What is Bitcoin Cash?
Bitcoin Cash (BCH) was developed out of a fork in order to bring back the essence of money into the Bitcoin Software. In the past few years, the basic essence was somehow filtered from the core program, and this progress was exploited by companies, organizations and individuals who were part of the protocol development. This resulted into higher transaction fees and the transfer time took almost hours to days in certain cases. All of this occurred only because of one reason: the bitcoin blocks were completely full with no room for more.
The small block size triggered network congestion, as with time the demand of bitcoin transactions had significantly risen. Soon this led to the continuation of the Bitcoin software that solved the scaling issues by improving the block size to 8MB and this was named as Bitcoin Cash. Still a part of bitcoin, BCH is a blockchain ledger that is revamped from of Bitcoin Classis with upgraded consensus rule to help bitcoin cash rate to scale and grow. For instance, if you own bitcoins before the hard-fork i.e. 1st August, 2017 then after the fork you will have the same value of BCH and bitcoins.
Difference Between Bitcoin Classic & Bitcoin Cash
There are several proposals that have been made in order to manage the transaction delays, and most of them emphasized on the increase of block size. As the code of Bitcoin was not handled by any core authority, making changes to the existing codes required buy-in from the miners and developers. Since, such proposals might consume a lot of time, a separate group decided to form BCH from the core Bitcoin Classic.
Now, BCH differs from Bitcoin Classic in many ways and some of these are highlighted below:
- As stated before, BCH comes with an improvement of blockchain to about 8MB while the same remains to be just 1MB for Bitcoin Classic.
- BCH has removed Segregated Witness (SegWit), a code meant to free-up the block space by eliminating certain portions of the transaction. With this, the cryptocurrency aims to process a massive volume of transaction effortlessly.
- The computing power required to process BCH is essential and this is something that can wipe out the small miners. So, adapting with it would mean being part of a network, where bitcoin cash rate is concentrated by companies who are able to make use of advance and effective equipments.
- The issue of scalability has remained to be in the forefront. Despite of the innumerable alternatives out there, BCH managed to conquer the drawbacks and was able to reach masses, compared to the conventional Bitcoin Classic.
Is Bitcoin Cash From of Altcoin?
Much as presumed by people, Bitcoin Cash is not an Altcoin. In fact, BCH is neither a form of knock-off for traditional bitcoins or nor are they part of the Altcoin family. Instead, these are same as the bitcoin and share the same transaction history and ledger. Basically, this is like bitcoins these are pure digital currencies, yet because of the above mentioned differences BCH cannot be same as BTC. Moreover, these are two independent versions, so it’s obvious for them to have different symbols, networks and trade practices. Yet, the functioning of BCH is similar to that of BTC to a greater degree.
On an average, it takes less than 10 minutes to confirm BTC transaction, most of them cost quite less, as the pool of pending or unconfirmed transaction is removed with new block. This means, BCH can be used just like you utilize cash. At present, most of the people use the bitcoin cash wallet for trading, e-commerce, micro transactions, publishing and other forms of online payment.
Quick confirmation and low transaction fees without a doubt indicates that both users and merchants around the globe can take advantage of BCH, benefitting their economy and even themselves by doing so. The burden is now on the Bitcoin Classic to prove its worth over the affordable and improved version of Bitcoin.
Driving Force Behind The Value of Bitcoin Cash
Within a few months of the development, BCH broke its $1000 market capitalization and touched to $1035. This level tells that bitcoin cash price has moved to over 400% since its inception in August, 2017. With this, it has been catching the eyes of investors and professional traders more as a form of competitor to the classic bitcoins. In fact, as the attempts of scaling Bitcoin’s network have been failed as of now, making BCH even more attractive for the users is needed.
Therefore, there are two reasons that have been the driving forces behind the increase in the value of BTC and these are:
- More exchanges can be seamlessly performed with the use of Bitcoin Cash. Initially, when it began, most of the people where not so sure about taking it up, but now there are many who accept it. This in-turn provides value and credibility to the cryptocurrency. Some of the key names include: BTC Box, Coin Floor, Mercado Bitcoin, Via BTC, KORBIT, BITFIX, BITTREX, KRAKEN, BISTAREX and BTC Pop.
- Many miners have made their way towards Bitcoin Cash India. This is because BCH is quite lucrative and miners are doing their best which indeed improves its value. And as the block size is 8 MB the number of transactions would be more, which will again make it more popular amongst the community.
What is The Future of Bitcoin Cash?
Though predicting the future of Bitcoin Cash won’t be that easy, still if the present trends are considered, then bitcoin cash price will continue to flourish. But again, this is dependent upon the way users respond to the dynamics of the currency. If you believe that BCH will turn out to be a promising option than other versions then there would be an amazing growth, while if you have your mind on the other side, then fate of the currency might be similar to those hundreds that came and went away.
The concept of BCH (better block size, faster transaction with low fees) makes it appealing and profitable than the current shining cryptocurrencies of the market. But, like bitcoin cash took forward the legacy of bitcoin classic there might be another upgradation of BCH welcoming a new version of cryptocurrency, the possibilities are endless and only time will tell what rests in the future of this remarkable crypto-cash!
The market is huge and the opportunities are incredible, so without a doubt if you want to grab the best from crypto-market then bitcoin cash India can turn out to be a great deal.