Bitcoin Cash (BCH), the new cryptocurrency was created 1st august 2017, as everyone know about the success of Bitcoin, the father of cryptocurrencies, not everyone agrees that the fork ( or split) of the bitcoin was a good move.
what is Bitcoin Cash ? and why it was created ?
The main cause of the fork and creation of Bitcoin cash was the lacking of the original bitcoin to scale, in fact the growing number of users and transactions seemed to be the main cause, Visa and other banking systems were able to execute more than millions of operations per second.
the size of a block was limited to 1 megabyte , and initially the network was designed to approve 10 blocks per minute, a thing that is not ok today.
a solution was proposed by Pieter Wuille and named (SegWit), the main concept was to manage other data that goes with the transactions apart from the main block and it was compatible with the bitcoin network.
another solution was more simple, by just increasing the block size from 1 megabyte to 2.
the arrival of bitcoin cash was a signal that the community did not agree on some pointes, the community is consisting of bitcoin core, miners and end users ( investors , etc) , the fork was coming and it was first august that it happened, like with the majority of open source projects.
Bitcoin Cash is passing from 1 mb to 8 MB , it is not compatible with previous versions of bitcoin but inherit transaction history.
time will show what will be next, but it seems that the community is split with the fork even if there are smart investors holding both of the ‘bitcoin.
Credits: image : bitcoin.com