As BCH hits the market it obviously had a lot of interest & a pump to begin with but don't think that this is going to be the next bit coin and invest all of your money just yet...
Although I see a lot of interest in this coin at the moment it's new & massively unstable & in my opinion I think it's going to drop a lot more before we know what is going to happen this coin maybe even to the $1 mark...
Here is an extract from there website for those who are wondering what (BCH) is:
We are pleased to announce that on August 1st 2017, Bitcoin Cash (BCC) successfully launched.
At 18:24:41 UTC, ViaBTC pool produced a 1.9 MB BCC block, which was not valid on the legacy Bitcoin network. This marked a clean break and the birth of Bitcoin Cash.
Bitcoin Cash brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
All Bitcoin holders as of block 478558 are now owners of Bitcoin Cash. All Bitcoiners are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.
Bitcoin Cash
Peer-to-Peer Electronic Cash
Frequently Asked Questions
What is Bitcoin Cash?
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralised, with no central bank and requires no trusted third parties to operate.
Is Bitcoin Cash different from 'Bitcoin'?
Yes. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin block-chain ledger, with upgraded consensus rules that allow it to grow and scale.
If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes. Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.
How is transaction replay being handled between the new and the old block-chain?
Bitcoin Cash transactions use a new flag SIGHASH_FORKID, which is non standard to the legacy block-chain. This prevents Bitcoin Cash transactions from being replayed on the Bitcoin block-chain and vice versa.
Why was a fork necessary to create Bitcoin Cash?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB blocksize causing problems for Bitcoin?
Yes, In 2017, capacity hit the 'invisible wall'. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.
Bitcoin stopped growing. Many users, merchants, businesses and investors abandoned Bitcoin. Its market-share among other cryptocurrencies quickly plummeted from 95% to 40%.
Does Bitcoin Cash fix these problems?
Yes. Bitcoin Cash immediately raises the block-size limit to 8MB as part of a massive on-chain scaling approach. There will be ample capacity for everyone's transactions.
Low fees and fast confirmations will resume with Bitcoin Cash. The network will be allowed to grow again. Users, merchants, businesses, and investors will return.
Why didn't Bitcoin raise the block-size if it was easy?
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.
Many miners and users trusted these developers, while others recognised that they were leading the community down a different road than expected.
These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Which Development Team is In Charge of Bitcoin Cash?
Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash. There are now multiple independent teams of developers.
This decentralisation of development (and decentralisation of software implementations) is a much needed and important step forward.
As much as all this sounds good there is still a big split within the BTC community and I can see hard times coming for the future of both BTC & BCH...
So grab the popcorn and take a seat & get ready for the big fight, but DON'T waste your cash just yet and jump on the bandwagon... As a wise man once said 'patience is a virtue' and in this case I feel that this statement couldn't be closer to the truth.
Just sit, wait & don't jump into hype, as I learned just a few weeks ago myself, that's a great way to lose your hard earned spondoolies....
There are many other solid/stable crypto-currencies which are cheap enough to get into with great profit potential which I will be giving write up's on in the near future, so keep posted...
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