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.
The post What is Bitcoin Cash? appeared first on Coin Rivet.
Follow this link:
- Scientist Who Discovered BRCA1 Gene to Give Free Talk on Cancer And Genetics - Noozhawk - January 19th, 2020
- Genetic testing firm 23andMe is first to create a drug using its customers' DNA - The Times - January 19th, 2020
- Hackensack Meridian Health Center for Discovery and Innovation to Host Genomic Medicine Symposium - P&T Community - January 19th, 2020
- 11 Year-Old Bertrand Might Cant Cry Scientists Have Now Discovered Why - SciTechDaily - January 19th, 2020
- Transposons Identified as Likely Cause of Undiagnosed Diseases - The Scientist - January 19th, 2020
- Do genetic ancestry tests know if you're Palestinian? A cautionary tale of race and science - ABC News - January 19th, 2020
- Controlling Our Own Evolution: What is the Future of Gene-Editing? - The Globe Post - January 19th, 2020
- There is a new player in adult bone healing - Baylor College of Medicine News - January 19th, 2020
- Air Pollution, Evolution, and the Fate of Billions of Humans - The New York Times - January 19th, 2020
- A New York Times column on 'Jewish genius' draws criticism for linking to a debunked University of Utah study - Salt Lake Tribune - January 5th, 2020
- Ambroxol Reverses Bone Damage in Girl With GD Type 1, Case Study Shows - Gaucher Disease News - January 5th, 2020
- Gene editing breakthroughs that cured genetic diseases in 2019 - The Star Online - January 5th, 2020
- Digid8 and the Emergence of DNA Matchmaking - Study Breaks - January 5th, 2020
- Etched in DNA: Decoding the secrets of the past - Christian Science Monitor - January 5th, 2020
- The Face of Science - Clemson World magazine - January 5th, 2020
- Aborting Babies Because They're Gay: Coming Soon to China - Patheos - January 5th, 2020
- Mutants among us: "Natural short sleepers" reveal the genetics of sleep - Inverse - January 5th, 2020
- The End of Infertility Is in Sight - UCSF News Services - January 5th, 2020
- Who is a Jew? DNA home testing adds new wrinkle to age-old debate - The Jewish News of Northern California - December 1st, 2019
- Humans and autoimmune diseases continue to evolve together - Medical News Today - December 1st, 2019
- Mutations in emerging autism gene tied to distinct traits - Spectrum - December 1st, 2019
- Gail Fisher's 'Dog Tracks': Spoiling you dog with extra food could cut short its life - The Union Leader - December 1st, 2019
- In a Wisconsin village, the doctor makes house calls and sees the rarest diseases on Earth - USA TODAY - December 1st, 2019
- Alzheimer's and Autism: Researchers Pinpoint Genetic Mutations Overlapping in Both Diseases - Being Patient - December 1st, 2019
- How do consumer DNA tests from the US and China stack up? - Abacus - December 1st, 2019
- Is Nature vs. Nurture an Outdated Concept? - The National Interest Online - December 1st, 2019
- Collection of genetic data leads to privacy concerns - The New Economy - December 1st, 2019
- Is sexual orientation genetic? Yes and no, an extensive study finds - Haaretz - November 19th, 2019
- Sexual orientation cannot be changed at will, lawyers argue - The Straits Times - November 19th, 2019
- Adam and Eve Are Possible: A Second Bite at the Genetic Apple - Christianheadlines.com - November 19th, 2019
- InterVenn Biosciences Announces Positive Interim Clinical Trial Results and Appoints Biotech Veteran Klaus Lindpaintner, M.D. as Chief Scientific and... - November 19th, 2019
- How maternal Zika infection results in newborn microcephaly - Baylor College of Medicine News - November 19th, 2019
- Dicerna scores broad, 'rest of liver' deal with Novo Nordisk, bagging $225M in cash to hit some 30 targets with RNAi platform - Endpoints News - November 19th, 2019
