Hello friends, thank you for visiting our blog, once again we have given ourselves the task of investigating the world of cryptocurrencies and expanding our knowledge in this area that definitely aims to be the future of finance.
This time we are going to talk about BitCoin Cash and the reasons why they should have this cryptocurrency, which will undoubtedly give us very positive surprises in the coming times. In this publication we are going to explain what BitCoin Cash consists of, what are its advantages, what is its history and why the investor Marc De Mesel decided to bet on this cryptocurrency instead of BitCoin (BTC).
It should be noted that this publication is the first Big Step in our commitment to support BitCoin Cash, since we have decided to join the global campaign that is being carried out to promote the adoption of this cryptocurrency.
1. What is BitCoin Cash?
BitCoin Cash is an open source cryptocurrency that has its origin in the fork of the BitCoin network that took place in 2017 and that divided this community. This Cryptocurrency pursues the same objective of BitCoin of being an electronic money from user to user (peer-to-peer), also sharing the vision of maintaining a payment system completely away from traditional banking systems and where users can be providers and customers at the same time.
BitCoin Cash should never be confused with BitCoin since we are talking about two different cryptocurrencies, which, although they have the same origin, currently each have their own Blockchain and their technical aspects are very different.
Starting with the ultra-basic, the symbol for BitCoin Cash is BCH while the symbol for BitCoin is BTC, and in this way you can distinguish them at a glance when you are a user of Exchangers or websites where both cryptocurrencies are capitalized or traded.
Now we go to the really important thing, the technical aspects of BitCoin Cash; The Blockchain of this crypto currently allows mining blocks with a size of 32MB. Which allows transactions within this network to be carried out more quickly and allows a greater number of transactions per second than the BitCoin network. If it becomes necessary, it is planned that the block size in the BCH network will be increased.
Unlike the BitCoin network, BitCoin Cash does not use the SegWit transaction scheme. It should also be said that tokens can be developed in the BitCoin Cash network and for the creation and delivery of them is used protocol SPL: Simple Ledger Protocol.
Another aspect that must be taken into account of BitCoin Cash are the Wallet addresses, which are currently distinguished from BTC addresses because they all carry the prefix bitcoincash: in them; which allows users to distinguish them at a glance and very easily from the addresses of other cryptocurrencies.
2. What are the Advantages of BitCoin Cash?
Democratization! We begin this second point with this concept that is so important for modern societies, because it is precisely one of the main advantages of BitCoin Cash; the Democratization of the BitCoin network, by making safe and very fast transactions available to its users within the reach of everyone, because the commission for the use of the BitCoin Cash network is very low.
In this regard, if you have participated in platforms such as noise.cash or read.cash, you will surely have realized that the sending of the rewards in BCH that you receive on these sites does not take long to reach your Wallet. Which happens thanks to the large size of the blocks of the BlockChain that make up this network.
In short, BitCoin Cash is equivalent to cash because its sending from user to user literally moves at lightning speed to get from your Wallet to the Wallet of the person to whom you have made a payment. Which empowers Professionals, Merchants and Users of any kind alike.
After reading this, you may be wondering "and what does BitCoin Cash offer that other networks do not offer?" Since you will surely know that there are other Cryptocurrencies with networks that also offer you fast transactions and very low commissions. Yes, that is true and we have for example DogeCoin which is a very popular crypto, with an impressive number of users, transactions on its network are made in less than 60 seconds and which has already put into circulation the equivalent of more than $ 50 billion dollars.
All of that may sound great but did you know that DogeCoin was created for fun and to illustrate how cryptocurrencies work? In other words, from the beginning it did not have a clear vision or objectives, not to mention the controversial changes that have been made to it throughout its history, such as the fact that it has no emission limit; which makes it an inflationary and volatile cryptocurrency.
Why do we tell you this? Because BitCoin Cash not only offers you a safe, fast and easy-to-use network; it also offers you the security of having been developed by a responsible community with a very clear vision from the beginning.
BCH is not a simple cryptocurrency that serves as a payment alternative to credit cards, bank transfers or FIAT cash. Not! BitCoin Cash is the electronic money of the future, a future where banks will not be the place where you keep your money, a future where you will have true control over your finances and where no one will be able to block your account at the mercy of a whim or an unfair ordinance.
In short, BitCoin Cash offers you those great concepts that BitCoin founded and that we all fell in love with, such as: financial freedom, user empowerment, ease of use and democratization of finance; but without the errors of BitCoin such as slow transactions, high commissions and exclusion of users with less economic power.
BitCoin Cash adapts to everyone's needs, whether you are a large company that needs to pay for a new fleet of vehicles or you are a common user who wants to pay for a simple cup of coffee. The low commissions of the BCH network allow us to access all of them and make the payments we need no matter how small or large the amount of what is being purchased.
