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What is Bitcoin Cash all about
Bitcoin Cash is one of the more controversial cryptocurrencies as it was created in response to the way in which the original Bitcoin protocol was moving. As Bitcoin became more in line with being a digital asset than a ‘peer-to-peer cash system’ as expressed in the white paper, so certain members of the community proposed a hard fork.
A hard fork is when the blockchain splits with new codes and protocols, if this new chain retains support, it can continue as a new blockchain, and this is what happened with Bitcoin Cash. The new Bitcoin chain was one that had bigger sized blocks in order to make it more viable as a spendable cryptocurrency.
Bitcoin Cash did not garner nearly as much support as the original Bitcoin blockchain that continued after the August 2017 fork. And, in fact, Bitcoin Cash faced more controversy when factions again disagreed on its direction and enacted another fork which created Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC, which remained the more supported chain and thus retained the name, Bitcoin Cash.
Bitcoin Cash’s main goal is to remain true to what the original whitepaper of Bitcoin foresaw. According to the supporters of Bitcoin Cash the change in Bitcoin’s block size would allow its use as a medium for daily transactions and help it compete with multinational credit card processing organizations, such as Visa.
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BCH Questions & Answers
What is the current price of Bitcoin Cash?
Price of Bitcoin Cash right now is at 523.26 Euro.
What will Bitcoin Cash be worth in half a year?
Accurate long term projections are very difficult, however according to our price prediction algorithm we expect the cost of Bitcoin Cash is likely going to be between €399.63 and €923.64 in six months.
Does Bitcoin Cash have a large following online?
649415 Reddit users engaged in discussing Bitcoin Cash on Reddit in the last 48 hours. The official Bitcoin Cash Twitter account is currently followed by null people.
What was the highest price of Bitcoin Cash?
We saw the highest spike in the price of Bitcoin Cash on 2017-12-20, when it was at 3187.12 Euro.
What will the Bitcoin Cash price be in 3 months?
Based on our prediction algorithm we estimate that Bitcoin Cash's price is likely going to be between €399.63 and €760.13 3 months from now.
Is Bitcoin Cash going to be worth more one month from now?
Using our short term prediction, we expect, that Bitcoin Cash's cost will be between €411.31 and €624.61 next month.
What does a hard fork do to a blockchain?
A hard fork changes aspects of a blockchain and allows for new additions or plans to be implemented in the code while maintaining the original ledger base.
Why did Bitcoin Cash fork from Bitcoin?
Because Bitcoin is a decentralized coin and its direction is determined by democracy, there was a set of miners and users that felt it should be more included to be a spendable cryptocurrency. They felt that making the blocks bigger, which would allow for faster transaction times, would allow this, and thus forced the coin to fork and change its route.
Is it easier to spend Bitcoin Cash?
Bitcoin Cash, with its larger blocks, is certainly easier to spend than the original Bitcoin as the transaction times are far quicker than the average 10 minute wait. These larger blocks also help with the fees of Bitcoin Cash meaning there is less money wasted in transacting.
Is Bitcoin Cash the same as Bitcoin?
Bitcoin Cash has the same blockchain legacy of Bitcoin, up until August 2017 when it forked off and started its own ledger. This does not mean it is the same, but similar. However, major changes that came about because of the fork have made the chain a different type of cryptocurrency.