Bitcoin Cash: what you need to know!?

in bitcoincash •  7 years ago 

Steemit dear Friends need your help, what is this Bitcoin Cash !?

Online information has both positive and negative.

I know that in Steemit are the progressive users of the Internet and the blockchain.

And you know what only you can give accurate information about Bitcoin Cash.

In advance, THANK you all!!!

bitcoincash bitcoin blockchain cryptocurrency thanks
7 years ago by

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      ·  7 years ago (edited)

    Bitcoin has three things going for it, the network effect, the strong brand name, and (arguably) the strong security offered by the extreme mining power. Except for that, there is nothing Bitcoin can do that other cryptos cannot do better.

    Bitcoin Cash ... well, it may score a bit on brand name recognition, and Bitcoin Cash is much more Bitcoin than any other altcoins with "Bitcoin" in their name. It doesn't have the network effect (though it may be a bit simpler for the industry to support Bitcoin Cash than to support other altcoins). It doesn't have much security in the mining - while it would be quite expensive to perform a 51%-attack, it is fully possible.

    From this perspective Bitcoin Cash is just yet another altcoin - as I see it, it doesn't have any real value proposition.

    That said, Bitcoin Cash can be a worthy competitor with Litecoin.

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    2 votes
    [-]
      ·  7 years ago 

    Thank you very much!

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      [-]
        ·  7 years ago (edited)

      Bitcoin Cash is a fork of the Bitcoin chain. Here are some facts:

      • Anyone that had Bitcoin prior to the August 1st fork has Bitcoin Cash, in same amounts as their Bitcoin holding at the 1st of August. (Though, if you had your bitcoins on an exchange/bank/site not caring about Bitcoin Cash - or worse, if you had bitcoins on an exchange/bank/site that chooses to steal the BCC, then it's probably lost).
      • The Bitcoin Cash has a real value, as it can be sold for fiat or Bitcoin on some exchanges (including shapeshift.io).
      • The transaction format has been extended with strong signatures, this gives a two-way replay barrier. An ordinary bitcoin transaction sent after the fork is not valid on the Bitcoin Cash chain, and a Bitcoin Cash transaction is not valid on the Bitcoin network. This basically means that your Bitcoin Cash coins and Bitcoin coins are completely separate entities. (In a fork without any replay barriers most transactions will be valid at both chains, i.e. it would be difficult to send BTC without also sending BCC and vice-versa. The user has to go through extra hoops to make sure to split the coins).
      • The strong signatures solves some issues, i.e. the notable quadratic hashing problem.
      • Block size has been increased to 8 MB.
      • I think it's intended that the blocks should come every tenth minute, like with Bitcoin, but now while the difficulty is getting adjusted the block discovery interval is much longer.
      • You will need to use some wallet that supports Bitcoin Cash to actually spend it.

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      1 vote
      [-]
        ·  7 years ago 

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        [-]
          ·  7 years ago 

        check out the video colfusion made.

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          [-]
            ·  7 years ago 

          (Y) Bitcoin just has changed the world now.!

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