What is Bitcoin cash (BCH)?

What is Bitcoin Cash (BCH)

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In this article, we are going to delve a little deeper into what Bitcoin Cash is, what its birth was, and what its purpose is.

In 2009, the Bitcoin protocol was launched by the mysterious Satoshi Nakamoto, which included the famous Bitcoin White paper called "Bitcoin a Peer to Peer electronic cash system" During the first years the protocol worked very well, transactions were very low and Businesses began to adopt it to use it because it was better for them because of its cheap commissions and because it eliminated credit card commissions.

But when more users came to Bitcoin and the network began to increase both in users and in transactions that were carried out, the commissions rose a lot, causing there to be transactions that charged up to $1000 in commission, which made many users and developers not. were happy and making the protocol begin to be somewhat unsustainable, many of the Bitcoin developers refused to want to make a change in the block size, which was what prevented Bitcoin from making more transactions per second and therefore making it cheaper. the cost of the network, so these dissidents proposed to hard fork the network to follow the real purpose of Bitcoin and Satoshi Nakamoto's vision, which was a scalable, affordable, and accessible Bitcoin for everyone.

This is how Bitcoin Cash was born in August 2017, with an increased block size of 32 megabytes per block, which means that it can carry out 32 times more transactions per second than BTC, making it much faster and scalable, the block size can continue to increase according to the needs of the network, that is, the more adoption, the larger the block size will be, in order to have more space for more transactions.

With Bitcoin Cash, the goal of being your own bank becomes even more real, since it has better fees than Bitcoin, you can use the main network that is completely decentralized and you can send money anywhere in the world in just a few seconds 24 hours, 7 days a week without any type of restriction.

Most people today store their BTC in centralized exchanges, which is the complete opposite of the vision that Satoshi Nakamoto had, Satoshi wanted you to own your coins, since that makes you sovereign, since countless times we have seen that we cannot fully trust the banks, that is why Bitcoin Cash solves this, since the majority of users do not move their BTC from the exchanges because it is too expensive to send them to an on-chain wallet, with Bitcoin Cash this transfer will cost you less than 1 cent on the dollar.

With all this said we can know that Bitcoin Cash has all the properties that Satoshi Nakamoto wanted from Bitcoin, a Proof of Work system that is cheap, secure, and suitable for global adoption since it has no limits on its scalability.

Some wallets to use Bitcoin Cash

Some of the best wallets to start using Bitcoin Cash will be named below, I leave it to the reader to investigate a little more about them, they are all quite easy to use since Bitcoin Cash is an easy-to-use and intuitive protocol and wallets are made for the same purpose.

- Cashonize
- Electron Cash
- Zapit
- Stack Wallet
- Via Wallet

There is much more to talk about Bitcoin Cash, but the reader has to continue investigating on their own why Bitcoin Cash is a good option to consider and have in your portfolio if you are a faithful believer in efficient, decentralized, cheap, scarce, and available blockchain technology for everyone

I look forward to your questions and comments.

 

[Nomad]

I no longer have faith in Bitcoin cash in terms of profitability. despite being Bitcoin hardfork and despite having lower transaction fees and faster transaction speed, Bitcoin never went too high. I really doubt that BCH will ever be able to reach its previous all time high price even in 5 years.

 

[Riberet19]

I no longer have faith in Bitcoin cash in terms of profitability. despite being Bitcoin hardfork and despite having lower transaction fees and faster transaction speed, Bitcoin never went too high. I really doubt that BCH will ever be able to reach its previous all time high price even in 5 years.

The future of BCH right now is not supported by the price, most people right now only look at BTC, but BTC is a protocol that is hijacked by Blockstream, Mastercard and now Blackrock and others, people only look at the price of the asset, but it has long since deviated from its real purpose which was stated in Satoshi Nakamoto's White Paper, which was an effective Peer 2 Peer for everyone, cheap, fast and scalable, and BTC is nothing like that, with commissions for using the main network of tens of thousands of satoshi, which is unsustainable.

Most people use custodians (exchanges or others) to have their Bitcoin and be exposed to the price, which seems to be the only thing that matters, and they have it in said exchanges for two reasons, to sell it for fiat or because they cannot pay the commission to send it to an on-chain wallet, which has nothing to do with its purpose either, Satoshi Nakamoto wanted you to be sovereign over your money, not that you would use it as if it were fiduciary money from banks and states once again Apart from this, everything with its increasingly strict KYC in said custodians.

Most transactions today are made through the Lightning network, so the miners lose money in that sense, the protocol also makes the mining makes it increasingly less profitable for miners to mine and therefore not enough transactions are made to give incentives to these miners, I think that BTC is going to have a lack of trust at some point in the future, since it is too far away of its real purpose, mark my words.

 

[Nomad]

Good lord! That's a great analysis. I started using Bitcoin as a payment form than I started using Bitcoin and altcoin as investment. These days, I use litcoins as payment and bitcoin and ethereum and a few other crypto as an asset. For me, the coin that gains price value matter because I understand crypto as an asset.