15 Insights on Bitcoin Cash BCC
Jul 29, 2017 Posted / 4989 Views
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. The prominent use of “peer-to-peer electronic Cash” is purposeful here. Bitcoin Cash is seeking to be a crypto currency that is focused on transaction capacity.
1- Bitcoin Cash increases the block size to 8 MB. It is an advantage over 1 MB block size limit of Bitcoin.
2- It offers replay and wipe out protection. The transaction signature is slightly different and the forking block has to be greater than 1 MB.
3- It also offers a way to adjust the proof-of-work difficulty quicker than normal 2016 block difficulty adjustment interval found in Bitcoin.
4- Some, including a few of the project’s supporters, call Bitcoin Cash an “altcoin,” a term that usually denotes a fork of the software that creates a new crypto currency, with its own market.
5- Bitcoin Cash is the realization of the “User Activated Hard Fork” (UAHF) that was first announced as Bitmain’s contingency plan in case of a chain-split caused by BIP148 User Activated Soft Fork (UASF).
6- A first software implementation of the Bitcoin Cash protocol, Bitcoin ABC, was recently revealed by its lead developer, Amaury “Deadal Nix” Sechet at the Future of Bitcoin conference in Arnhem, the Netherlands.
7- Anyone who holds Bitcoins on this day, at 12:20 UTC precisely will automatically receive the equivalent amount in Bitcoin Cash attributed to their Bitcoin private keys.
8- Users are buying Bitcoin Cash today with the expectation that it will rise to the value of today’s Bitcoin (or higher) in the future. They are gambling on the fact that minors will support Bitcoin Cash after August 1, and that the currency will have enough hashing power to compete with the other fork.
9- It is trading about 1/5 to 1/7 the value of Bitcoin at the moment. Obviously, there’s a tremendous amount of risk attached to the coin (like the fact that it does not currently exist), which is why it is a volatile marketplace.
10- If a new crypto currency splits off from the main Bitcoin network, it will mark a first. So, some users are curious to see what happens. Still, without much support from miners and users, it might not end up having that much of an impact on the course of the main network.
11- Like past efforts intended to replace the Bitcoin used today with a new Bitcoin, however, Bitcoin Cash has the same goal, but it seems willing to wait and see if users join the effort.
12- Nonetheless, it might be worth watching if the second half of SegWit2x falls through. That’s when it might see some more supporters.
13- It is inevitable that Bitcoin Cash starts as a minority coin but in longer term, it will either overtake Bitcoin or it will create an incentive for Bitcoin to scale.
14- Bitcoin Cash’s transaction history would be the same as Bitcoin’s – at least up until the point of splits.
15- Bitcoin Unlimited developers Andrea Suisani and Antony Zegers have been helping out with Bitcoin Cash as well.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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