What Is BitcoinCash?

BitcoinCash is a hard fork of the original Bitcoin. In laymans terms you can consider it to be the child or by product of Bitcoin.

In the summer of 2017 miners of the Original Bitcoin felt that there should be an increase in the memory size of the block which would increase the number of transactions that a block could store and handle. Therefore after an agreement of a large number of miners of Bitcoin, it was forken in August 2017. The original Bitcoin could move 1MB per block, BitcoinCash can now move 8MB. Now Satoshi Nakamoto had already included the increase in memory of the block in the original code of Bitcoin, it was however planned for a bit later. So while it fork has already taken place (2 infact, one with BitcoinCash and the other with Bitcoin Gold) it remains to be seen how the development happens.

Most often when a fork to a blockchain has been created both the original and the fork run simultaneously for a while till all users realise that the newer protocol is better than the old and eventually abandon the old protocol altogether. The bitcoin fork though for both the original Bitcoin and the new BitcoinCash seem to have a large number of supporters enabling both to run and function parallel in tandem and co-habitation with each other. The same seems to be the case for the New Bitcoin Gold fork off Bitcoin that was created in October 2017.

Another interesting fact is that whenever a fork on the original block is created it’s owners i.e. the miners and users automatically get an equivalent amount of the new product or currency. This means that all those that owned Bitcoin automatically owned BitcoinCash with no extra charge. All Bitcoin holders as of block 478558 are also owners of BitcoinCash. This however is based on the amount of currency and not the value of currency. For example, if you owned 3 Bitcoins you would receive 3 BitcoinCash. It is then upto the owner to choose whether they want to hold onto it or trade with it or sell it off.

The new features that BitcoinCash possesses over its parent Bitcoin besides the chain scalability i.e the block-size limit of 8MB include new transaction signatures that improve security and a new difficulty adjustment algorithm to protect the currency from increased fluctuations thereby reducing is volatility. Besides this with multiple independent teams of developers providing software implementations, BitcoinCash is more resistant to political and social attacks on protocol development since the number of groups or individuals controlling it has increased even further. This aids in securing its future as a decentralized currency.

Buying & Selling BitcoinCash:

BitcoinCash is listed on all cryptocurrency exchanges, markets and platforms:

Global Markets: InstaCrypto.in / Poloniex / Bittrex / BleuTrade / Yobit / Shapeshift  etc.

Wallets:

Android – Coinomi

iOS – Jaxx

Windows Desktop – Exodus

Mac OS X – Exodus

Linux – Exodus

Hardware Wallet – Ledger Nano S

32 thoughts on “What Is BitcoinCash?

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