Bitcoin Cash Guide

For seemingly ages, the issue of transaction speed permeated conversations among members of the cryptocurrency community. There was a real need to make sure that Bitcoin, the world’s most popular digital asset, stayed ahead of the chasing pack and offered short waiting times on transaction execution. For a long time, the debate raged on, with some parties favoring the idea of leaving Bitcoin as is and others supporting the idea of hard fork. Those against the hard fork argued that BTC would lose its legitimacy and those supporting the hard fork put the issue of delays at the top of their arguments. This standoff eventually led to the creation of a User Activated Hard Fork (UAHF), which is why BTC now has a small sister, Bitcoin Cash.

What is Bitcoin Cash?

As indicated, this was the result of a fork on the Bitcoin core network that took place on August 1st, 2017. What this means is that if you held BTC in your account at the time of the fork, you automatically received an equal amount of the new currency.

How do these two currencies differ?

Essentially, Bitcoin Cash is an answer to the scaling needs of the members of the cryptocurrency community. The idea behind it all was to make sure that BTC could handle as many transactions as possible. The only way to do it was to increase the block size on the core algorithm that runs BTC. At the moment, the coin’s block size is 1MB, which means that it can only process a quarter of a million transactions in a day. Bitcoin Cash on the other hand is operating at 8MB blocks, allowing it to process an astonishing 2 million transactions in a day. In principle, the basic operations of the two coins are the same, but BCC is savvier and operates at a much faster speed than its nemesis.

Is there a reason some people call BCC “Bcash”?

BCC has critics across the board. There are parties that feel that its existence only serves to undermine BTC, which to them is the real deal. They use Bcash in a disparaging sort of way in order to try and kill its popularity. They hope that by adopting that moniker, they achieve their desire of confusing users and killing the market for the fork. Exchanges and wallets that make use of that name should be treated with skepticism, because they do not have the interests of the coin at heart.

Is it okay to use BCC?

This is your decision to make. However, the facts on this are rather straight forward. BCC does not have the scaling solutions BTC has. It also allows users to enjoy low transaction fees as opposed to Bitcoin. As far as the technicalities are concerned, the two coins have a very similar code. This is a huge plus for BCC because it means the coin is easy to upgrade and maintain.

How can someone make use of the coin?

At the moment, there is no wallet for the coin but is actively working toward that. In the meantime, take a look at our Bitcoin Wallet.