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Bitcoin Cash (BCH) is a cryptocurrency that was created in August 2017 as a result of a hard fork from the original Bitcoin blockchain. The fork was a result of a disagreement between two groups of developers on how to scale the network to handle more transactions.
The History of Bitcoin Cash
In 2008, Satoshi Nakamoto created Bitcoin as a peer-to-peer electronic cash system. As the popularity of Bitcoin grew, so did the number of transactions on the network. However, the original Bitcoin blockchain was limited to handling only seven transactions per second.
In 2017, the Bitcoin community was divided over how to address this scalability issue. One group of developers wanted to increase the block size limit from 1MB to 2MB, while the other group believed in implementing the Segregated Witness (SegWit) protocol to improve transaction processing.
The disagreement led to a hard fork, resulting in the creation of Bitcoin Cash on August 1, 2017. The new cryptocurrency had an increased block size limit of 8MB, allowing for more transactions to be processed at a faster rate.
Bitcoin Cash quickly gained support from some of the biggest names in the cryptocurrency industry, including Roger Ver, Jihan Wu, and Craig Wright. The cryptocurrency’s price also surged, peaking at around $4,000 in December 2017.
Since then, Bitcoin Cash has undergone several updates and improvements. In May 2018, the block size limit was increased to 32MB, and in November of the same year, a hard fork led to the creation of two new cryptocurrencies - Bitcoin SV and Bitcoin ABC.
Despite Understanding Bitcoin Cash and controversies, Bitcoin Cash remains one of the leading cryptocurrencies in the market. Its block size limit and faster transaction processing times make it an attractive option for users who value speed and scalability.
Conclusion
Bitcoin Cash’s history is a testament to the ongoing debate surrounding the scalability of blockchain technology. While some believe in increasing the block size limit, others favor implementing new protocols such as SegWit.
Despite the controversies and forks, Bitcoin Cash has remained a leading cryptocurrency, gaining support from prominent figures in the industry and attracting a loyal user base. As the cryptocurrency industry continues to evolve, it will be interesting to see how Bitcoin Cash adapts and grows.
Website: http://nongsamrong.org/all-about-bitcoin-cash/
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