Bitcoin Cash is an electronic cash system that has been modeled according to Satoshi Nakamoto’s famous whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.
History Of Bitcoin Cash
The concept was created in 2008 following the financial crisis where Lehman Brothers collapsed and many other financial institutions filed for bankruptcy all over the world.
The causal factor for the crisis was concluded as unethical financial practices where banks used customers deposits to invest in inflated properties and also the issuance of home loans to risky creditors. After the bursting of the real estate bubble, the loans became bad loans and the financial institutions lost customers’ deposits as well as credibility.
Bitcoin Cash Solution
Bitcoin Cash supports peer-to-peer electronic cash transfers to bypass third parties (financial institutions) that are widely considered no be trustworthy as well as expensive.
Bitcoin Cash Blockchain has a feature that prevents double spending by timestamping on-platform transactions by hashing them to a continuous chain that is validated by proof of work protocol. This becomes immutable records called ledgers that form a network of blocks to constitute a Blockchain.
First Bitcoin Fork
In 2017, the Bitcoin community was divided on the issue of either adopting Bitcoin Unlimited or Segregated Witness (SegWit) as a solution to the scaling problem that was running out of hand.
The problem was further highlighted by stiff competition from Altcoins that were being developed and deployed at a staggering pace to counter the inefficiency of Bitcoin.
Hence, on 1st August, Bitcoin underwent a hard fork that created Bitcoin Cash (BCH) and Bitcoin Core (BTC). This raised the size of the Block from the previous 1 MB to 8 MB and reduced delays in transaction processing time.
On the other hand, the other Bitcoin adopted Segwit2x and was unable to beat the scalability issue and cost of mining. Therefore, BCH emerged as the best option according to some enthusiasts.
Second Hard Fork
On November 24th, 2018, a second hard fork was undertaken after a disagreement in the Bitcoin Cash community. Roger Ver and Craig Wright led the two factions and Bitcoin Cash ABC and Bitcoin Cash Satoshi Versions were created respectively. The former retained the BCH ticker and the latter became BSV bringing three coins in the Bitcoin community.
Strengths Of Bitcoin Cash
Fast-Transactions are in seconds and confirmation time is in minutes.
Reliable-The Blockchain runs without congestion and is about 8 times faster than Bitcoin.
Low fees-Transaction fees are very low as well as storage fees as Blocks are bigger.
Secure-Bitcoin Cash Blockchain is modeled after the original Satoshi Nakamoto architecture and it has foolproof security features.
Bitcoin Connection- BTC holders of block 478558 can automatically convert their Tokens to BCH.
BCH Supporting Crypto Exchange
Bitcoin Cash Wallets
Ledger Nano S
For further information about Bitcoin Cash, there are online communities that members meet to discuss the Token including-
Bitcoin Cash Forum