For many newcomers, cryptocurrencies can be confusing at the best of times. Not only are they extremely complex, but there are also so many of them to choose from.
Bitcoin itself is no stranger to this. There are multiple iterations of Bitcoin, from the original BTC to Bitcoin Gold and Bitcoin Private. The biggest competitor to Bitcoin though is Bitcoin Cash (BCH). BCH is a hard fork of Bitcoin that aims to solve the issue of scaling through the use of bigger blocks.
Bitcoin Cash arose due to a large scaling debate that happened within the Bitcoin community. Debates began to arise when the Bitcoin mempool began to fill up due to the amount of transactions taking place on the network. This caused Bitcoin to become slower and more expensive to send than it had been in the past.
There were two options depending on your viewpoint. The first was to scale by increasing the block size of Bitcoin, and the second was to scale via a second-layer solution such as the Lightning Network. When neither side could come to a compromise, a fork took place and led to the creation of what became known as Bitcoin Cash.
Bitcoin Cash was backed by evangelist Roger Ver and mining giant Jihan Wu along with many other industry leaders and experts. They disagreed with the idea of implementing SegWit onto Bitcoin and wanted to see Bitcoin scale to 8MB blocks.
Bigger blocks allow for more transactions to take place. However, this comes with the downside of creating a larger blockchain. Those who believe in BTC argue that bigger blocks will eventually lead to mining centralisation.
BCH supporters argue that through Moores Law technology will eventually catch up, allowing for bigger blocks to be possible without these centralisation issues.
Bigger blocks are believed to be necessary due to the fees associated with Bitcoin. When the network became extremely popular in the bull run of 2017, fees and transaction times began to rise considerably. This made it clear that Bitcoin needed to scale.
Bitcoin Cash believes that it has solved these problems through bigger blocks, which it argues allows for much lower fees.
It is impossible to discuss Bitcoin Cash without mentioning evangelist Roger Ver. Ver was one of the first people to promote Bitcoin to the world. He was an early investor in the cryptocurrency and many major cryptocurrency companies today were helped by his funding. As the owner of the bitcoin.com domain, he holds a powerful position.
Ver argues that the direction that BTC has taken has limited the cryptocurrency and allowed other altcoins to rise in prominence. He argues that Bitcoin Cash is the true Bitcoin as it is a form of peer-to-peer electronic cash, as stated in the white paper.
This has not been without controversy, and resulted in much antagonism directed towards Ver. Some have argued that Ver has misled the public in his promotion of Bitcoin Cash as the real Bitcoin an accusation he vehemently denies.
BCH went through its own drama in late 2018. After the split from BTC, BCH was led by Roger Ver, Jihan Wu, and development teams including Bitcoin Unlimited and Bitcoin ABC. They were also supported by Craig Wright of nChain and his partner Calvin Ayre.
However, their relationship soured, and another fork took place splitting Bitcoin Cash into BCH and Bitcoin Satoshis Vision (BSV).
Many members of the Bitcoin Cash community are on the r/btc subreddit. The r/btc subreddit is another split from the original r/bitcoin subreddit. The drama began when users argued that the r/bitcoin subreddit was too heavily moderated, therefore limiting free speech.
This led to the creation of r/btc, and this is where you can find the most up-to-date news on Bitcoin Cash and debates surrounding the cryptocurrency. If you want the latest news and to join the community, this is the place to start.
There are many fervent supporters of Bitcoin Cash who believe that on-chain scaling is the main solution to the current scaling issues. Although it has yet to make a dent in overtaking the original Bitcoin chain, their beliefs have not diminished. This is the main difference between Bitcoin Cash and Bitcoin the debate over scaling on-chain or via a second layer.
Arguments over the split still rage on to this day, with both sides not conceding any ground. Whilst many deride Bitcoin Cash, there is an argument to be made that the testing of an on-chain scaling solution is a good experiment for the whole of cryptocurrency.
Read more here:
- Facebook Is Finally Fighting Its Pseudoscience “Miracle Cure” Content Problem - July 6th, 2019
- This AI Gives Other AIs Names Like “Ass Federation” And “Hot Pie” Because Robots Can Be Weird Too - July 6th, 2019
- Here’s How You Can Watch Today’s Total Solar Eclipse - July 6th, 2019
- World’s Smallest MRI Machine Means We Can Now Scan Individual Atoms - July 6th, 2019
- NASA’s Orion Crew Capsule Aced Its Abort System Test - July 6th, 2019
- Possible Alien Radio Signals Way More Common Than Believed - July 6th, 2019
- The Pentagon Wants Its Own Orbital Space Station, Like a Death Star, But Not, Okay? - July 6th, 2019
- Russian Sub That Caught Fire Possibly Sent to Cut Internet Cables - July 6th, 2019
- What Do a Toy Store and a Tech Accelerator Have in Common? Cloud-Based Tech. - July 6th, 2019
- White Paper: These 12 Principles Are Shaping the Future of Autonomous Cars - July 6th, 2019