- Sexual orientation cannot be wilfully changed, say lawyers fighting to repeal Section 377A - The Straits Times - November 19th, 2019
- The American Heart Association's Annual Conference Comes to Philly This Weekend - Philadelphia magazine - November 19th, 2019
- Clear link between genetics and depressive symptoms uncovered - The Age - November 19th, 2019
- At-Home DNA Tests Still Need the 'Human Touch,' Say Panelists at Genomics Roundtable Workshop - National Academies of Sciences, Engineering, and... - November 19th, 2019
- How in utero Zika virus infection can lead to microcephaly in newborns: Baylor research - Outbreak News Today - November 19th, 2019
- Taller People have Increased Risk of Irregular Heartbeat - News18 - November 19th, 2019
- In Down syndrome mouse model, scientists reverse intellectual deficits with drugs - University of California - November 19th, 2019
- Alector Reports Recent Business Highlights and Third Quarter 2019 Financial Results - GlobeNewswire - November 19th, 2019
- One of the World's Greatest Geneticists, He Gave Up British Citizenship for India - The Better India - November 19th, 2019
- Section 377A constitutional challenge: Expert evidence reveal sexual orientation cannot be changed at will, lawyers argue - The Online Citizen - November 19th, 2019
- Co-creator of CRISPR lectures about future applications of genome editing technology - Daily Bruin - November 19th, 2019
- Connecting gene mutations, rare genetic diseases - Baylor College of Medicine News - October 28th, 2019
- Utah researchers discover link between certain brain cells and anxiety, OCD - KSL.com - October 28th, 2019
- UH Receives $2M to Study Cancer Risks of Environmental Toxins - Big Island Now - October 28th, 2019
- Genetic testing could keep you healthy. But what about personal info? - Deseret News - October 28th, 2019
- Student group works to foster diversity in the sciences - UChicago News - October 28th, 2019
- Takeaways from ASHG 2019 in Houston: Users of Bionano's Saphyr System Presented Validation Results for FSHD, Repeat Expansion Disorders and Digital... - October 28th, 2019
- DNA research holds the keys to human history but it's being weaponized by politicians - Haaretz - October 28th, 2019
- Scientists have created the first-ever 18-carbon ring, a major feat of molecular architecture - Massive Science - October 28th, 2019
- Law, Privacy and Genome Human Rights Failure in Russia - Putin's Fascination with Hitler's Eugenics Project - Communal News - October 28th, 2019
- Neural activity plays an important role in longevity - CMU The Tartan Online - October 28th, 2019
- Book Summary: Genetics and the Aryan Debate by Shrikant Talageri- I - IndiaFacts - October 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
- Human genetics - Wikipedia - May 5th, 2019
- Human Genetics - medschool.ucla.edu - May 5th, 2019
- Department of Human Genetics | The University of Chicago - May 5th, 2019
- Human genetics | biology | Britannica.com - May 2nd, 2019
- Bitcoin Soars As Ethereum, Ripple's XRP, Bitcoin Cash, And ... - April 29th, 2019
- Bitcoin Cash - finance.yahoo.com - April 29th, 2019
- What is Bitcoin Cash? - Coin Rivet - April 29th, 2019
- Bitcoin Cash - Wikipedia - April 29th, 2019
- Ripple Price Forecast: XRP vs SWIFT, SEC Updates, and More - April 21st, 2019
- Cryptocurrency News: Looking Past the Bithumb Crypto Hack - April 21st, 2019
- Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More - April 21st, 2019
- Cryptocurrency News: XRP Validators, Malta, and Practical Tokens - April 21st, 2019
- Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto - April 21st, 2019
- Cryptocurrency News: New Exchanges Could Boost Crypto Liquidity - April 21st, 2019
- Cryptocurrency News: Bitcoin ETF Rejection, AMD Microchip Sales, and Hedge Funds - April 21st, 2019