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what is bitcoin cash
Bitcoin Cash is a cryptocurrency. In mid-2017, a group of developers wanting to increase bitcoin’s block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.
Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
All Bitcoin holders as of block 478558 are also owners of Bitcoin Cash. All are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world
As you can see, the number of monthly transactions is only increasing and with the current 1mb block size limit, bitcoin can only handle 4.4 transactions per second. When Bitcoin was first created, the developers put the 1mb size limit by design because they wanted to cut down on the spam transactions which may clog up the entire Bitcoin network.
What Is A Hard Fork?
The primary difference between a soft fork and hardfork is that it is not backward compatible. Once it is utilized there is absolutely no going back whatsoever. If you do not join the upgraded version of the blockchain then you do not get access to any of the new updates or interact with users of the new system whatsoever. Think PlayStation 3 and PlayStation 4. You can’t play PS3 games on PS4 and you can’t play PS4 games on PS3.
What is segwit?
We won’t go very deep into what segwit is but, in order to get why bitcoin cash came about, it is important to have an idea of what it is. Just to reiterate what we have mentioned before, we won’t be taking any side in this debate, we will simply be educating you about it.
However, as the number of transactions increased by leaps and bounds, the rate at which the blocks filled up were increasing as well. More often than not, people actually had to wait till new blocks were created so that their transactions would go through. This created a backlog of transactions, in fact, the only way to get your transactions prioritized is to pay a high enough transaction fee to attract and incentivize the miners to prioritize your transactions.
This introduced the “replace-by-fee” system. Basically, this is how it works. Suppose Alice is sending 5 bitcoins to Bob, but the transaction is not going through because of a backlog. She can’t “delete” the transaction because bitcoins once spent can never come back. However, she can do another transaction of 5 bitcoins with Bob but this time with transaction fees which are high enough to incentivize the miners. As the miners put her transaction in the block, it will also overwrite the previous transaction and make it null and void.
While the “replace-by-fee” system is profitable for the miners, it is pretty inconvenient for users who may not be that well to do. In fact, here is a graph of the waiting time that a user will have to go through if they paid the minimum possible transaction fees