Purpose of bitcoin cash
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Bitcoin Cash is a very young cryptocurrency but it still follows many of the same rules as other cryptocurrencies. BCH value has generally risen and fallen in line with the rest of the market. Like other cryptocurrencies, Bitcoin Cash is heavily influenced by media attention. You should keep an eye on the headlines when deciding how to invest in Bitcoin Cash.
As Bitcoin and other currencies hit the headlines, expect to see new traders pile in. This will inflate the value of cryptocurrencies across the board. Once it hits a peak then you will probably see a huge drop in value as savvy investors engage in profit-taking. Bitcoin Cash is a hard fork of Bitcoin. Both cryptocurrencies are proposing their own solutions to the scalability problem.
Although Bitcoin Cash and Bitcoin are in direct competition for user attention, there is the potential for Bitcoin Cash to carve out its own niche in the cryptocurrency ecosystem. You should keep an eye out for any major mining groups or large investors declaring their support for Bitcoin Cash.
If this happens then expect to see a spike in value as miners and investors pile in. How is Bitcoin Cash Mined? Bitcoin Cash is mined similarly to Bitcoin. Unlike banks or Governments, which physically print currency, Bitcoin Cash is created digitally by its community. The technology behind Bitcoin Cash is called a blockchain. It acts as a general ledger, recording every transaction ever made.
Bitcoin mining operation in North America Bitcoin. These miners are then rewarded with Bitcoin Cash. This has two purposes. Firstly, It acts an incentive for users to process the transactions on the blockchain. They are rewarded with BHC that they can then sell. Secondly, it controls the number of coins in circulation. Over time the difficulty of mining coins is designed to increase steadily.
This is to prevent the market becoming saturated. Eventually, Bitcoin Cash will a 21 million cap and no more coins will be produced. At this point, miners will instead be rewarded with a small cut of each transaction. One interesting thing to note is that Bitcoin Cash operates on a scalable difficulty. This means that when fewer miners are operating remaining miners find it easier to mine BHC. This has encouraged some miners to adopt BHC as they can make more money but it also has the side effect of flooding the market with a large number of coins at once, thus pushing down the value of Bitcoin Cash.
What are the key differences? The technology deployed means that, once recorded in the blockchain, transactions effectively cannot be altered. Through a process known as Proof of Work PoW , 'miners' compete to add new blocks to the chain that constitutes the ledger again, the blockchain. The hardware and energy costs associated with PoW mining contribute to the security of the network along game-theory driven principles such that attacking the network is both prohibitively expensive and guarantees the attacker cannot profit directly.
Fixed supply. Only 21 million coins will ever be created. This makes Bitcoin Cash a hard asset, like land or gold, providing an opportunity for people to store value in digital realm over long periods of time. Low Fees. Bitcoin Cash enables reliable, fast, and affordable transactions of any value and regardless of location including cross-border transactions. This makes it an effective alternative to payment networks like Visa and Mastercard.
What is Bitcoin Cash used for? Bitcoin Cash's above-described core features make it both a long-term store of value and a highly effective medium of exchange. More philosophically, these two use cases combine with the decentralized and open nature of the protocol to make Bitcoin Cash the network a method for supporting and enhancing global economic freedom. Long-term store of value The total supply of Bitcoin Cash will never exceed 21 million coins.
This is written into the code that defines the Bitcoin Cash protocol. As a decentralized network, Bitcoin Cash users ultimately decide how the protocol evolves - and since it is not in the interests of participants to dilute their holdings by changing the protocol, the million-coin limit will almost certainly remain in place forever.
The rate that new coins are added to the circulating supply gradually decreases along a defined schedule that is also built into the code. The issuance rate is cut in half approximately every four years. This makes Bitcoin Cash a 'disinflationary' asset. In April , the third 'halving' reduced the issuance rate from At that point 18,, of the 21 million coins The fourth halving, in , will reduce the issuance to 3.
