Bitcoin Cash (BCH) is Bitcoin version, obtained as a result of the hard fork of the original blockchain. Within the protocol Bitcoin Cash almost completely coincides Bitcoin: PoW with hash algorithm SHA-256; the maximum volume of the issue is 21 million coins; the same block time and the same reward system.
What does the company/project do?
Also, an important role was played by the increase in the commission, which recently turned out to be simply “indecent”. All these moments became a prerequisite for the creation of an alternative coin
Bitcoin Cash was created as a result of Bitcoin’s fork. This event occurred
on August 1, 2017.
This situation is caused primarily by the problem of bitcoin itself, namely the considerable period of waiting for the transfer.
It has two key differences.
On August 1, Bitcoin had a block size of 1 MB, while BCH offered 8 MB blocks. In addition, Bitcoin Cash will change the complexity every 6 blocks, unlike the 2016 bitcoin blocks.
Who is the initiator of the fork?
Bitcoin Cash is an offer of a via BTC Mining Pool and Bitmain Mining Group for the implementation of a user-activated hard fork (UAHF) on August 1 at 15:20 Moscow time. They rejected the consensus rules (BIP91 or SegWit2x) and decided to create their own fork of the original bitcoin blockchain entitled Bitcoin Cash.
Bitcoin Cash was able to get holders of BTC who had private keys from their wallets, as well as users of exchanges that provided new tokens to their customers.
Based on the official information of Bitcoin.com, the extraction of the new fork is very puzzled MC Pool, which is located in Hong Kong. According to the participants of the pool, they are engaged in this not for earnings, but for entertainment.
The actual location of the pool is located on the territory of the hostel called Kwong Wah Mansion. Next to this building is a shopping and entertainment center, so representatives of the Hong Kong pool produce Bitcoin Cash also for advertising purposes.
At the same time, with the fall in the complexity of the network, the owner of MC Pool said that BCH cannot be mined. He also noted that a similar situation was characteristic of many altcoins, who are now at the top of their popularity.
Therefore, in spite of the low complexity of the network in the mining of the new bitcoin, it will grow slowly, gaining its own significance and the price on cryptocurrency market.
Bitcoin Cash uniquely has all the prospects for existence and development. However, to fully engage users, it is necessary to fundamentally solve the initial conflict, because of which the division of Bitcoin occurred.
At the same time, the number of miners should be increased for several times to raise the difficulty of finding 1 block. This will have a positive impact on the cost and speed of transactions.
And given the fact that there are quite a large number of coins on hand, we can say that a decent number of market players believe in its rapid rise. At the same time, users do not want to risk so much capital once again that appeared on their balance sheet.
As a result, it can be said that Bitcoin Cash is a coin, the characteristics of which fully meet modern requirements in the world of cryptocurrency. It is provided with both high transaction speed and reliable protection, so it should be on the same level with the classic bitcoin after a while. But no one can predict how long this will take.
- Useful links
Mining Pool viaBTC
Most of the ViaBTC team is located in Tencent and other top-level companies located in China. Several people have many years of experience in the bitcoin industry. More than half of our team is a division of R & D, which has a rich technological skill.
YANG Haipo – CEO of ViaBTC, graduated from the Northwest Polytechnic University of China in 2012 with a degree in mathematics. After graduation, he worked as a developer at Tencent Weibo (Twitter in China), and then FUTU, invested in Hong Kong stock exchange Tencent.
YANG is one of the first followers and investors of Bitcoin and has a deep understanding of blockchain technology. YANG began to participate in the crypto industry in 2013. In the period from 2014 to 2015, YANG began his career and headed the R & D group in ZeusMiner, a former TOP3 Scrypt miner in the world.
In April 2016, YANG committed itself to developing the ViaBTC Bitcoin pool and released the original version after two months of extensive encoding effort. This is when ViaBTC was officially launched and when the team began to expand.
Bitmain Mining Group
Co-founder of BITMAIN. He studied economics and psychology at Beijing University.
Bitmain Technologies, founded in 2013, has become one of the most recognizable companies in the bitcoin world, created for the development and sale of the world’s leading manufacturers using ASIC chip technology from Bitmain.
Starting with Antminer S1, our task has become increasingly complicated, as the level of complexity of Bitcoins continued to grow.
We followed Moore’s law in this new area of ASIC chip design and repeatedly changed it. In May 2016, we released the Antminer S9, the world’s first consumer bitcoin, based on the 16 ASIC chip. It is also the world’s most powerful bitcoin-miner, removing this title from its predecessor Antminer S7.
Bitmain is now among the most recognizable companies in the cryptocurrency area and the proud parent of several brands, including Antminer, Antpool, and Hashnest, all of which rank first in their respective areas.
Our machines and customers are present in different places in almost every country in the world.
We are still engaged in the production of high-quality and efficient computing chips, high-density server equipment and large-scale parallel computing software.
We are proud to be headquartered in Beijing, with offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai, and Shenzhen.
Roger Ver – (He is called Bitcoin-Jesus and is considered to be one of the largest private “Holders” of the first digital currency in the world. At this moment, the lobbyist is Bitcoin Cash)