In addition, the hyper speed of its network allows us to pay immediately as if we were doing it with cash; But instead of counting tickets, you simply scan the QR code of the owner of the Wallet where you will make the payment, indicate the number, pay and that's it.
And here we have to give a recommendation to anyone who decides to bet on any cryptocurrency in a serious way: Do not put your money in any crypto, do not get carried away by projects that seem very dynamic and safe but are actually a bubble that goes to explode at any moment. Do not get into a network whose developers make sudden changes left and right without any sense or feasibility.
Bet on cryptocurrencies developed and maintained by serious communities such as BitCoin Cash. If you are a supporter of DogeCoin, BitCoin or any other cryptocurrency other than BitCoin Cash; We want to tell you before closing this point that the criticisms we have made to these other cryptos are our own opinion and that at no time have we sought to offend you, on the contrary we rather respect the ideas you may have, but for our part we speak very firmly When it comes to the promotion of BCH and that being the cryptocurrency in which we have placed our hopes (because at present it is the one that convinces us the most) we will always put it ahead of the others.
3. History of BitCoin Cash:
If you still do not know, it is interesting that you know that the history of BitCoin Cash begins from the beginning of cryptocurrencies, with BitCoin that November 1, 2008 when Satoshi Nakamoto described a new and innovative electronic money system completely peer-to- peer.
So, as you might already imagine, BCH and BTC were once one and the same thing. Therefore, to deal with the history of BitCoin Cash here, we will begin with the history of BitCoin until 2017 when the fork took place and the community was divided to give way to BitCoin Cash and BitCoin as cryptocurrencies and independent projects.
Although in 2008 Nakamoto launched this proposal to the world, it was a few months later on January 3, 2009 when the BitCoin network was put into operation. From there, the first nodes of this network were run and the first block (Genesis Block) was mined, which is certainly the first that makes up the BTC BlockChain and, in turn, the BCH itself.
For the year 2010 Satoshi Nakamoto puts at the head of the BitCoin project the software developer Gavin Andresen, who was involved in the development of BTC since its inception. It should be noted that the identity of Satoshi Nakamoto was never revealed and that it is even thought that it is not a single person but a group of people who proposed the BitCoin anonymously. On the other hand, Gavin Andresen is a well-known person about whom you can seek information and find out more about who he is.
A year later, on January 20, 2011 the Electronic Frontier Foundation begins to accept payments in BitCoin, however, by June of that year they stopped accepting the cryptocurrency because they were concerned about the lack of legal precedents on it. new monetary system that had just begun. By May 2013, this foundation once again accepted payments in BTC.
By 2012 it was certainly necessary to accelerate the growth of BitCoin worldwide and for this the community had to have a formalized institution. For this reason in September 2012 the BitCoin Foundation was created and Gavin Andresen is among its founding members.
In December 2013, the Central Bank of China prohibited financial institutions in that country from using BitCoin on the grounds that they are virtual assets that have no legal status and should not be used as currency. After this announcement the price of BTC fell.
Up to this point we have summarized some interesting aspects where highs and lows stand out in the history of BitCoin, reminding you that everything we have discussed so far is part of the history of BTC and BCH because the network bifurcation had not yet happened.
Now we jump to the year 2015, which is very important since from then on you start the controversies and controversies in the BitCoin community. The subject under discussion was the scalability of the system; In this regard, it is very important that you know that the term Scalability refers to the ability of a system to adapt without losing quality and adequately handle the continuous growth of the workflow, but without losing the quality of the services offered.
In short, the Scalability that the group of collaborators who would later create BitCoin Cash proposed for the BitCoin network was to become larger and expand to handle higher work volumes but without affecting network security.
This was already becoming necessary because the network was not enough to handle so many transactions, mining blocks of just 1MB. What made the transactions carried out with the BTC very slow; resulting in a very congested network.
These discussions within the BitCoin community lasted until 2017, because on February 25 of that year a collaborator who used the pseudonym Shaolin Fry proposed to execute a fork that would force the miners of the BTC network to support the SegWit scheme that would enter in action in August of that same year.
The details of this scheme were published in the BitCoin BIP148 Improvement Proposal and it consisted in that once this scheme was activated (on August 1, 2017) the Blockchain nodes that used this software had to orphan all the blocks that did not include the signage in support of SegWit. This significantly intervened in the mining voting process that would determine the activation of the feature and was taken by the BitCoin community as an authoritarian measure. By then the BitCoin network failed one of its main ideals of being a decentralized and freedom system.
