoin have suggested various options and Bitcoin
Cash was one of those suggestions.
Thus, Bitcoin Cash emerged as another version of Bitcoin but they cannot be used in place of others.
It is like you cannot open
a document created in one version of MS Word in its other versions.
In an event, Hard fork’, Bitcoin Cash emerged as a branch of Bitcoin,
the original cryptocurrency. At the time of this split the value of Bitcoin Cash was equal to the value
of Bitcoin original.
Difference between Bitcoin cash and Bitcoin
The evolution of Bitcoin was based on Blockchain technology as every transaction in Bitcoin has to
be recorded in a digital registry so that the
information can be linked together in a sequential manner.
But on each block these transactions can occur in a limited number to avoid filling up of the block.
It also increased the risk of disruption of the network by the attackers by making multiple transactions
which can slow down the functioning
On the other hand, Bitcoin Cash increased the capacity of transactions, since its emergence,
by 8 times than Bitcoin by expanding the size
of its block up to 8 million Bitcoin than one million Bitcoin of the original Bitcoin.
But there was a wide argument on the name of this new cryptocurrency as original Bitcoin was widely
used by every user for buying
anything whereas others were of the view that it is a technical store of value with a limited supply.
According to the information provided by CoinMarketCap, today, Bitcoin Cash is the fourth largest
cryptocurrency of the world.
Its market cap at present is US$7 billion which is nearly 7% of the value of the original Bitcoin.
The list of supporters of Bitcoin Cash includes some of the prominent names from the world
of cryptocurrency like the co-founder of
Bitmain- a Beijing based technology, Wu Jihan, Roger Ver, the largest maker of mining rigs
of cryptocurrency as well as an early adopter
of Bitcoin and an Australian entrepreneur and computer scientist, Craig Steven Wright.
Written By : YOUSSEF J A ALMEER