More and more people are learning about cryptocurrencies. Many of them have only heard of Bitcoin, but the world of blockchain is much wider and more diverse than it may seem.
Bitcoin cash live price chart. Where did it all begin?
As usual, new endings in names of famous cryptocurrencies are born from disagreements in the community: one group sees a problem and offers a solution – the other group, citing the original principles of the cryptocurrency, doesn’t take a decision and goes the other way. That’s how it was with Ethereum and that’s how it happened with Bitcoin. As a result, today we analyze the Bitcoin cash live price chart.
The fate of any innovative technology is to be improved. When Satoshi created the world’s first cryptocurrency, he pioneered it. Naturally, his coin has some limitations for mass adoption.
A stumbling block in the community was the problem of bitcoin’s scalability. The fact is that as bitcoin’s transactions grow, the network’s transaction rate becomes progressively slower due to the inability to increase the block size. This restriction automatically sets a limit on the number of transactions per second, regardless of the increase. At the moment, the maximum block size can be 4 mb Thanks to the SegWit soft fork, as Bitcoin’s algorithm itself only supported 1 mb. All of this is called the scalability problem.
As a result, in 2017 a hard fork was developed called Bitcoin Cash, which isa new cryptocurrency with its own blockchain and specifications. The most important difference was the increase in the block size to 8 megabytes with the function of an adaptive change of its volume depending on the number of participants in the network. At this time, the maximum block size is increased to 32 megabytes, which is 8 times larger than the size of BTC.
Bitcoin Cash can process transactions faster than Bitcoin. This means transaction processing fees are lower than the Nakamoto coin because the Bitcoin Cash network can process many more transactions per second.
The impact on the coin’s mining
BCH algorithms use the scalable mining complexity described above to provide more efficient transaction processing. If there are fewer miners on the network, the complexity algorithm adjusts and reduces the block complexity, providing fast transaction validation.
Mining rewards can be stored in the same place as other known coins. Bitcoin Cash wallet is not particularly different from Bitcoin wallet. For example, both coins can be stored on Trust Wallet.
What is worth paying attention to?
There are some nuances. They are associated with a faster verification of transactions. This fact has a negative impact on security, and passing transactions can be compromised.
Also, capitalization statistics and chart positions show that the liquidity and actual usability of BCH is lower than that of Bitcoin, which we are accustomed to. Therefore, it makes sense to consider the Stellar live price chart.
Controversy over scalability, transaction processing, and blockchain properties continued beyond the controversy that led to Bitcoin Cash.
In November 2018, the BCH network underwent its own hard forward, resulting in another bitcoin derivation called Bitcoin SV. This coin was created with the idea of striving for minimal deviation from bitcoin’s original conception, which Satoshi Nakamoto described in Bitcoin’s whitepaper, integrating useful modifications for the blockchain.
Like most cryptocurrencies, BCH is directly dependent on its progenitor BTC. The fall of FTX, about which much has been written on letizo.com, provoked the decline of BTC, and with it the fall of BCH – from $117 to $88.
However, this dependence on BTC has some pluses: Bitcoin’s gradual growth will pull BCH up with it. At this moment, on the wave of recovery of BTC, Bitcoin Cash grew as well – now its price is $115. You can also consider investing in Stellar price prediction.
Bitcoin cash price prediction
Bitcoin, being the first and the largest cryptocurrency, bears all the burdens of an industry leader: doubts, alternative views, criticism and shortcomings. Bitcoin Cash, which emerged from this turmoil, tries to combine technological innovations with the old blockchain. Despite the progressive conception, the standard and familiar to all Bitcoin still holds the top and is in demand. Therefore, one should not be too optimistic about Bitcoin cash price predictions.
