Bitcoin Cash Conspiracy
With an increase in cryptocurrency market capitalization, the interest of investors in cryptocurrency is also increasing exponentially. People are now investing in cryptocurrency more than they ever did. Whenever we hear the name of cryptocurrency, the first name comes into our mind is Bitcoin. Holding the title of first cryptocurrency and the majority of market share, Bitcoin is still rising greatly. At the time of writing this, Bitcoin is standing strongly at $4400.
This is an enormous price tag for an Internet currency. Success is synonymous with Bitcoin since the day it was created. But success also brings some controversies, criticisms and conspiracies. One of those Conspiracies is related to Bitcoin Cash, the hard-forked version of Bitcoin, came into existence on 1 August 2017.
During the month of July, Bitcoin Cash (BCH) remained the center of all the discussions on every forum and chat room. related to cryptocurrency.
Let's understand the Bitcoin Cash in Details
For past 2 months, there was a potential decision which had to be taken related to Bitcoin. Bitcoin transactions became expensive and there was a lot of downtime whenever a transaction had to be made because of enormous number of transactions which were going through Bitcoin. Bitcoin had a block size of 1 Mb and it takes 10 minutes to confirm a block by miners but because of high traffic, transaction were taking longer than that.
In order to solve this problem. Segwit aka Segregated Witness had to be implemented into the Bitcoin to increase it transaction speed and reduce it's transaction cost. There was a huge hype related to Segwit. Most of the miners were in favor of this decision but in the end of July, Bitcoin hard-forked creating a new cryptocurrency named Bitcoin Cash.
That's where the Conspiracy starts:
Bitcoin Cash came into existence just because of Conflict between Miners and Developers.
Developers wanted to improve the Bitcoin efficiency as well as its security. That's why most of the developers were hugely in favor of Segwit because it only increased the existing block size of 1 MB to 2 MB while maintaining the security and effectiveness of Bitcoin. Large block size would only result in enormous number of transactions which would bring the security issues with it. And we all know Bitcoin transaction system is irreversible that means a transaction can be reversed back. What is done is done.
That's why developers were supporting only Segwit not any hard-fork and majority of miners also supported their decisions.
On the other hand, some of the miners wanted to increase the existing block size of 1MB to 8 MB because larger block size means large transactions in less time plus high mining fees going into their pocket. Although majority of miners were in support of Segwit but all of a sudden, a news went viral that Bitcoin would hard forked and Bitcoin Cash will come into existence from 1 August 2017. After hearing this many developers were in shocked as well as some miners.
But as opposed to all their shocks, Bitcoin did come into existence on 1 August and since that moment it significant rose to a great price tag of whopping $1091 within few days. After the Hard-fork announcement, it was also notified that whoever is holding Bitcoin will receive the same number of Bitcoin Cash if the said person hold all the keys of his/her Bitcoin at the time of Hard-fork. Although, there were again various huge controversy happened on this issue as well but Bitcoin Cash did become a reality and still growing as we speak.
Bitcoin Cash Stats & Charts
The miners who supported against Segwit2X call themselves as 'We The People'. But it remained still a mystery as why Bitcoin Cash came into existence all of a sudden when Segwit2X was going to launch successfully. Was this controlled by major control of some government who wanted to diver the traffic and popularity from Bitcoin to Bitcoin Cash or was it an attempt by some group miners to give a shock to the Market Capital of cryptocurrency?
Let's hope this mystery get solved soon and until then Bitcoin Cash will remain a Bitcoinspiracy.
Do check in tomorrow to see what the world of crypto mysteries hold for you.. !!
Till then Upvote!Resteem!Follow!
