Bitcoin Cash is not Bitcoin. Bitcoin Cash is the result of a disagreement in the Bitcoin community regarding how to modernize Bitcoin. Bitcoin Cash was created on August 1, 2017 as a diversion “Fork” from the Bitcoin Blockchain and was the first Bitcoin Fork. Since then Bitcoin Cash has been a standalone blockchain. In this article, we want to discuss the argumentative and technical differences between the two blockchains.
A blockchain can be thought of as a passing freight train, in whose wagons ‘blocks’ of transactions are poured. The block size of the Bitcoin blockchain is 1 MB and between two blocks it takes about 9 to 10 minutes. How a blockchain works is illustrated here .
Due to the huge increase in transactions since the beginning of Bitcoin 2009, the blocks gradually became too small or the time between blocks too long to process all transactions immediately. Transactions piled up and miners demanded ever higher network fees to process them. Bitcoin was unusable as a means of payment at peak times.
The Bitcoin Blockchain is not controlled centrally, but always the code, which is operated in the identical version of network participants. Minor corrections in the blockchain code are readily accepted by all participants. In-depth code changes are perceived as extremely critical, because you know how critical a consistent code base is for confidence in the blockchain. </ Em> </ p>
When the suitability of Bitcoin as a means of payment staggered, the community divided into two camps. The traditionalists insisted on a consistent code base and held out the prospect of so-called “second-layer” structures. A framework around Bitcoin around, with the help of which only a part of all transactions over the Blockchain is to run; also known as the “ Lightning Network”. Furthermore, the traditionalists argued that Bitcoin does not have to be a primary means of payment but can also be a digital investment. In any case, Satoshi Nakamoto’s original code base takes precedence and is inviolable.
By the way, the concept of Bitcoin was documented by Satoshi Nakamoto in a so-called white paper that we translated for you in German < / a>. </ em> </ p>
The arguments of the other side are analogously that Satoshi’s idea is not based on the code, but in the use of Bitcoin as a means of payment. After all, he called Bitcoin “An electronic peer-to-peer payment system”. Consequently, it is only consistent to adapt the block size to meet the new trading volumes.
That’s why a number of Bitcoin Cash fans refer to their blockchain as “ The Real Bitcoin ” and try in part to disguise the origin of their blockchain. For example, the site bitcoin.com is operated by Roger Ver; the most prominent of all Bitcoin Cash advocates. Incidentally, the official website of Bitcoin is bitcoin.org .
This misleading is deliberately accepted or is even the declared goal. However, such acts of individuals are not representative of Bitcoin Cash, because this blockchain, like Bitcoin, is decentralized and not subordinate to an individual.
By the way, Bitcoin Cash (BCH) can be exchanged for Bitcoin (BTC) on our instant wallet at lightning speed (of course also BCH against BTC):
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