Bitcoin Cash News

Bitcoin Cash News

Understanding Everything About Bitcoin Cash

According to Bitcoin Cash news, earlier this year in August, the first hard fork in the Bitcoin blockchain gave birth to a new version of Bitcoin and its digital derivate – Bitcoin Cash. Here is a step by step walkthrough of the hard-fork-event and complete understanding regarding Bitcoin Cash.

In past one year, the cryptocurrency markets have witnessed a tremendous run in market valuations with Bitcoin contributing to the majority of the rise. Cryptocurrencies are basically virtual digital currencies that are backed by the blockchain technology which offers a decentralized platform for transactions across the globe as opposed to the centralized and traditional financial institutions like banks.

This year Bitcoin has witnessed an unprecedented run with its total market cap crossing a $100 billion in valuations. However, this year marks another important event known as the “hard fork” in the Bitcoin blockchain version which caused the existence of a new derivative version of Bitcoin known as Bitcoin Cash.

A “hard fork” is basically a permanent split and divergence in the existing blockchain. A blockchain is nothing but a digital public ledger that records all the Bitcoin transactions. As the blockchain technology is completely decentralized in nature, it is the Bitcoin miners who secure the blockchain network by solving several complex mathematical and computational algorithms or puzzles, and are rewarded with Bitcoin on completely solving these puzzles.

The Cause of Hard Fork and the Rise of Bitcoin Cash

With a huge increase in the Bitcoin investor and trading community, one of the key complaints has been the slow transaction speeds and higher transactions times. In order to solve this issue, the developer team and the mining team behind Bitcoin were working towards arriving at an appropriate solution. However, the difference in opinion between these two teams pertaining to the guiding rules behind the network operations, was potentially the reason behind the cause of the split.

Prior to the hard fork, the Bitcoin network allowed for a maximum of 1MB of data per block or 3 transactions per second. As a result, the capacity of the blocks hit an “invisible wall” thereby resulting into a huge delay in the transaction getting executed and the fees was considerably increased. Bitcoin thus became highly unreliable with many big players withdrawing their investments. To stop this and improve the network speed, developers proposed on increasing the block size by relatively smaller value in order to avoid hacks while miners decided to have bigger block size in order to make the network run faster.

Initially, a software upgrade named as SegWit2x was proposed that would increase the size of the blocks from 1MB to 2MB and thus improve the transaction speed. However, the Bitcoin miners community argued that such a step would do little in improving the transactions speeds and they proposed for much bigger block sizes of 8MB which would improve the entire network speed.

As a result, the miner community forced the Bitcoin blockchain to split into two different and separate chains giving rise to a new version of Bitcoin known as Bitcoin Cash. At the time of the fork, it was being proposed that anyone having Bitcoin will be entitled to having an equal number of Bitcoin Cash tokens. In essence this was nothing but a 2:1 split in the original Bitcoin currency.

Similarities and Differences Between Bitcoin

The hard fork has created a derivative version of the already existing Bitcoin cryptocurrency. As a result, Bitcoin Cash in spite of being the new version of Bitcoin will keep a record of all the past transactions in the Bitcoin blockchain. After the split all the new transaction are recorded separate ledgers.

Moreover, as the custom block size of Bitcoin Cash is 8MB which is bigger than Bitcoin’s 2MB block size, it allows for faster transactions and hence Bitcoin offers a better scalability over Bitcoins.

Today majority of the exchanges have supported trading in Bitcoin Cash with is current price at $451 as per coinmarketcap.com. However, after its existence in the crypto markets, one of the key issues pertaining to lower adoption of Bitcoin Cash has been sending of the currency over its blockchain. Developers of the Bitcoin Cash are working to fix this issue by working on the Difficulty Adjustment Algorithm (DAA) for Bitcoin Cash. In order to go overcome it, the developer community is said to have been planning a hard fork slated 10 days later on the 13th of November.

Total Cryptocurrency Market Cap Breaks $200B as Bitcoin Price Hits New High Above $7400
November 3rd, 2017

Total cryptocurrency market capitalization has reached $200 billion as Bitcoin price gains over 5.68% hitting new all-time high of more than $7400.

Bitcoin Cash Price Hits a New High, Currently Trading Above $500
November 1st, 2017

Over the last 24 hours Bitcoin cash gained about 10 percent to its price.

Bitcoin’s Rally Simplified After the Infamous Hard Fork
September 20th, 2017

Last month’s much spoken hard fork has seen Bitcoin price rally to reach new all time high of $5000. Let’s try to understand the possible reasons behind the rally and the future prospects for Bitcoin and Bitcoin Cash – forked version of Bitcoin.

Bitcoin Cash Price Soars Above $900, Becomes More Profitable to Mine Than Bitcoin
August 18th, 2017

The new cryptocurrency has more than doubled in value during the last few days and keeps getting more support from the cryptocurrency community.

Bitcoin Price Rally Pauses as Bitcoin Cash Jumps Above $500
August 18th, 2017

The price of bitcoin maintained flat on Friday, while Bitcoin Cash has surged beyond $500 amid the growing chances of another bitcoin split.

Bitcoin Cash Currently Trading Above $320 as Mining Difficulty Being Adjusted
August 8th, 2017

The Bitcoin Cash network gains momentum, even though the difficulty is a lot lower than that of Bitcoin and mining the latter is still more profitable.

Cryptocurrency Market Tops $117B as Bitcoin Price Sets New All-Time High of $3384
August 7th, 2017

The price of Bitcoin is hovering at a record high, following a surge over the weekend, while Bitcoin Cash price more or less leveled off.

Coinbase’s Customers Threaten to Sue the Company for Bitcoin Cash
August 3rd, 2017

Bitcoin Cash, created by Bitcoin hard fork, became an apple of discord between Coinbase, refusing to support the new currency, and its customers, angrily requesting their share of bitcoin cash from the company.

Bitcoin Cash Became 3rd Largest Cryptocurrency by Capitalization Just 24 Hours After Creation
August 2nd, 2017

Bitcoin Cash price is surging now though experts talks about possible increased volatility in the nearest future.

Experts Foretell Extreme Volatility for Bitcoin Cash
August 2nd, 2017

Bitcoin Cash price has been dropping and surging since the first block on the alternative blockchain was mined.