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Bitcoin Cash: What led to a hard fork?


Bitcoin was facing pressure and backlash from the community members on the issue of scalability. Distinctively, the volume of blocks which was set at 1 megabyte in 2010 which would reduce the speed of transaction processing times, consequently limiting the currency’s latency, as it was gaining in recognition. The size of the block limit was added to the Bitcoin code so as to put off spam attacks on the system at a time when the price of a Bitcoin was near to the ground. The value of Bitcoin by 2015, had improved considerably plus the average block size had reached 600 bytes, creating a situation in which transaction period may perhaps run into stoppage as more blocks reached utmost capability. Quite a few proposals were made to deal with transaction processing over the years, frequently focusing on increasing size of the block. For the reason that the Bitcoin code is not controlled by a central authority, transformations to the code need buy-in from miners as well as developers. This consent-driven point of view can usher to proposals taking a long time to conclude. This has effected in groups making different blockchain ledgers utilizing new-fangled standards, called as a fork. More than a few forks, like Bitcoin Unlimited and Bitcoin XT failed to be accepted by an extensive audience. Bitcoin Cash thus launched in August 2017, is an additional fork from Bitcoin Classic.

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