What is Bitcoin Cash?
Bitcoin Cash is peer-to-peer electronic money for the Internet. It is entirely decentralized, with no executive bank and requires no devoted third parties to operate.
Is Bitcoin Cash different from ‘Bitcoin’?
Yes. Bitcoin Cash is the delay of the Bitcoin plan as peer-to-peer digital cash. It is a flare of the Bitcoin blockchain ledger, with upgraded accord manners that concede it to grow and scale.
If we possess Bitcoin, do we automatically possess Bitcoin Cash too?
Anyone who hold Bitcoin at the time Bitcoin Cash was combined became owners of Bitcoin Cash. This means that Bitcoin holders as of retard 478558 (August 1st, 2017 about 13:16 UTC) have the same volume of Bitcoin Cash as they had Bitcoin at that time. If your Bitcoins are stored by a third celebration such as an exchange, then you contingency scrutinise with them about your Bitcoin Cash.
Any exchange after the Aug 1st bill apart are totally apart between Bitcoin and Bitcoin Cash. This means any Bitcoin acquired after the apart does not embody any Bitcoin Cash, and any Bitcoin Cash does not embody any Bitcoin.
How is transaction replay being rubbed between the new and the old blockchain?
Bitcoin Cash exchange use a new signature hashing algorithm indicated by the dwindle SIGHASH_FORKID. These signatures are not current on the Bitcoin Legacy network. This prevents Bitcoin Cash exchange from being replayed on the Bitcoin blockchain and clamp versa.
Why was a flare required to emanate Bitcoin Cash?
The bequest Bitcoin formula had a extent extent of 1MB of information per block, or about 3 exchange per second. Although technically elementary to lift this limit, the village could not strech a consensus, even after years of debate.
Was the 1 MB retard size extent causing problems for Bitcoin?
Yes, in 2017, ability strike the ‘invisible wall’. Fees skyrocketed, and Bitcoin became unreliable, with some users incompetent to get their exchange confirmed, even after days of waiting.
Bitcoin’s marketplace cost has increased, but the expansion and utility as a banking has stagnated. Many users, merchants, businesses and even investors left Bitcoin for alternatives, causing the prevalence to tumble from 95% to as low as 40%.
Does Bitcoin Cash repair these problems?
Yes. Bitcoin Cash immediately lifted the retard size extent to 8MB as part of a large on-chain scaling approach. There is plenty ability for everyone’s transactions.
Low fees and quick confirmations have returned with Bitcoin Cash. The network is flourishing again. Users, merchants, businesses, and investors are building the destiny with genuine counterpart to counterpart cash.
Why didn’t Bitcoin lift the retard size if it was easy?
Some of the developers did not know and determine with the original prophesy of peer-to-peer electronic money that Satoshi Nakamoto had created. Instead, they elite Bitcoin turn a allotment layer.
Many miners and users devoted these developers, while others famous that they were heading the village down a different highway than expected.
These two very different visions for Bitcoin are mostly incompatible, which led to the village divide.
Didn’t SegWit boost the retard capacity? Will Bitcoin Cash ever have SegWit?
Segregated Witness or “SegWit” is an unsuitable surrogate for augmenting the blocksize for several reasons.
First, even if used in 100% of transactions, the boost would proportion to 1.7MB blocks. Thus, it is a small ability boost at best. It will not hoop exponential expansion or worldwide usage. Second, the soothing flare doing results in discardable signatures, which weakens Bitcoin’s confidence model. Third, it creates destiny ability increases more formidable due to bandwidth inefficiency and square hashing attacks which SegWit doesn’t solve since an assailant isn’t forced to use it.
For those (and other) reasons, Bitcoin Cash was required as a pre-SegWit fork. Segwit will not be adopted.
Which Development Team is In Charge of Bitcoin Cash?
Unlike the prior conditions in Bitcoin, there is no one singular growth group for Bitcoin Cash. There are now mixed eccentric teams of developers.
This decentralization of growth (and decentralization of program implementations) is a much indispensable and critical step forward.
What is the ticker pitch for Bitcoin Cash?
Bitcoin Cash is customarily represented by the ticker pitch BCH.
Article source: https://www.bitcoincash.org/