Bitcoin cash celebrates its first anniversary


  Bitcoin Bank

The much vaunted cryptocurrency that was spun off from Bitcoin in a hard gallows celebrates its first anniversary today.

Bitcoin money began its journey on August 1 and reached the $ 800 level in a matter of minutes that day. Currently, its value is lower than its starting price with a price of about $ 765 on Binance.

The money for Bitcoin was allegedly created to solve the problems associated with Bitcoin Core and its developers continually insist that it is the pure version of the currency according to the Satoshi whitepaper. This, of course, is contested by Bitcoin Core purists who claim that BCH is simply a rebel offshoot of no value. There was a constant war of words on this subject with the most important of the Bitcoin Cash cheerleaders being Roger Ver who also started his website called Bitcoin.com which claims to continue consolidating the BCH brand.

Speaking of the first anniversary launched by Bitcoin Cash, Alejandro de la Torre, vice president of business operations at BTC.com, said that the problem of scalability in transactions was solved by Bitcoin Cash when it increased the size limit of the block .

block sizes give each block more space to include transactions, reducing waiting time and transaction costs, making the blockchain fluid and more accessible. "

Torre also claimed that Bitcoin Cash can handle transactions in large volumes at low cost and at high speed.Today, the size of the Bitcoin Cash block has been increased to 32 MB, eliminating any possibility of congestion of its network He also cited the example of Venezuela which states that the country's inflation estimate is currently over 40,000% In these countries, Bitcoin Cash can be used as an alternative payment method instead of fiat. It is interesting to note that Venezuela also came out with its cryptocurrency, the Petro which is currently anchored in the country's oil reserves.

Another website that enhances the BCH brand, Coingeek, organized its own Bitcoin Rebirth party in London today where he invited all the miners and the proponents of the coin to a huge blow.Coingeek founder, Calvin Ayre, had this to say about the anniversary event.

"L & # 39 one year anniversary of the rebirth of Bitcoin (now called Bitcoin BCH) is a great moment in the history of money. It is also the right time to remind all those who want Bitcoin to respect its original mandate to be a global electronic money that a key piece of work has yet to be completed: we must complete the task of completely restoring the original Bitcoin protocol and then block it so that future application development takes place on this tried and tested platform. This means that it is also necessary to remove the hood of the artificial block size that has been provisioned shortly after the launch of Bitcoin and return to the original design of an unlimited block size.

Ayre went on to say that making changes to the underlying protocol for short-term perceived earnings will only reduce stability and security and ultimately kill the network completely.

"With the Bitcoin protocol blocked, there will be an explosion of Cambrian innovation on the Bitcoin platform.Any mistake committed on a layer over the BCH protocol can be more easily discarded and will have no impact on the ability of the underlying platform to be money for the world ", he added.

One year on from the start, Bitcoin Cash is well established with over 19 service agreements including those with Bitpay, Coinpayments, Coingate, Coindance and Viabtc. It is part of 14 different projects, including JoyStream, OpenBazaar, Counterparty and is available on no less than 41 exchanges.

Recently, Roger Ver in a YouTube video published on the official channel of Bitcoin.com said that Cyprus has reached a rate of adoption of 70% for Bitcoin Cash. In addition, a Bitcoin Cash supporter from Cyprus has also stated that the merchant count that will adopt the coin will reach an impressive 4,000 by November 2018.

Image highlighted by Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
• Join the CCN crypto community for $ 9.99 a month, click here.
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: sought-after full-time and part-time journalists.

Advertising


Source link