Bitcoin’s Split Into Crypto Currency Bitcoin Cash:
Bitcoin recently announced its split into user activated hard fork called ‘Bitcoin Cash’ on August 1st, despite Segwit2x’s current progress.
This means all owners of Bitcoin (BTC) at the time of the fork will now own Bitcoin cash (BCC). For example if someone had 10 Bitcoin earlier will now have 10 Bitcoin along with 10 Bitcoin Cash.
By August 2, South Africa’s leading Bitcoin exchanges, AltcoinTrader, already gave all clients holding Bitcoin their equivalent Bitcoin Cash.
What is Bitcoin Cash?
It is a cryptocurrency token due to user activated hard fork (UAHF) that will bifurcate the Bitcoin block chain into two branches.
It came to existence as an answer to the years-long debate among the Bitcoin community regarding the best way to scale Bitcoin to more users.
The most simple solution that Bitcoin adopted, is to increase the Max Blocksize Limit parameter of the Bitcoin code base.
Benefits of Using Bitcoin Cash:
While Bitcoin’s block size limit remains at one megabyte, Bitcoin Cash has increased that limit to 8MB. It allows for around two million transactions every day.
The major difference between the two is due to the three new additions to the Bitcoin code base that includes :
- Block Size Limit Increase.
- Replay and Wipe out Protection.
- New Transaction Type with Additional Benefits.
BTC and BCC will continue to share the same transaction history which you can better understand by looking at the chart provided below :
Some of the exchanges supporting BCC are Kraken, Bittrex, ViaBTC, Bitfinex, Huobi, Korbit and so on.
“Bitcoin represents a technology where the value comes from the fact that the whole world recognizes that there’s a finite amount. It’s a scarce digital asset.
Only 16 million tokens are in circulation right now and twenty million will be mined in the next 10 years.
It will take 100 years to mine the last one million coin”, explains Lee who is very optimistic about the future of cryptocurrency.