Should Bitcoin Cash be called the original Bitcoin?
Dec 26, 2017 Posted / 5100 Views
We have reached the end of the year 2017 and the Bitcoin analysts are ready to assess the 365-day period and clearly, it is one of the most dramatic phases in the entire history of Bitcoin. The internal arguments, conflicting perspectives, price fluctuations, bubble theories and the hype on Bitcoin’s underlying proposition caused the cryptocurrency and its earlier supporters to break off. Immediately after, numerous distinct groups with their own mission of establishing the real motive of Bitcoin started their separate journeys.
However, we have found one Bitcoin hard fork, which is seemingly an exact product of what was being outlined in the original Bitcoin Whitepaper i.e. Bitcoin Cash.
Bitcoin was originally introduced in the market as P2P electronic cash system, and after taking some time to settle down- Bitcoin found exponential growth especially in the current year. There were several reasons why users were initially drawn towards it and most of it owed to the characteristics possessed by the digital currency. It allowed affordable money transfers, almost immediate confirmations, international compatibility, 24x7 operations, and no confinement on the transaction amounts.
Many economic groups around the world were drawn into it and slowly it became a medium of tapping into a global marketplace. There were more possibilities for the migrant workers now as it provided convenience in sending money back home and charged much less than the Western Union. Soon Charities and content developers, where also using it and some industries were even replacing traditional payment methods altogether with bitcoin. This hasty growth continued for some years and many were convinced that Bitcoin would soon be an inevitable revolution in the economic and financial sector.
Scalability is unavoidable for most of the technologies and this issue was surfacing since the beginning of Bitcoin. People contemplated, debated and argued continually about how the system should be scalable in order to make it Mainstream. Moreover, when Satoshi Nakamoto initially launched the concept of Bitcoin in 2008, this was the very first question which arose at that point in time.
This however turned into a fundamental debate among developers, before turning into an all-out split and ultimately, a small group of programmers called as “Bitcoin Core” obtained the power of the heritage development branch of Bitcoin and started claiming that Bitcoin was vulnerable and could not scale 250,000 transactions per day. As the network finally imposed this capacity limit in 2016, Bitcoin started losing all those features, which made it so attractive in the first place.
Bitcoin Cash, is a separate entity from the Segwit heirs of Bitcoin, having its own market price, mining network, and separate transaction history from the previous blocks as it was the fork was created by a minority group of miners. Several service providers regard the Segwit-chain as “Bitcoin,” although the two can be more perfectly called as kin sharing a common forebear.
Nonetheless, the Segwit-chain innated the name of “Bitcoin,” the Bitcoin Cash chain more intimately reminds you of the version of Bitcoin mentioned in the whitepaper that triggered the entire cryptocurrency evolution by being an extraordinary and unique electronic payment system
The Segwit Core group has made several attempts to prove that such kind of forks are “dangerous” and in a long run completely destabilize the complete Bitcoin system. However, the triumphant hard fork of Bitcoin Cash has proven that network schisms can be a practical method of resolving the perspective differences and also experiment with new features allow for better technological models which can compete with one another in the free market.
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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