Bitcoin Hard Fork : The Born of Bitcoin Cash (BCH)
The decentralized crypto currency called Bitcoin is split to a new feather called BCC or Bitcoin cash. In other words, Bitcoin cash (BCC) is an innovative part of Bitcoin, which is now emerged as a new kind of crypto currency.
Similar to Bitcoins, BCC (Bitcoin cash) is also a decentralized currency that uses the world’s highly robust technology of block chains. This was originally developed by groups of users, investors, developers and influential miners who forked the Bitcoin blockchain and are against the technical jargons like SegWit2x and BIP-91.
Unique features of Bitcoin cash(BCC):
- It is highly safe, secure and stable in nature.
- It does not need any third parties for its operation.
- It holds a valuable payment system.
- It does not allow hassles and is simple and easy to use.
- It imposes very low charges for all the transactions done across the world.
- It helps the users in sending and receiving money for pennies.
- It is highly reliable and possesses speedy transactions. This means that the transactions are done at a faster rate, even in seconds and the confirmation will be received even in minutes.
Additional features of BCH:
Bitcoin cash has the following modifications and additional features, in comparison with the Bitcoin:
- Innovative name: The offspring of Bitcoin emerges on a new name called Bitcoin Cash. The users can exchange or transfer this Bitcoin cash with minimal or no charges.
- Increased block size limit: A variety of Bitcoin users, developers and miners suggested for a bigger block size, but it is now possible with Bitcoin cash. Such limit of block size is about 8MB.
- Innovative kind of transactions: Bitcoin cash has launched an innovative type of transaction, which contains some additional benefits like input value signing and quadratic hashing elimination. Input value signing possesses enhanced security for hardware wallets.
- Wipeout protection and Replay: If in case, Bitcoin cash is split into two different chains in the future, then those two chains will be having a wipe-out protection and replay. This, in turn, ensures minimum disruptions, so that both the chains will be able to exist in a peaceful manner.
Support for Bitcoin cash:
Many users, developers, and miners are giving a huge range of support for this new kind of crypto currency called Bitcoin cash, which in turn enhances the true power of BCC.
The notable supporters of Bitcoin cash include Wallets, mining pools, and exchanges. Those supporters are classified into the following four types:
- ViaBTC: The major supporter of Bitcoin cash is the ViaBTC, which is one of the largest crypto currency exchange in China. The present value of BCC at ViaBTC is 387 US Dollars ($387).
- ViaBTC Mining Pool: It is the eighth largest mining pool in the world. In the crypto currency market, it holds a hash power of 5%.
- Bitmain: It is the owner of a world’s highest mining pool known as ‘Antpool’. It is basically a miner manufacturing concern in China with a hash power of around 23%.
- Bittrex, Bitfinex, Kraken, OkCoin, HitBTC are some popular exchanges supporting BCC.
The entire hash power of the above mentioned four supports is around 30%.
Scope of Bitcoin cash across Bitcoin holders:
Bitcoin cash will be owned automatically by all the Bitcoin holders. The users can be able to retain all the balances that they hold in their Bitcoin wallets, by transferring them to BCH. Offcourse, their coins will be getting doubled in case of BCH. But the actual value will be fluctuated depending on the user sentiments and the market’s supply or demand.
Points to Remember:
- The private keys holded by both BCH and BTC are the same so that the coins cannot be accessed instantly.
- Another important problem associated with Bitcoin cash is the Replay attack.
In order to avoid the above-mentioned discomforts, the users can utilize the following steps:
- The users can keep their BTC private keys safely with them, instead of keeping them in a third party exchange such as Coinbase.
- The users can utilize hardware wallets such as Trezor and Ledger Nano S.
- The users can utilize software wallets such as Exodus or Jaxx.
- The users can make use of a brain wallet or a paper wallet.