Bitcoin Cash, officially born as an alternative to the traditional Bitcoin. This cryptocurrency shares the block history of its base cryptocurrency, but like all fork, it uses a different blockchain or crypto broker. This way developers of different cryptocurrencies had to fix the errors proper of the oldest currencies or to propose to implement improvements which had no add it to them.
All about bitcoin cash, from start to date.Bitcoin Cash also is known as BCH in the financial industry. BCH Shares several similarities with the original bitcoin. BCH came out on August 1, 2017; it was then when Bitcoin cash got bifurcated from Bitcoin. Such an effect represents a strong bifurcation which constitutes a separation in the blockchain. Therefore, bitcoin cash and bitcoin share the same transactional history as of August 1, 2017, but currently are two wholly separated cryptos. Such a hard bifurcation which created bitcoin cash is the result of a long and hard discussion inside the cryptocurrency big players community. About the issue of scalability. The problem that scalability represented lies on the Bitcoin's effort to process a large number of transactions within the Bitcoin network.
When looking for a long-term sustainable solution, the bitcoin community got divided into two opinions. Not being able to reach an agreement, a hard bifurcation took place:BCH might represent the solving of blocks transaction scalability. The more transactions ger into a block, such transactions will run the processed faster. Based on its algorithm the size of a bitcoin block is 1024kbs (1MB), initially, BCH increased the volume for a block to 8MB. But after May 15, of 2018, this BCH block size got even more significant. The actual size of a block is a fantastic 32MB. With no doubt, it is the most significant and the most fundamental difference between the regular Bitcoin and new Bitcoin Cash. About Bitcoin, the crypto considers the method SegWit as a solution. SegWit represents a technique which separates information from the signature of the transaction block. As a result, the size of the transaction blocks is distributed thru the network more efficiently, therefore much more transactions can be executed in one single block. SegWit also opens the road to applications such as Lightning Network and Atomic Swaps.
How to buy bitcoin cash
- You can buy BCH through a broker or exchange
- Accept BCH as a form of payment for goods or services
- Receive your salary or part of it in BCH
- Start doing your BCH mining