Bitcoin Cash's 'set-in-stone' supply schedule makes it unique among hard assets. By comparison, the supply of gold, although limited, is nevertheless subject to the forces of supply and demand. As the price of gold rises, more gold miners are incentivized to search for gold. The leads to an increase in the supply of gold, which places downward pressure on the price.
Highly effective medium of exchange Bitcoin Cash enables peer-to-peer payments between individuals - just like cash, but in the digital realm. Critically, fees for sending Bitcoin Cash typically amount to less than a penny per transaction, and settlement occurs near instantly, regardless of the physical location of participants. This makes Bitcoin Cash useful for not only remittances and cross-border trade, but also for daily transactions like buying groceries.
Since the fees and transaction times are so low, Bitcoin Cash is also effective for micro-transaction use cases like tipping content creators and rewarding app users. Economic freedom Economic freedom is the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others.
It is a vital component of human dignity and a fundamental human right. Money - as a vehicle that can be used for both storing and exchanging value - is a central tool for enabling economic freedom. Bitcoin Cash provides, on an opt-in basis, an alternative form of money that supports economic freedom.
Unlike national currencies, Bitcoin Cash integrates strong protection against 1 monetary confiscation, 2 censorship, and 3 devaluation through uncapped inflation. Bitcoin Cash is considered a 'fork' of Bitcoin. It was created on August 1 after participants in the Bitcoin ecosystem were unable to agree on methods for scaling the cryptocurrency. The main point of contention was 'block size,' which is relevant for the volume of transactions that can be processed per second aka the 'throughput'.
Since transactions consist of data, a larger block size enables more transactions to be included in each block, resulting in a higher throughput. The Bitcoin protocol had for years limited the size of each block to 1MB. As the number of Bitcoin users grew, competition for the limited block size gradually led to higher transaction fees and prolonged settlement times. In other words, it became less useful as 'cash.
Integrating changes - or the 'governance' of Bitcoin - is a quasi-political process based on deliberation, persuasion, and volition. In other words, people decide what Bitcoin is. Faced with the challenge of scaling Bitcoin, one side felt the need to maintain 1MB block sizes. They contended that it was better to scale Bitcoin 'off chain,' ie.
The other side wanted to increase the block size, allowing for more transactions per block. This instant upgrade was seen as a simple method to keep transactions fast and reliable, and fees low. Since the Bitcoin community was unable to agree on the change, the result was a 'hard fork,' or a point in time where two versions of Bitcoin diverged.
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It works in almost the same way as Bitcoin, but there are several key differences. The largest difference is block size, or how much transaction information a single block on each chain can handle. On the Bitcoin network, each block is 1 MB in size. In May , Bitcoin increased its block size again, this time to 32 MB.
This means that Bitcoin Cash can now process 32 times as much information per block as Bitcoin can. As a result, Bitcoin Cash transactions tend to be faster and have lower fees. Security may be lower on the Bitcoin Cash network, though, as less mining power goes into mining each Bitcoin Cash block. Did you know? Bitcoin Cash is sometimes abbreviated to Bcash. Who invented it? The idea for Bitcoin Cash was put forward by a group of Bitcoin developers.
However, the person most directly connected to the currency today is Roger Ver, an early Bitcoin adopter and investor. A brief history June - A group of developers and miners on Bitcoin put forward a proposal called Bitcoin ABC, which wanted to increase the block size. July - Not everyone agreed on the proposed change.
August - Bitcoin hard forks, leading to the creation of Bitcoin and Bitcoin Cash. March - Bitcoin Cash payments accepted on BitPay. Bitcoin Cash shares many of the same features as Bitcoin, but has faster transaction times and lower fees. Though Bitcoin might be better known, Bitcoin Cash has supporters who believe that Bitcoin Cash is closer to the original purpose and vision of the Bitcoin project.
How is Bitcoin Cash produced? Bitcoin Cash, because it shares the same background as Bitcoin, is produced in the same way. All transactions are recorded on a global public ledger called the blockchain. The ledger is updated at regular intervals in blocks that are connected to form a chain. This allows anyone to easily see the full history of ownership, and helps to eliminate the potential for fraud. The public ledger blockchain is stored voluntarily by a network of participants known as 'nodes.
