Bitcoin Cash (BCH) : The Controversial Bitcoin Hard Fork
Bitcoin Cash was created in August 2017 due to differing opinions in the Bitcoin community on how its scalability issues should be addressed. The creation of Bitcoin Cash was one of the biggest crypto events in 2017, resulting in a heated tribal schism whose sides have only grown further apart since. Whereas the original Bitcoin seeks to address its scalability problems with solutions outside of its blockchain that could possibly lead to the centralisation of Bitcoin, Bitcoin Cash instead seeks on-chain solutions in an attempt to stay true to the original vision of Satoshi Nakamoto.
Decentralised Monetary Spending
What gives it value:
- It is currently faster and cheaper to transact than the original Bitcoin.
- It has a larger block size of 8MB compared to Bitcoin’s 1MB.
- It carries the Bitcoin name.
- It continues the original vision of Satoshi Nakamoto on how to improve scalability.
- Each block in the Bitcoin Cash blockchain has 8MB of storage space and will increase in size by 40% every two years, for the purpose of larger transaction volumes with lower fees.
- Increasing the block size to improve scalability is called an ‘on-chain solution’.
- Craig Wright is an infamous Brisbane computer scientist and ambassador of Bitcoin Cash. Craig identified himself as one of the original contributors of the Bitcoin network, and has claimed to be Satoshi Nakamoto himself.
- Roger Ver is one of the main public supporters and defenders of Bitcoin Cash. Ver was an early investor in Bitcoin and owns the www.bitcoin.com information resource. Vera also has a substantial investment in Bitcoin Cash.
- HD internet calling app YeeCall, and it’s 33 million users partner with Bitcoin Cash.
- Microsoft users can top up their accounts with Bitcoin Cash.
- Japanese financial giant SBI openly supports Bitcoin Cash, claiming it will be the global crypto used for daily payments.
- It seeks to solves Bitcoin’s scalability problems.
- Scaling is increased on-chain with block size increased to 8MB.
- Has lower transaction fees and faster transaction speeds than Bitcoin.
- Continuing Satoshi’s original legacy for cryptocurrency to subvert financial institutions.
- Has a loyal support network behind it with key individuals.
- Doesn’t necessarily do anything better than the original Bitcoin.
- Although it is faster than the original Bitcoin, its network receives far less traffic so its increased efficiency cannot be proven unless it has to handle a similar volume.
- Only 10% of its holdings are traded on it’s network. The rest is held as speculation.
- Many people in the cryptosphere passionately criticise Bitcoin Cash as a scam. It is potentially the most controversial cryptocurrency.
- Due to the creators of Bitcoin Cash having a monopoly on the mining network that services it, Bitcoin Cash may not be as decentralised as it makes itself out to be.
- Further scaling of block sizes, maintenance of code, and development of network in its continued mission to outperform Bitcoin.
Bitcoin Cash is hands down the most controversial coin on the market. No other coin has inspired such impassioned arguments, conspiracy theories, and anti-conspiracy theories. Bitcoin Cash has indeed increased the block size of its blockchain like it originally promised, as well as gaining strength and support from industry followers to carve out its own destiny in the future. When all is said and done, as Bitcoin Cash does not receive anywhere near the same amount of traffic as the original Bitcoin network, whilst only 10% of its holdings are are actually traded as a spending currency, Bitcoin Cash doesn’t seem to stack up to the revolution that it claims to be.
BTC Markets: www.btcmarkets.net
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: www.exodus.io
Online wallet: www.greenaddress.it/en/
Mobile wallet: https://wallet.mycelium.com/
Bitcoin (BTC) – The world’s first decentralised cryptocurrency.
Litecoin (LTC) – Fast Bitcoin
Dogecoin (DOGE) – Bitcoin clone based on a dog meme.
Dash (DASH) – Privacy focused coin.
Vertcoin (VTC) – Bitcoin Clone