Introduction to BCH
What problem does BCH solve?
Name: Bitcoin Cash
Bitcoin Cash (BCH) is a forked (copied) version of Bitcoin (BTC). Before jumping right into
its details, it is essential to learn the basics of Bitcoin. Bitcoin is a decentralized
peer-to-peer electronic cash system that took the world by storm as it was not controlled
by any authority or a single institute. As the hype grew, more and more people
got involved in the technology to the point where it was discovered that it had
creating issues and transactional bottenecks and something was needed to address the scalability issues of
Bitcoin. Now, the thing that needed to be done led to the inception of a
forked technology of Bitcoin, by the name of Bitcoin Cash (BCH).
Bitcoin Cash (BCH) came
into being after serious concerns were raised about the scalability and speed of the Bitcoin
Network, so much that it was agreed that its future was in jeopardy. Therefore, Bitcoin
Cash (BCH) forked (copied) off the main Bitcoin (BTC) in August 2017. The purpose behind
it was to address the aforementioned issues relating to Bitcoin. Bitcoin Cash fixed the mining
limitation linked with Bitcoin. Previously, what used to happen was that the transactional fees rose
to very high levels when there was a massive inflow of transaction requests. Bitcoin Cash
increased the block size of the mining block from 1MB to 8MB so that more
transactions could be processed per second. In November 2018, Bitcoin Cash (BCH) also forked into
two newer versions, namely Bitcoin ABC (BCHABC) and Bitcoin-Satoshi-Vision (BSV) (CryptoChief, 2019).
Aimstone: Bitcoin Cash Explained ( BTC vs BCH )
What is BCH
What does the cryptocurrency BCH actually do?
The current technology of Bitcoin Cash (BCH) is undoubtedly superior to the original Bitcoin and promises better performance with regards to transactions per second and network speed. Despite this, Bitcoin has maintained its position as the original and the pioneer cryptocurrency technology. Be it brand loyalty or low key originality, but people do not accept any forked technology of the Bitcoin easily. Also, new cryptocurrencies offer better packages on the whole as compared to Bitcoin Cash (BCH).
Who is behind BCH
What team is working to make BCH successful?
Bitcoin Cash (BCH) separated from the Bitcoin (BTC) network due to the support and backing
of mainly two leaders, Roger Ver and Jihan Wu. Roger Ver is a previous member
of the Bitcoin governing community and owns the Bitcoin.com website that he’s using to promote
Bitcoin Cash (BCH). Jihan Wu, on the other hand, is the CEO of Bitmain, an
organization that builds mining rigs for cryptocurrencies. The fork, on the whole, received a lot
of backlash and unfriendly questions as the critics questioned the motive behind choosing the name
‘Bitcoin Cash’ knowing too well that it was very similar to the original cryptocurrency ‘Bitcoin’.
Critics claimed that this could lead to misguidance and deceive the newcomers into thinking that
Bitcoin Cash is the original Bitcoin (de, 2018).
Shortly after, Bitmain wanted to be out
of the Bitcoin Cash conspiracy after its main investors, IDG Capital and Sequoia Capital (investment
and capital firms) claimed that Jihan Wu has misrepresented, misquoted and misinterpreted the proposal and
progress numbers (Drake, 2019).
Not much is known about a developing team.