On which platforms can I buy and sell Bitcoin Cash (BCH)?
On August 1, 2017, Bitcoin Cash (BCC) was born from a range in the BTC money ledger, ending (for the time being) the long debate on scaling up the size of Bitcoin blocks. “At 18:24:41 UTC, the ViaBTC pool produced a 1.9 MB BCC block, which was not valid on the existing Bitcoin network. This marked a clean break and the birth of Bitcoin Cash,” said the official Bitcoin Cash website.
How it works: for what purposes can Bitcoin Cash (BCH) be purchased?
Bitcoin Cash is defined as “a peer-to-peer electronic treasury for the Internet” and “the continuation of the Bitcoin project as a peer-to-peer digital cash. This is a range of the Bitcoin Blockchain Registry, with improved consensus rules that allow it to grow and evolve. “
Bitcoin Cash can be considered a “child” emanation of Bitcoin because it is cared for by a smaller community. “All Bitcoin holders in Block 478,558 now own Bitcoin Cash. All Bitcoiners are invited to join the Bitcoin Cash community as we move forward in creating a healthy currency that is accessible to the world. “said the founding team in particular
Since Bitcoin Cash was created following a division in the blockchain, each Bitcoiner obtains Bitcoin Cash equal to the quantity of Bitcoin held at the time of the “forking” block. In cases where Bitcoins have been held through an exchange, you must verify with your exchange your Bitcoin cash holdings. The Bitcoin Cash digital currency will use the BCC ticker and is currently supported by the exchanges listed below.
Against the backdrop of this fork, we had the problem with Bitcoin’s existing code and its capacity of 1 MB of data per block, or about 3 transactions per second. The Bitcoin community has been debating for more than a year to find a “consensual” solution to this problem. An update called SegWit is currently being implemented and could solve this problem. The Coinbase exchange just set it up. However, Bitcoin Cash does not agree with Segwit’s philosophy and has announced its intention to activate the hard fork on August 1, 2017. It should also be noted that Bitcoin Cash increases the block size to 8MB.
The demerger has brought some interesting changes to the cryptomonnaise market. On August 2, while Bitcoin (BTC) maintained its price stability around USD 2,700, its overall market capitalization was down to 44.7%. Ethereum (ETH) has shown interest by propelling it well above $220 levels. Bitcoin Cash (BCC) has surpassed Ripple to become the third largest cryptocurrency, trading at levels around $400 per BCC. The movement of Bitcoin Cash prices has become more dynamic in the coming hours. At around 10:15 am, Bitcoin Cash was trading at around $700 with its market capitalization rising to over $11 billion, or nearly 11% of the total market capitalization. Bitcoin’s price still fluctuated between $2,700 and $2,750, with a dominant position in market capitalization of 43.3%. The community believed for a moment that Bitcoin’s little brother might well overtake him. However, this is still not the case.
Our review: should we buy Bitcoin Cash (BCH)?
This development of Bitcoin Cash could mean a number of important things for the future of cryptocurrency. However, the situation is really difficult to predict. In a blog article on the future of crypto currencies and their different use cases, Professor Aswath Damordan said that the future of crypto currency as a currency, as opposed to a speculative asset (as it is so often treated), depends on crypto-currency developers. The latter must think of their technology as a “means of transaction” and therefore “act accordingly”. These two movements seem to aim to improve cryptocurrency technology so that it becomes a real means of exchange.
The improvement of cryptocurrency as a means of transaction will depend on maintaining the high level of security that Bitcoin has always provided, while improving transaction speeds. Bitcoin will continue to be highly secure, but the degree of improvement in its transaction speeds is not clear. Bitcoin Cash, once its difficulty is adjusted, could process transactions in two minutes and 30 seconds. The security of the Bitcoin Cash blockchain, however, is not clear.
This will also depend on how minors and users view the currency. If Bitcoin really undermines the decentralized nature of the network, and the democratic possibilities of blockchain technology, people can look elsewhere for a cryptocurrency with a more exciting potential. And it is probably at this point that we will have to closely monitor Bitcoin Cash (BCC).