What is Bitcoin Cash?
Bitcoin Cash is a hard fork made on Block 478558 (August 1, 2017) due to bitcoin scalability issues. Bit cash modifies the bitcoin code by resizing the block size to 8M to resolve the expansion issue and remove Segwit (Isolated Witness).
On July 21, 2017, Bitcoin Bifurcation Solution BIP91 has received full network computing support, unanimously agreed to first isolate the witness upgrade, and upgrade the block size of the underlying blockchain to 2M in the next 6 months. However, the "spoiler" appeared - the mining giant BitBTC's mining pool ViaBTC prepared a hard fork system to launch "bitcoin cash" based on the original bitcoin chain.
At 20:20 on August 1, 2017, bitcoin cash began to mine, and each bitcoin investor's account will have the same amount of bitcoin cash (BCH) as the amount of bitcoin.
The past life of Bitcoin cash is Bitcoin. The data in the blockchain it stores and the running software are compatible with all Bitcoin nodes before the fork, and by the moment the fork ends, it starts executing the new code. Pack large blocks to form new chains.
What is the background of BCH?
The initial block size of Bitcoin is 32M. Considering the small number of users in the initial stage, in order to avoid waste of computing resources and ensure the safe operation of the Bitcoin system, Nakamoto will temporarily limit the block size to 1M. However, as bitcoin transactions increase, the transaction confirmation is unusually slow, and if you don't want to wait for a long time, you will have to pay a high transaction fee. In addition, other digital currencies have sprung up, and more and more people are turning to other digital currencies that are cheaper and better to use. These problems have caused the bitcoin market share to continue to decline.
There are many ways to solve the problem of bitcoin trading congestion. Segwit, the lightning network, can accommodate more transactions per second in other ways. However, this does not directly enlarge the size of the block. BitCoinABC (ABC stands for Adjustable Blockize Cap) is an implementation of the Nakamoto Cunt Bitcoin protocol, which follows the stable version of the Bitcoin code and removes the SegWit-related code to create a simple block size. Adjusted bitcoin client. The currency that is dug based on this client is BCH (Bitcoin Cash).
BCH was first set to prevent the BIP148 from splitting bitcoin and to generate tokens for hard forks. BCH continues the idea of Nakamoto, and it is the shadow of Bitcoin, which can bear the test and backup function of Bitcoin. Therefore, in a strict sense, BCH is not splitting bitcoin, but a measure to prevent bitcoin hard forks.
What is the difference between Bitcoin cash and Bitcoin?
Bitcoin cash is a continuation of the Bitcoin project as a point-to-point digital cash. It is a fork of the Bitcoin block ledger and has an upgraded consensus rule that allows for growth and expansion.
Intro to Bitcoin Cash
Release date: 2017-07-24 Total issuance: 21 million
Market capitalization: $9 billion Total liquidity: 17.33 million
Official website: https://www.bitcoincash.org/
Block query: https://bch.btc.com/