Bitcoin cash dancing to the top
Aug 19, 2017 Posted / 3753 Views
It is currently 49% more profitable to mine on the Bitcoin Cash blockchain. (source: https://cash.coin.dance/blocks)
Bitcoin Cash trading at $768 (https://www.bithumb.com/)
Bitcoin cash is the derived version of the world's first and largest digital cuurrency bitcoin.
There have been a tremendous rise in the prices of bitcoin cash due to which now it is at the third position in the market capitalization, miners around the world have even demonstrated that the newly forked coin is working and can make transaction of upto 8MB. This might have cleared most of the doubts of the investors who were doubtful about this Digital currency.
Bitcoin cash is eventually having it good days, since the last few days have been proven quite profitable to the digital coin. The value of the Bitcoin cash has rised and are shuffling around $4000. In a single day, it saw a surge of around 40%.
Launched on August 1st, bitcoin cash had recently initiated with a block size of 1.9MB, which was mines through viaBTC. But BitClub on August 16th, found an 8MB network which cleareda around 37,814 transactions.
The Bitcoin code had a limit of 1MB of data per block and could have around 3 transactions per second. Even though officially it simple to raise this limit, the community could not arrive at a consensus, even after years of discussions.
Though, Bitcoin cash is undergoing many transformations, but there are many investors, countries which are hesitant about this newly forked coin. As the reports suggests that there will another forking of bitcoin during November, may be investors are waiting for further developments in the digital currency scenario. Thus, Bitcoin cash has a long way to cover to acheive total acceptance.
With the rising prices of bitcoin cash, it has been cited that it is a perfect time to hold on to it. The miners around the world have gained a profit of more than 2% because this rise in the value, thus by increasing it mining profitability.
Bitcoin cash has newly been split, that is why people have some inhibitions about it. But slowly and steadily, bitcoin cash, is gaining attention and marking its position in the global market. many exchange systems are now gearing up to support this digital coin.
It is peer to peer type of electronic cash over the Internet. Bitcoin cash is fully decentralized, requires no trusted third parties to operate and with no central bank.
Although, this newly forked currency is making its mark in the market, it is also simultaneously proving that it can be a great Altcoin. Altcoin is the currency besides Bitcoin. Thus, Bitcoin cash can prove to be an exceptional Altcoin.
Any person having bitcoin and wants to access bitcoin cash must secure their private keys and secure their wallets. Few steps involved are importing private keys into wallet and use your old wallet with zero balance to import bitcoin cash, later carry on with the claiming procedures for the same.
Bitcoin cash is the extension of the Bitcoin project as peer to peer digital cash. It is a fork of the Bitcoin blockchain ledger, with advanced consensus rules that allows it to grow up and scale.
Bitcoin cash is fast, secure, reliable, has low fee transaction, simple, durable, portable, divisible and has a good amount of storage.
Bitcoin Cash has some major upgradation compared to bitcoins, which includes the size of the block was increased to 8MB, if there are two chains working, the bitcoin cash will not let interfere with each other, thus will lead to a peaceful and safe existence, it has introduced a new way of signing transaction which is called SigHash.
The Bitcoin cash is supported by many of the exchange systems like viaBTC, BITTREX, kraken, CEX.IO, KEX, BTCBOX, korbet, hitBTC, coinfloor etc
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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