Bitcoin Cash is one of the youngest cryptocurrency, which has already gained the recognition of investors and ordinary users from around the world. She appeared in the result of a fork of Bitcoin.
Platform Bitcoin Cash in many ways similar to the bitcoin system, as it is hardforum. However, all transactions are stored in blocks whose size allows to accommodate up to eight megabytes of information. On the first of August 2017, the project is developing in its own way. And cryptocurrency got a short designation of BCC. Also sometimes its name shortened to the abbreviation BCH.
The market capitalization of the new cryptocurrency, which at the end of 2017 has produced approximately seventeen million, is more than thirty and a half billion dollars. The cost of one Bitcoin Cash in the middle of December of the same year was slightly higher than one thousand eight hundred USD.
The history of creation
In the spring of 2017, many users have noticed a serious problem in the further development of the platform Bitcoin. As the size of the block in the project is limited to one megabyte, with an increase in transactions all requests not yet processed, which led to the emergence of queues. Some users had to wait several days or even weeks to obtain confirmation from the system.
On the one hand, reducing the block size was the right decision, and it decreased the chances of a successful DDoS-attacks on the project. A tremendous number of users had to wait for processing, which every day caused more discomfort, and as a result, resentment.
In may 2007 the leaders in Bitcoin together with its main investors, presented two solutions to the problem:
- complete removal of the size restrictions of the unit. But this method (it was called Bitcoin Unlimited), though was supported by the majority of miners did not suit the developers, as it would require more computing power for the calculations. This would leave small miners out of business and would lead to the concentration of most of the assets of the system in the hands of a small group of major investors;
- some of the information and does save outside of the blockchain. This method is called Segregated Witness (abbreviated as "SegWit"). However, many users have considered it to be a more complex solution that will only delay the problem, not eliminate it.
As a result, the project came to a compromise option, which is referred to as SegWit2x. In this part of the information stored outside of the blockchain, and the size of individual units has been increased to two megabytes. The twentieth of July 2017 this option was supported by over ninety-five members of the network Bitcoin. They voted to to keep the old block size. It did not suit many users, as in their opinion such action into the hands of investors, but not those who uses the project as a payment system. The transition was scheduled for the first of August.
The decision of the leadership of the project did not like too much. The result Amaury Sechet (a former engineer of the social network Facebook) and his associates, the developers announced the creation of hard forks of Bitcoin Cash. He was born at the time of transfer bitcoin to SegWit2x, that is the first of August 2017. Since then, the project is developing on its own.
Software that iscookies
The new platform works on the same principles as Bitcoin until mid-2017. However, the code has been refined and customized to support vosmiseriynogo block size. For cryptocurrency, there are applications with a graphical interface and without.
Advantages and disadvantages
It is too early to say how the project in some ways is superior or inferior to its "ancestor". It is similar to bitcoin. But the cost BCC much less. Although users are satisfied that the block size has been increased and all this is stored inside the blockchain, as it makes the network less vulnerable and more reliable.