Bitcoin Cash is a recent innovation in the line of blockchain technology and is a newer and nimble version of Bitcoin. Just within one month of its arrival on August 1, 2017, the currency achieved more than the double of its value. Now the investors are wondering whether its popularity will seriously shake the throne of the world’s most popular cryptocurrency Bitcoin in near future.
Bitcoin uses the same Bitcoin blockchain technology but has one important additional feature which is additional capacity of the blocks. Bitcoin cash has now arrived to more than 16% of the Bitcoin’s market value and is continuously expanding in terms of market cap. It is now the third most valuable cryptocurrency available in the market.
Bitcoin cash is actually an answer to a year old dispute
Bitcoin was introduced in the year 2009 and the sizes of the blocks were unlimited. Users had to keep the entire record of a blockchain. This was a big issue and led to abundance of DDos attacks. The Bitcoin community limited the block size to 1 MB to alleviate this problem.
Now this 1 MB size limits the transaction speeds and this can’t compete to PayPal or Visa’s speed of transactions per second. This new cryptocurrency Bitcoin Cash attempts to solve the problem by increasing the size from 1 to 8 MB which has improved the transaction speed.
But the critics’ argument goes to a point that the large size of the blocks can lead to the centralization of operations related to mining since larger blocks need professional hardware. This can oppose the fundamental of a decentralized network for the cryptocurrency and this can shift controls to a few large miners and nodes.
The Bottom-line says that a good number of blockchain miners are shifting to Bitcoin Cash network which is larger block sized network. This is alarming for the original Bitcoin network but due to some difficulty in adjusting both the networks and this ensures that Bitcoin is still the king at least for the current period.
Where to buy Bitcoin cash?
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Bitcoin Cash Price
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