Hay steemians.....
The phenomenon of Bitcoin's cyptocurrency currencies is still on the rise. How not, this digital currency promises a very tempting advantage. Not yet eased Bitcoin uforia, on August 1, 2017 ago appeared a new child from Bitcoin named Bitcoin Cash.
The emergence of Bitcoin Cash is motivated by the slow ability of Bitcoin or BTC in processing large-scale transaction data. BTC only able to process approximately as much as 6 to 7 transactions per second and the transaction takes about 10 minutes. While the bank is able to process VISA credit card transactions as much as more than 1,600 transactions per second.
Investors, developers to Bitcoin miners are demanding the addition of Bitcoin blockchain to more than 1MB in order to make transactions run faster and take less time and money. They even quote the statement of Bitcoin creator Satoshi Nakamoto stating that the currency of this cyrptocurrency should be larger than the VISA scale.
However, the demands made by Bitcoin miners are reluctantly ignored by core developers. They think that's the way to protect Bitcoin from hacker attacks.
Then, on August 1, 2017, there was a hard fork event in the Bitcoin network. Hard fork is an event that occurs in Bitcoin blockchain when Bitcoin program developers want to change new features to Bitcoin system. Hard fork event is finally created a new program called Bitcoin Cash.
Then, what's the difference between ordinary Bitcoin and Bitcoin Cash? Well, just take a look at the following differences:
Differences Bitcoin BTC and Bitcoin Cash BCH
The originator
The emergence of BTC begins with a group of people who are disappointed with the banking system that keeps their deposits steadily eroded over time. Finally, in 2009 a group of people who called themselves as Satoshi Nakamoto launched a digital money called Bitcoin.
While the beginning of the emergence of BCH initiated by a group of miners based in Beijing who expect an increase in blockchain size Bitcoin which at that time only 1MB only. Finally, on August 1, 2017, the group managed to increase the size of the new Bitcoin blockchain to nearly 2MB.
Block size
BTC is only able to accommodate a block of 1MB only. While Bitcoin Cash is able to accommodate 8MB.
Security
When hard fork occurs, the network on Bitcoin experiences instability that sometimes Bitcoin transactions will be temporarily suspended. While Bitcoin Cash tends to be stable and transactions can still be done despite hard fork. The encryption algorithm used to protect BCH transactions is X11.
SegWit and SegWit2x
Initially, SegWit was used on BTC core. After that, Bitcoin miners proposed 2 options to tackle the slow process of Bitcoin transactions. The first option is to add the block size to more than 1MB. The second option is to move information from blochchain to a separate file.
From both of these options, many developers choose the second option, by moving the blockchain information to a separate file. Based on the decision, SegWit2x appeared to crack the file and followed by adding block size to 2MB.
The developers and miners plan to re-add the block in November 2017. But the plan was canceled and could make the BCH price dropped dramatically because many miners who decided to sell their BCH.
Then, SegWit again comes along with a new team of developers with 4 members. The team is led by Jaap Terlow. The SegWit2x launch was held on December 28, 2017.
This SegWit increase brings the larger block size, which is 4MB. BCH transaction speed is also increased, so transactions can be processed in just 2.5 minutes.
Actually what is the advantage offered by BCH to make it so in demand by many circles? Here are the advantages:
Excess BCH compared BTC
Consistent Price Rise
Lauching first BCH, the price of 1 BCH is equivalent to 2 million rupiah. A few hours later, BCH prices soared to reach the price of 15 million rupiah per BCH. The spike in BCH price hikes in just a few hours makes people predict that BCH will experience consistent price increases.
Quick Deals
The transaction system in BCH has been updated by the developers, so the transaction speed is much faster when compared to BTC.
Security Protection Upgraded
Along with the renewal by the development team, the level of security of digital currency is of course also increasingly tightened. Besides security, features and look of BCH also look more attractive.