Bitcoin Cash Price
What is Bitcoin Cash?
Bitcoin and Bitcoin cash are not the two sides of the same coin.Bitcoin cash actually came from Bitcoin. They both have the same origin (a paper made by Satoshi Nakamoto) and use the same blockchain technology. To see the differences and similarities, let us trace how bitcoin cash came to be.
The events and ideas that led to Bitcoin Cash
Bitcoin is revolutionary in the sense that it makes records both public and private. It allows people to have their cake and eat it too; you can be assured of delivery of tasks and products and at the same time retain anonymity.
However, there has always been one key disadvantage of bitcoin, it being made by a group of individuals and not by a big, well-oiled corporation.
That is the problem of technology and scalability.
Bitcoin, specifically its coding, can process around 4.4 to 7 transactions per second. It uses only 1 mb per block.
A block is the unit where the information is stored. It was made to be that small so that spam transactions and unnecessary information can be restricted.
This restriction is important so that the blockchain will not get any bottlenecks or even a clogging of transactions.
This is good if you have a population of users who use 1 bitcoin without any parts and only a few ledgers have to be informed.
Nowadays, bitcoin is traded not by whole numbers but in decimals due to its price relative to the dollar.
And there are millions of users who use bitcoin every day, with millions of computers and networks that have to be updated for a transaction.
There are more than 16 million bitcoins in circulation now as well.
With only 1mb assigned to a block, there are big repercussions to its speed, especially now that bitcoin has blown up in popularity and usage.
Two groups with differing ideologies emerged from the bitcoin community.
One group preferred to remain with Bitcoin, and have the blocks updated to have increased sizes to 2 mb and lessen the calculations needed to be done. They also want to have the electronic signature be reviewed separately by a different program and not the blockchain itself. This is a lot more difficult than it sounds.
Another group prefers to have an entirely different but similar cryptocurrency. They will increase the size to 8mb and will retain to have the electronic signature be analyzed by the same blockchain.
This split led to the rise of Bitcoin Cash.
Bitcoin Cash does not have any developers listed since it was a community effort. There is no central body or a public face like the Bitcoin foundation for bitcoin cash.
Bitcoin cash is a totally different animal.
A lot of cryptocurrency exchanges are accepting Bitcoin Cash, but it is not as well-known to vendors; Amazon gift cards can be purchased by bitcoin and PayPal accepts bitcoin, but both does not accept Bitcoin Cash.
Bitcoin Cash started to be traded on 7/23/2017 at $555.89 and went to an all-time high of $1091.97 on 8/19/17. It has a market cap of a little over $9 billion with 16,574,975 Bitcoin Cash in circulation.