Bitcoin Cash (BCH) Cryptocurrency and Blockchain Guide
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a decentralized Peer-to-Peer electronic cryptocurrency cash that uses the Proof of Work (PoW) consensus protocol and was created as a direct result of a Bitcoin (BTC) fork that occurred on 1st August 2017. Its native BCH cryptocurrency was developed with block size limit of eight megabytes.
Comparison of Block Size Limit with BTC
Bitcoin blockchain has a 1 megabyte block size limit. Due to this limit, BTC transactions sometimes took up to four days to complete in May 2017 and transaction fees were $28 on average by the end of year 2017. Hence, the BCH camp argued that it is impractical to use BTC for small purchases and everyday use.
Full name: Bitcoin Cash
Chinese Name: 比特币现金
Ticker Symbol: BCH
Date Created: 1 August 2017
Coin Price: Latest BCH Price
Founder: More than 1 founder
Consensus Protocol: Proof-of-Work (PoW)
Speed: Around 277 TPS (Reported by Newconomy)
Max Coin Supply：21,000,000 BCH
Block Explorer: blockchair.com/bitcoin-cash
Disputes on Bitcoin Scalability Solution
Part of the Bitcoin community called for the development team to increase the block size which will increase transaction speed significantly. Bitcoin core team refused the above proposal and decided instead to persue development of an unproven third party software, called the Lightning Network. Their objective is to use the lightning system to create another payment channel and layer that bypass the Bitcoin blockchain for two parties to transact BTC cryptocurrencies between each other. Lightning enables users to conduct many transactions outside of the Bitcoin blockchain and then record them as a single one.
The Hard Fork that created BCH
Because of the bypass, not every single cryptocurrency transaction will be recorded on the blockchain. Hence, Bitcoin core team hopes the lightning network can be successfuly developed to solve the scalability issue but this caused some members and groups of the community to hard fork and broke away from the Bitcoin blockchain. A new cryptocurrency, Bitcoin Cash (BCH) was created from the hard fork with block size limit of eight megabytes as compared to BTC's one megabyte size.
An anticipated Bitcoin Cash hard fork was implemented on 15 May 2018 and the block size was increased to 32 MB along with the capability to add basic smart contracts on its blockchain. BCH reached cryptocurrency market cap of more than $6.8 billion USD and a total coin circulating supply of around 17.8 million as of 22nd May 2019. Bitaddress.org is an open-source wallet generator that can create brain wallet and paper wallet that traders can use for transacting BCH cryptocurrency. Prominent leaders of Bitcoin Cash include Jihan Wu and Roger Ver.
Bitcoin Cash Reviews
[Rating: 3.8 ]
★ ★ ★
Offers only basic smart contract functions. Not in the same league as Ethereum or EOS for DApps but has decent transaction speed for day to day purchasing uses, much faster than Bitcoin. I tried its Memo Social Network, it is mediocre and can be better.
Tylomaver (01/06/2019 10:45:20 AM):
BCH is not the real bitcoin! It is just a wannabe but can never replace BTC, end of story.
BlueCoat (03/09/2019 7:23:36 PM):
★ ★ ★ ★ ★
Bitcoin Cash is the real deal. Just ask yourself this question, which coin will you use to buy coffee? The transaction fees for BTC might be more than the coffee itself. BCH has cheaper and faster transacton cost, at least more than 10 times faster than BTC. The answer is obvious, BCH is the payment future.
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