What is Bitcoin Cash? How does it work? Where to buy?
Bitcoin is perhaps the most vibrant period on its short history. Bitcoin Cash has entered a whole new currency market as if debating about scaling has not been enough for months.
Bitcoin Unlimited and the Segregated Witness battle had already been known to be the wig of SegWit. Key players in the industry who met in New York were determined in the SegWit2x activation, and their ideas were at odds with the base. Bitcoin Core developers and mid-way between miners were found. Accordingly, on August 1, user-activated soft fork will be rolled out and the transaction size reduced to 75 percent by removing from the signatures process. Thus, both the transaction and the transaction will be accelerated and the transactions fees paid for the transactions will be reduced again. After 3 months, in November the block size would be increased to 2MB. November saw a new development in the sector: the remaining BIP91 protocol was activated shortly after seeing a great deal of mining support. BIP 141 sees everyone on the next target by activating BIP 91, which is one of the indirect routes to activate the protocol, in the form of accepting only SegWit, without increasing the block size: BIP 141. SegWit, expected to reach 95 percent of miners in the middle of August it will first be locked and then activated; so that the possibility of the bitcoin network splitting into two would get out of hand. However, Bitcoin Cash, led by Roger Ver, who just entered the game, once again confused the crypto agenda. What is Bitcoin Cash and how will it affect bitcoin from now on?
Bitcoin Cash and market launch process
Bitcoin Cash, one of the shining Bitcoin ABC protocols, was first referred to as BCC, but was later recognized as BCH because of the abbreviation BitConnect is BCC. Introduced as BTC, “centerless, coin-like currency”, BCH was developed to solve the network jam problem by increasing the block size to 8 MB. In addition to this, BCH is bringing two more innovations. BTC and BCH chains are separated completely and precisely with the feature called “replay and lifting protection” and the problems of the coexistence of the two chains are coming to an end. When SegWit rejects large blocks from 1 MB, the BCH network rejects SegWit blocks. Finally, the new method of signing transactions increases the security of physical wallets and removes software hash problems.
First, in the BCH block where ViaBTC started digging on August 1st, the block size was determined to be 1.915 MB and 6985 operations were performed. With the BCH coming into operation, the stock exchanges and miners also took the necessary precautions. The same amount of BCH was added to the accounts of Bitcoin owners. For example, 1 BCH is assigned to the account of a user with 1 BTC. The BCH saw its $ 727 level as of August 2, and caused small decreases in BTC prices as expected. With this sudden rise, the BCH has made a rapid entry into the 3rd in the list of top 10 crypto parcels and reached a market volume of $ 11 billion. Again, as expected, BCH prices fell again as investors sold their BCHs despite the rapid rise in prices. According to CoinMarketCap, the price of the BCH is around $ 200 a week.
How to get from where?
With the lowest commission, Binocen is coming out as a stock exchange for Bitcoin Cash. Binance can be preferred because it allows high transaction volumes, quality service and unauthorized processing.
What do you think about the Bitcoin Cash industry?
Arthur Hayes, Founder of BitMEX, the futures crypto-trading platform, cautioned that BTC investors did not look like this new parallax tolerance. Hayes believes that the BCH’s success will not be long-lived and that BTC’s price will have little or no effect.
Charles Hayter, one of the founders of the CryptoCompare, notes the similarity of the two crypto-money names, suggesting that it can lead to confusion and some problems for users. Marc Van der Chijs, an entrepreneur who addresses these issues, notes:
“I can see that fraudsters telling people to sell ‘Reduced Bitcoin’ and giving people BCH instead of BTC. News like this will also worry investors who are prepared to enter the crypto paralysis. ”
Litecoin founder Charlie Lee told CNBC that he was not worried that the BCH had entered the subcool scene and that the BCH was a threat to the BTC rather than the LTC.
Supporting wallets and exchanges
Bitcoin Cash made a variety of preparations for each stock market and wallet. The supporting companies gradually integrated the BCC into the system gradually. When it deems appropriate, it has also been processed. It is worth noting that not all bourses that support this process have completed this process yet. We advise users to follow the announcements made by the stock exchanges and wallets they are affiliated with on the BCH.
It is known that all stock exchanges in China are supporting BCH attraction, and the vast majority of them are engaged in the BTC / BCH trading pair. Three of the major South Korean stock exchanges support the BCH.
Other exchanges supporting the BCH are as follows:
Bittrex, Binance, Kraken, Bitfinex, Bitcoins Norway, Mercury Cash, QuadrigaCX, BTCBox, Bithumb, Korbit, QuoineEX, Walltime, Lykke and Coinspot.
Explaining that he will not support the BCH, Coinbase also joined the exchanges that supported and changed the decision. Wallet applications that support BCH are as follows:
Ledger Nano S, Trezor, Jaxx, Coinomi, Electrum, AirBitz, Bitcoin Unlimited, Bitcoin Classic, BitcoinABC and Freewallet.
The Turkish crypto money market is among the stock exchanges that offer BCH support at Koinim. As of August 3rd, the BCH filming process has started in Koinum.
One last word: the BCH’s level of difficulty is high and hash support is quite low (2 percent), so it can be said that it needs much more support than can be sustained in the market. On the other hand, BIP 141 (SegWit), which is in the shadow of Bitcoin Cash’s busy agenda, is expected to be locked in this week and be activated later. As of the writing, 1500 of the 2016 block has been completed and the support rate is 100 percent. This means: SegWit, which needs 95 percent support for locking, will be locked out this week unless there is a big surprise. This positive development also reflected in the price of bitcoin. Bitcoin climbed 3218 dollars as of Saturday, August 5, breaking all records. BTC’s total market value is over $ 50 billion. With Bitcoin re-enforcing confidence, it is clear that even more difficult days are waiting for Bitcoin Cash from now on.