Nodes follow a set of rules a protocol to achieve consensus on the state of the ledger. This consensus is what constitutes the 'truth' as to who owns what. The protocol, however, can evolve as participants demand - although there is high-degree of consensus required to make changes. This makes Bitcoin Cash a quasi-political system, with participants forming a kind of social contract.
The technology deployed means that, once recorded in the blockchain, transactions effectively cannot be altered. Through a process known as Proof of Work PoW , 'miners' compete to add new blocks to the chain that constitutes the ledger again, the blockchain. The hardware and energy costs associated with PoW mining contribute to the security of the network along game-theory driven principles such that attacking the network is both prohibitively expensive and guarantees the attacker cannot profit directly.
Fixed supply. Only 21 million coins will ever be created. This makes Bitcoin Cash a hard asset, like land or gold, providing an opportunity for people to store value in digital realm over long periods of time. Low Fees. Bitcoin Cash enables reliable, fast, and affordable transactions of any value and regardless of location including cross-border transactions.
This makes it an effective alternative to payment networks like Visa and Mastercard. What is Bitcoin Cash used for? Bitcoin Cash's above-described core features make it both a long-term store of value and a highly effective medium of exchange. More philosophically, these two use cases combine with the decentralized and open nature of the protocol to make Bitcoin Cash the network a method for supporting and enhancing global economic freedom.
Long-term store of value The total supply of Bitcoin Cash will never exceed 21 million coins. This is written into the code that defines the Bitcoin Cash protocol. As a decentralized network, Bitcoin Cash users ultimately decide how the protocol evolves - and since it is not in the interests of participants to dilute their holdings by changing the protocol, the million-coin limit will almost certainly remain in place forever.
The rate that new coins are added to the circulating supply gradually decreases along a defined schedule that is also built into the code. The issuance rate is cut in half approximately every four years. This makes Bitcoin Cash a 'disinflationary' asset. In April , the third 'halving' reduced the issuance rate from At that point 18,, of the 21 million coins The fourth halving, in , will reduce the issuance to 3.
Bitcoin Cash's 'set-in-stone' supply schedule makes it unique among hard assets. By comparison, the supply of gold, although limited, is nevertheless subject to the forces of supply and demand. As the price of gold rises, more gold miners are incentivized to search for gold. The leads to an increase in the supply of gold, which places downward pressure on the price.
Highly effective medium of exchange Bitcoin Cash enables peer-to-peer payments between individuals - just like cash, but in the digital realm. Critically, fees for sending Bitcoin Cash typically amount to less than a penny per transaction, and settlement occurs near instantly, regardless of the physical location of participants. This makes Bitcoin Cash useful for not only remittances and cross-border trade, but also for daily transactions like buying groceries.
Since the fees and transaction times are so low, Bitcoin Cash is also effective for micro-transaction use cases like tipping content creators and rewarding app users. Economic freedom Economic freedom is the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others. It is a vital component of human dignity and a fundamental human right. Money - as a vehicle that can be used for both storing and exchanging value - is a central tool for enabling economic freedom.
Bitcoin Cash provides, on an opt-in basis, an alternative form of money that supports economic freedom. Unlike national currencies, Bitcoin Cash integrates strong protection against 1 monetary confiscation, 2 censorship, and 3 devaluation through uncapped inflation.
Bitcoin Cash is considered a 'fork' of Bitcoin. It was created on August 1 after participants in the Bitcoin ecosystem were unable to agree on methods for scaling the cryptocurrency. The main point of contention was 'block size,' which is relevant for the volume of transactions that can be processed per second aka the 'throughput'. Since transactions consist of data, a larger block size enables more transactions to be included in each block, resulting in a higher throughput.
The Bitcoin protocol had for years limited the size of each block to 1MB. As the number of Bitcoin users grew, competition for the limited block size gradually led to higher transaction fees and prolonged settlement times.
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