What is Bitcoin Cash?
Bitcoin Cash (abbreviation: BCH or BCC) is a cryptocurrency, which was created by the splitting off of Bitcoin . Bitcoin itself has already been in circulation since 2009. Within the framework of the so-called hard fork, on 1 August 2017 a split of the previous currency into the two differently structured block chains bitcoin as well as bitcoin cash occurred. This split was preceded by a long-term dissent in the Bitcoin community. The question was whether and when a change in the mining algorithm should occur.
BitcoinCash - Functionality of Bitcoin and Bitcoin Cash in focus
The Bitcoin community divided into two camps focused on the functioning of the respective cryptocurrency. While one side wanted to preserve the current mode of operation - in the form of a sort of substitute currency and substitute currency for gold - and praised the entire principle as an innovative counterpart to the traditional paper money system, the critics wanted to generate a better everyday life. The main focus here is on a significant increase in transaction speed. The goal behind this: In the medium to long term, Bitcoin Cash is to rise in this way to a serious competition to the classic credit card.
No compatibility between the two cryptos
Bitcoin and Bitcoin Cash shared a common history, which was fixed in the so-called blockchain, an explicit database. Since the start of BCC, a further functional strand of the virtual cash has now been established. The different strings are no longer compatible with each other and work according to their own rules. For both cryptos, the same strict rules, rules and regulations are not applied by the central banks or the respective legislator, for example with regard to the euro or the dollar.
Indices indicate a future strong bitcoin cash
Although Bitcoin Cash was only reluctantly supported by the miners and the exchange exchanges BitMEX, Coinbase, Exodus and Bitstamp did not include the new currency in their own portfolio, the markets responded positively. Already two days after the launch, Bitcoin Cash became one of the most popular cryptocurrencies right behind Bitcoin and Ethereum.
The traditionally extremely fluctuating bitcoin course, on the other hand, declined slightly. Although a BCC is of course still significantly less value, but this new cryptocurrency reached almost immediately a value of 375 dollars. Many industry experts and experts regard this as an indication of a future strong bitcoin cash.
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