Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize. This push came to a head in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency. Eventually, a group of bitcoin activists, investors, entrepreneurs, developers and largely China based miners were unhappy with bitcoin's proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash. The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes. Bitcoin cash is not one of the fastest cryptocurrency per transaction. And it is good investment for economic crisis.
To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter. This algorithm is called the difficulty adjustment algorithm (DAA). Originally, both Bitcoin and Bitcoin Cash used the same difficulty adjustment algorithm, adjusting the mining difficulty parameter every 2016 blocks. Since 1 August 2017, Bitcoin Cash also used an addition to the DAA, called an Emergency Difficulty Adjustment (EDA) algorithm. EDA was used alongside the original DAA and it was designed to decrease the mining difficulty of Bitcoin Cash by 20%, if the time difference between 6 successive blocks was greater than 12 hours.
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Rising fees on the Bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize. This push came to a head in July 2017 when some members of the bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency. This push by some to increase the block size met a resistance. Since its inception up to July 2017, Bitcoin users had maintained a common set of rules for the cryptocurrency. Eventually, a group of bitcoin activists, investors, entrepreneurs, developers and largely China-based miners were unhappy with Bitcoin's proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash. The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.
At the time of the software upgrade (also known as a fork) anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units. The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin, which in theory allows it to process more transactions per second. Bitcoin Cash was the first of the Bitcoin forks, in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air." In relation to Bitcoin it is characterized variously as a spin-off, a strand, a product of a hard fork, an offshoot, a clone, a second version or an altcoin. On 1 August 2017 Bitcoin Cash began trading at about $240, while bitcoin traded at about $2,700.
“The arguments have devolved over three or four years of bitter debate, the principles are real and they are important to preserve, but a lot of the drama has nothing to do with principles anymore. A lot of this debate is now more about hurt feelings. It’s about bruised egos. It’s about things that were said that can’t be unsaid, insults that were exchanged, and personalities and ego.”
The split originated from what was described as a "civil war" in two competing bitcoin cash camps. The first camp, supported by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB. The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi's Vision," that would increase the block size limit to 128MB.
Bitcoin Cash was launched in August 2017, as a direct response to small block sizes on the Bitcoin code. 1MB block sizes were not meeting the demand of the growing community, so a group of dissatisfied crypto enthusiasts decided to create a ‘hard fork’ of the Bitcoin blockchain, with an increased 8MB block size. No one person currently takes credit for the token’s creation; rather it is attributed to a de-centralized group of developers.
Bitcoincash is a peer-to-peer cryptocurrency in many regards similar to Bitcoin. Coins are created and transfered using an open source cryptographic protocol and are not managed by any central authority. Thanks to the adoption of Segregated Witness, and the Lightning Network, bitcoincash has some technical advantages over Bitcoin and other major cryptocurrencies. It is capable of handling a greater number of transactions in a given time and thus reducing potential bottlenecks, as seen with Bitcoin. Also, payment cost of bitcoincash is nearly zero and it’s payment speed is approximately four times greater than that of Bitcoin.
Bitcoin Cash trades on digital currency exchanges including Bitstamp, Coinbase, Gemini, Kraken, Bitfinex, and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to "inadequate liquidity". As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.
Peer to peer (P2P) electronic cash is simply described as online money sent from one person to another without the need for a trusted third-party. As described in the original Bitcoin whitepaper by Satoshi Nakamoto, P2P cash makes use of digital signatures as part of the solution, but the main benefits are lost if a trusted third party is still required to prevent fraud. This makes P2P cash a trustless and safe way to transact without the need of intermediaries.
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