What is Bitcoin Cash?
Bitcoin Cash, Bitcoin ABC, BCC, BCH, BTCC, Bcash – all is the same. The currency locked in on August 1st, making a great noise ever since. Many of cryptocurrency users still cannot tell the difference between two coins. In this article, we are about to explain what Bcash stands for and what the buzz is all about?
In order to increase the blockchain scalability, the Bitcoin community decided to initiate SegWit2x, a mandatory blockchain update requiring over 95 % of miners to support. At the same time, 1% of total number of miners declined the update and separated into another Bitcoin fork named Bitcoin ABC starting at a zero block. Now the currency with its own updates functions in parallel with original Bitcoin.
What it represents?
Basically, Bcash is a replicated and slightly modified Bitcoin blockchain with the same history containing all previous Bitcoin transactions. The Bcash blockchain has blocks increased up to 8 megabytes which, in theory, make transactions process faster. In fact, currently the block mining remains slow, so the processing time may take several hours. The main difference is that all future transactions are considered as separated and the blockchain has a record that all the Bitcoin owners received a relevant amount of Bcash. Unlike many Bitcoin copycats created from scratch, Bcash is based on the Bitcoin core blockchain. The coin attracted a lot of attention by giving literally free money to Bitcoin owners. Another smart move that made Bcash so prominent is that the coin has been launched exactly by the time of the hard fork. These two factors heat discussions that increase the demand for the currency.
However, being largely discussed and hyped, Bitcoin Cash has suddenly fallen. It is believed to have new potential and advantages over Bitcoin including improved scalability. Currently, the coin is trading at around $305, a coin. Chances are, its rate may increase, provided that it will be competently promoted and supported by large cryptocurrency services.
Who support Bcash?
Although Bitcoin Cash causes controversies in crypto community, there are many wallets and exchanges that support it.
Not only crypto services but also banks gradually include coins to sell them to customers. For example, Falcon Private Bank already offers Bitcoin Cash to buy and hold.
What about Bitcoin?
After Bcash separation, Bitcoin rates skyrocketed to record figures of $4500 for 1 BTC which is far beyond an ounce of gold. The rates started rising most likely due BCH being massively exchanging to BTC. The rate boost causes special interest among investors that also influences its behavior on the market and seems to be unpredictable.
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