The implementation of the SegWit system was intended to solve network congestion problems by increasing the size of the mined blocks from 1MB to just 2MB; which in any case did not allow a true scalability of the BTC network.
Not to mention that in the network users are no longer equal due to the implementation of the possibility of paying a higher commission so that transactions are given priority. Which also fails the ideal of becoming a true system of pairs or equal parts since more advantage is given to those with greater economic resources. Simply put, in less than a decade the BTC community made the same mistake that human financial systems have made for millennia; give power to only a few and leave most of the people at a disadvantage.
This fact was the last straw and ultimately led to the creation of BitCoin Cash, which happened on August 1, 2017 when the bifurcation of the network that gave rise to BCH and that separates the stories of both cryptocurrencies.
At this point it is very interesting that you know that Block 478558 is the last identical block in the transaction log that both BTC and BCH have. From this block the records in both BlockChains are completely different and the paths of both parts of the community separate.
In a very summarized and simple way we can say that in a few words the part of the community that supported the idea that the BitCoin network should adapt to all needs and include everyone forked towards BitCoin Cash BCH. While the other part of the community that shared the idea that the BitCoin network should not be used for small transactions (such as buying a cup of coffee) and that the scalability of the network should not include users with very low economic power, he stayed with the BitCoin BTC.
The BitCoin Cash network started its own life mining 8MB blocks, then the size of the blocks mined on this network was increased to 32MB in May 2018. Obviously (and as we already mentioned before) the BCH community did not adopt the SegWit scheme that applied the BTC network as of August 1, 2017. For November 13 of that same year, the EDA Algorithm is replaced by the DAA Algorithm.
By January 9, 2018 the addresses of the BCH Wallets gain their own personality since the CashAddress address format is enabled. For May 2020 the number of chained unconfirmed transactions is increased from 25 to 50. And for November 2020 the DAA difficulty adjustment algorithm is replaced by the asserti3-2d Algorithm.
Again before closing this point we want to tell you dear reader, that if you are a BTC supporter or supported the implementation of the SegWit scheme in the BitCoin network; we respect your ideas, however for our part we were not, we are not and we will not agree with having increased the block size from 1MB to only 2MB. Just as we will never agree with the tyrannical measure that was intended to be applied to force the miners to accept the SegWit.
Since we know the History of BCH and how this crypto was born from the bifurcation of the BTC network, now we will move on to the last point that we have planned to deal with in this article and answer a very good question: why is Marc De Mesel so interested in BCH and why are you strongly promoting its adoption?
4. Marc De Mesel and BitCoin Cash:
For those of us who make life in read.cash and noise.cash, the name of Marc De Mesel is surely familiar to us, however, for those who still don't know him or don't know him well; We tell you that Marc is the founder of these two platforms. It is also important that you know that Marc is an Investor who began to get excited about cryptocurrencies in 2012.
At that time Marc bought BitCoin and kept his investment in this cryptocurrency until 2017, by then it was very clear to Marc that it was not intended to increase the size of the block in the BTC network; and much more after Shaolin Fry's controversial proposal on the application of SegWit.
Therefore, Marc was no longer interested in BitCoin and made the decision to sell all of his BTC and buy other cryptocurrencies. Among the reasons why Marc was not convinced by the tiny block size of the BitCoin network, was that it is precisely a very slow network and that it does not promote access to the public.
Such a network essentially becomes a kind of bank where only a few users can access and enjoy its benefits, while closing the possibilities of attracting as many people as possible to the network; since its uses are limited and it excludes the majority.
For August 2017, when BitCoin Cash arises, Marc again turns his attention to the BitCoin network, only in this case he does it in this fork of the network that allowed faster and cheaper transactions; which allows to attract all kinds of use cases and allows any developer to launch applications based on this network for all kinds of uses.
In short, BitCoin Cash becomes a strong, well-defined BitCoin with very specific objectives; that democratizes access to its network for all people and therefore has more possibilities for development than BTC.
As of 2017 Marc begins to invest in BitCoin Cash and promote the adoption of this cryptocurrency, and one of the well-known ways in which he does it is by creating social platforms where his users can receive rewards in BCH for participating.
In this regard, it should also be said that the thousands of dollars in BCH that are distributed among all users on noise.cash and read.cash come from Marc's own funds, who contributes them to boost these platforms and continue to make a very significant contribution to the adoption of BitCoin Cash.
And now we end our publication by thanking you warmly for visiting us, remember that we can talk through the comments; We invite you to use them because we are interested in what you have to say. We say goodbye wishing you, dear reader, the best of success in all the good and positive things you do, it will be until the next publication.
BCH smart chain incoming
✌️ And very soon it will surely give us great surprises