Why was there a Bitcoin Cash (BCHABC) hard fork?
In 2017 Bitcoin was running into some problems. More and more people owned Bitcoin and generated a lot of transactions on the Bitcoin blockchain. The 1-mb block size combined with the seven transactions per second meant that some transactions where taking much more time, sometimes even hours, to be completed. This wasn’t the idea behind Bitcoin, that’s why a part of the community stood up and offered an alternative.
This part of the community decided to stop with the development of Bitcoin and start working on their own version of Bitcoin based on the Bitcoin technology, but with some improvements. They implemented a larger block size of 8M (currently it’s already 32MB) en decided to not implement the SegWit update that the core Bitcoin group would implement to fix the transaction issues. In the basics Bitcoin and Bitcoin Cash are comparible and are a blockchain 1.0 solution. Meaning, only having a cryptocoins and no smart contracts or other blockchain applications.
Not the most popular action
The hard fork did have some disadvantages. All Bitcoin owners suddenly had BCH and were surpised by this, because not everyone had received word of what was happening. Also people saw Bitcoin Cash as a cheap knockoff of the original Bitcoin and the similar name didn’t help as well. There have been numorous reports of people thinking that they bought BTC but instead bought BCH.
But nowadays you don’t hear this anymore. Bitcoin Cash has proven the opposition wrong. Transactions are faster and cheaper compared to Bitcoin. One thing to keep in mind is that Bitcoin Cash follows the same rules as Bitcoin. So there will only be a total circulation of 21 million Bitcoin cash, this is the exact same number as for Bitcoin.
Is Bitcoin Cash (BCHABC) future proof?
People should stop comparing Bitcoin Cash with Bitcoin. BCH has become a dominant player in the cryptocurrency market and is especially suited for fast and small transactions. That’s why Bitcoin Cashs appears to be future proof, especially with the crystal clear whitepaper di that is available for anyone that wants to read more about the project.
Stable blockchain, fast transactions and low costs. That is what will make a difference in the cryptocurrency market and that’s exactly what the developers of Bitcoin Cash created. You are able to buy Bitcoin Cash at Triaconta and instantly add it to your cryptocurrency portfolio.