- This Room-Sized Device Could Create Artificial Gravity in Space - July 6th, 2019
- The Era of Sex for Reproduction Is Coming to an End, Says Author - July 6th, 2019
- A Physicist and His Son Are 3D-Printing a Full-Scale Lamborghini - July 6th, 2019
- AI Poised to Ruin Internet Using “Massive Tsunami” of Fake News - July 6th, 2019
- CRISPR Helps Scientists Cure HIV In Living Animals For First Time - July 6th, 2019
- Billionaires Are Dead Serious About Moving Factories to Space - July 6th, 2019
- We May Never Know When That Third CRISPR Baby Is Born - July 6th, 2019
- atheism | Definition, Philosophy, & Comparison to ... - May 28th, 2019
- Atheism - Simple English Wikipedia, the free encyclopedia - May 28th, 2019
- atheism r/atheism - reddit: the front page of the internet - May 28th, 2019
- Atheism | CARM.org - May 28th, 2019
- Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More - May 25th, 2019
- Ripple Price Forecast: XRP vs SWIFT, SEC Updates, and More - May 25th, 2019
- Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto - May 25th, 2019
- Cryptocurrency News: Looking Past the Bithumb Crypto Hack - May 25th, 2019
- Cryptocurrency News: XRP Validators, Malta, and Practical Tokens - May 25th, 2019
- Cryptocurrency News: Bitcoin ETF Rejection, AMD Microchip Sales, and Hedge Funds - May 25th, 2019
- Cryptocurrency News: What You Need to Know This Week - May 25th, 2019
- Bitcoin Rise: Is the Recent Bitcoin Price Surge a Sign of Things to Come or Another Misdirection? - May 25th, 2019
- Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs - May 25th, 2019
- Cryptocurrency News: New Exchanges Could Boost Crypto Liquidity - May 25th, 2019
- What is Bitcoin Cash? - finance.yahoo.com - April 29th, 2019
- Bitcoin Cash (BCH) Price, historic Charts and detailed Metrics - April 29th, 2019
- Bitcoin Cash (BCH) price, charts, market cap, and other ... - April 29th, 2019
- Moon Cash | Free bitcoin cash faucet - April 29th, 2019
- Bitcoin Soars As Ethereum, Ripple's XRP, Bitcoin Cash, And ... - April 29th, 2019
- Bitcoin Cash - finance.yahoo.com - April 29th, 2019
- Bitcoin Cash - Wikipedia - April 29th, 2019
- Cash App - Bitcoin - April 29th, 2019
- Bitcoin Cash (BCH) price, chart, and fundamentals info ... - April 29th, 2019
- Bitcoincash price | index, chart and news | WorldCoinIndex - April 29th, 2019
- Bitcoin Cash (BCH) Price, View BCH Live Value & Buy Bitcoin ... - April 29th, 2019
- Superintelligence - Wikipedia - April 21st, 2019
- Nick Bostrom - Wikipedia - April 21st, 2019
- Chill: Robots Wont Take All Our Jobs | WIRED - April 21st, 2019
- Grady Booch: Don't fear superintelligent AI | TED Talk - April 21st, 2019
- What is Artificial Superintelligence (ASI)? - Definition ... - April 21st, 2019
- Astrophysics - Wikipedia - April 20th, 2019
- Astro-Physics - Home | Facebook - April 20th, 2019
- NASA Astrophysics | Science Mission Directorate - April 20th, 2019
- Astrophysics - Wikipedia - April 14th, 2019
- Company Seven | Astro-Optics Index Page - April 14th, 2019
- Astronomy Ireland | Studying Astronomy - April 14th, 2019
- The Israeli Moon Lander Is About to Touch Down - April 12th, 2019
- Some People Are Exceptionally Good at Predicting the Future - April 12th, 2019
- Amazon Workers Listen to Your Alexa Conversations, Then Mock Them - April 12th, 2019
- Scientists Say New Quantum Material Could “‘Download’ Your Brain” - April 12th, 2019
- Scientists Find a New Way to Kickstart Stable Fusion Reactions - April 12th, 2019
- MIT Prof: If We Live in a Simulation, Are We Players or NPCs? - April 12th, 2019
- Here’s How Big the M87 Black Hole Is Compared to the Earth - April 12th, 2019
- Report: Tesla Doc Is Playing Down Injuries to Block Workers’ Comp - April 12th, 2019
- Infertile Couple Gives Birth to “Three-Parent Baby” - April 12th, 2019
- NASA Is Funding the Development of 18 Bizarre New Projects - April 12th, 2019
- Israel’s Lunar Lander Just Crashed Into the Moon - April 12th, 2019
- We Wouldn’t Have the First Black Hole Image Without Katie Bouman - April 12th, 2019
- Space Station Mice Learned to Propel Themselves in Zero Gravity - April 12th, 2019
- NASA: Genetic Changes Caused by Space Travel Are Temporary - April 12th, 2019
- The First Black Hole Photo Is Even More Amazing When You Zoom Out - April 12th, 2019
- Family Caught Selling Diseased Body Parts to Medical Centers - April 12th, 2019
- SpaceX Milestone: Company Lands Three Falcon Heavy Boosters - April 12th, 2019
- People Are Horrified When They Have to Torture a Virtual Person - April 12th, 2019
- Fecal Transplants Reduce Symptoms of Autism Long Term - April 12th, 2019
- Scientists: Next Black Hole Image Will Be Way Clearer - April 11th, 2019
- Seven Ways Cannabis Legalization Will Make the Future Better - April 11th, 2019
- Tesla Says Autopilot Is Statistically Safer Than a Human Driver - April 11th, 2019
- Chinese Scientists Gene-Hacked Super Smart Human-Monkey Hybrids - April 11th, 2019
- Zapping Elderly People’s Brains Supercharges Their Working Memory - April 11th, 2019
- Undersea Robots Are Helping Save the Great Barrier Reef - April 11th, 2019
- Walmart Is Rolling Out Floor-Cleaning Robots in 1,500 Stores - April 11th, 2019
- Amazon Is Fighting South American Govs to Control “.Amazon” Domains - April 11th, 2019