The History Of Bitcoin Cash
Bitcoin Cash was created when the Bitcoin blockchain as we know it split into two: one continued as Bitcoin, and the other became Bitcoin Cash, a brand new cryptocurrency. This process is called a “fork”, and we’ve seen it happen before.Buy Bitcoin Cash (BCH) India with BuyBitcoin
Ethereum went through a hard fork when the network had disagreements on what to do after the vulnerability exploitation that happened with The DAO project. Ethereum decided to delete The DAO completely and refund all the coins, while some other members of the community were not happy with this decision.
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At this point, those who disagreed decided to continue the Ethereum blockchain unchanged, arguing that the nature of the blockchain is to be immutable, and called this branch Ethereum Classic. Ethereum, on the other hand, performed the changes. The two blockchains are the same up until the point of the split, and after that, there are two different chains.
The same thing happened with Bitcoin on the first of August 2017, when a group of people were not happy with the upcoming changes that were going to be performed to the network. These changes focused on the blockchain size limit, and they lead to integrating the SegWit method to the blockchain.
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This method, which was already tested on Litecoin, means that each block would have a second block attached to it, like an appendix. This second block contains all the code behind every transaction, while the primary block only publishes to the blockchain the receiver of the transaction. This is done to reduce significantly the content of every block so that the 1 MB can hold a lot more transactions.
The implementation of SegWit to the Bitcoin network was a long way coming. This was a somewhat controversial decision, as it was proposed back in 2015, and it hasn’t been officially implemented until now. All of the debate around this decision comes from the fact that it disrupts the nature of the blockchain, the base of what Bitcoin is. So, the decision to finally incorporate SegWit into Bitcoin provoked disagreement in the community.
A group of people that were not happy with this change, and thought they could solve the problem of the block size limit a different way, performed a fork of Bitcoin Core, introducing Bitcoin Cash to the world.
What is Bitcoin Cash?
This is how Bitcoin Cash project website is defining itself: “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”?
Bitcoin Cash (BCH) is a lot like Bitcoin but has some very noticeable differences:
- The blocksize is 8 MB.
- It won’t have segwit.
- It won’t have the “replace by fee” feature.
- It will have replay and wipeout protection.
- It offers a way to adjust the proof-of-work difficulty quicker than the normal 2016 block difficulty adjustment interval found in Bitcoin.
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