Bitcoin Cash (BCH)

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Official site (website): https://www.bitcoincash.org Official Facebook account (fb): https://www.facebook.com/bitcoincashorg Reddit: https://www.reddit.com/r/Bitcoincash/ Github: https://github.com/bitcoincashorg/website CoinMarketCap (coin market cap): https://coinmarketcap.com/currencies/bitcoin-cash/

Truth & Facts[edit]

  • BItcoin Cash is a peer to peer electronic cash, a cryptocurrency created as a result of Bitcoin hard fork in August 2017.
  • Fast - Transact in seconds. Get confirmed in minutes.
  • Reliable - A network that runs without congestion.
  • Low Fees - Send money globally for pennies.
  • Simple - Easy to use. No hassles.
  • Stable - A payment system that's a proven store of value.
  • Secure - World's most robust blockchain technology.
  • Fully decentralized, including development.
  • A fork of the Bitcoin blockchain ledger and a continuation of Bitcoin P2P digital cash project.
  • Using a new signature hashing algorithm SIGHASH_FORKID, which is different from Bitcoin to handle transaction replay.
  • Bitcoin Cash will never have SegWit.

Fork

  • Bitcoin Cash was forked from Bitcoin at block height 478558 on 1 August 2017 (at time 13:16:14).

Official

  • Ticker Symbol: BCH
  • Slogan: Peer-to-Peer Electronic Cash

Story and history

  • Bitcoin hard forked in August 2017 to create Bitcoin Cash. The reason for this split is to raise the original Bitcoin 1MB block size limit to 8MB, which is using by Bitcoin Cash currently. 1MB block size limit can only handle 3 transactions per second which causes congestion and network fee rate paid to miners to increase exponentially. Raising to 8MB limit is enough for consistently quick transaction confirmation as well as low network fee paying to the miners.


Video Playlist[edit]

What is Bitcoin Cash (Aug 1st Split)

00:00 What's up everyone.
00:00 Today I want to talk about Bitcoin cash.
00:02 That's right, it's Bitcoin cash in a nutshell.
00:04 I'm gonna review a lot of the fear that's spreading right now, and I'm gonna talk a little bit about what exactly is Bitcoin cash.
00:14 I noticed a lot of advice right now to talk talking about, you know not trading Bitcoin after August of first, not using Bitcoin, you know stop using it, lock it up safely.
00:25 I'm gonna explain the reasons behind this, and why you you might want to do this, and if you don't do this, what are the kind of repercussions that can happen.
00:35 So let's start off with what is Bitcoin cash first of all.
00:40 So Bitcoin cash is kind of another branch of Bitcoin, it's something that will happen on August of first, by a group of miners who are so frustrated with the current situation, its current scaling debate that they want to create their own version of Bitcoin in their image.
00:57 So this version of Bitcoin is actually quite interesting because there'll be a fork of the current chain.
01:03 In a sense that if you own Bitcoin now, if you have full access to your wallet right now, you're gonna have the same amount of Bitcoin on the Bitcoin cash chain, that's what's gonna be called.
01:14 So it's gonna be just modes are potentially gonna run it.
01:20 For example via BTC has expressed interest in running it, and because bit main controls quite a lot of their shares of be a VIP BTC, it's possible but main while mine there as well.
01:32 So you'll have some backing support from the miners.
01:35 The normal chain will go on, so what we know as Bitcoin will go on, it will continue forward.
01:40 Just that there's a separate chain that's gonna be created.
01:44 And if you have Bitcoin right now, you're gonna have two versions of Bitcoin and that's gonna have balances on both chains.
01:51 So that's why there's a lot of people who are talking about, oh this is free money you know, the another chain is created magically and now you have access to funds on that chain.
01:58 That means you can sell your funs on that chaine.
02:03 And we've seen that on Chinese forums, they're like why objected this you know, bitcoin cash is pretty cool.
02:06 It means that we have now we have a chance to sell Bitcoin and Bitcoin cash, it's trading that.
02:13 So the potential is that if you don't back up your wallets, if you don't have access to your wallet, there's a chance that you might not get the benefits of the other chain, you might not be able to access Bitcoin cash.
02:25 What a Bitcoin cash is valuable or not that's another matter.
02:31 So it might be the case that, if you just ignore everything that's happening right now, Bitcoin cash might not be worth anything in the future, it might just die off, it might not even happen.
02:40 And if that's the case then you have nothing to lose, you don't lose anything.
02:45 So it's just this kind of extra coin, it's kind of bonus coin that's popping out.
02:49 If you do want to take advantage of it then you have to control your own wallet.
02:55 So that means you don't you can't leave your money on exchange because exchange is, control, if you leave your money on exchange, you leave your Bitcoin on the exchange, the exchange technically controls the private keys, they control full access to that Bitcoin.
03:07 So it's up to them if they give you Bitcoin cash or not.
03:11 So that's why there's a lot of advice I've been seeing under the internet telling people to just move their cryptocurrency out of their wallets and into their own, out of the exchanges and into their wallet and that way you can take advantage of Bitcoin cash if it's worth something.
03:28 And that's a whole caveat there, so is it gonna be worth something.
03:33 Before we talk about that of course, I want to talk about a little bit about the dangers of transferring funds after August 1st when this Bitcoin cash is gonna be formed.
03:41 Because when Bitcoin cash is gonna be formed there might be special rules put in place.
03:48 For example right now just talk that, if you send Bitcoin, so let's say you have access to a wallet, and now you have Bitcoin cash and Bitcoin.
03:56 So they have one Bitcoin right now, we're gonna have one Bitcoin and one Bitcoin cash in the future.
04:02 So now you got those extra coin you want to start off.
04:05 But if you do send Bitcoin by itself, there's a chance the hackers can use the signal that you broadcast and steal your Bitcoin cash as well.
04:15 So that's why a lot of exchanges are actually freezing their accounts before or freezing Bitcoin transactions after August 1st because there's just like risk like that.
04:25 In fact Bittrex has already stopped doing that.
04:29 Just because there's uncertainty on a network, just because, they're not really decided on what to do with Bitcoin cash.
04:35 So moving forward, so there's two risks.
04:38 If you don't have your Bitcoin on your own wallet there's a chance that the exchange or what used to where you're storing the Bitcoin will not give you Bitcoin cash, that's one of the risks.
04:49 Then second risk is if you extend transactions as with your August first, there might be a something called a replay attack where they steal your Bitcoin cash if you're just sending on the Bitcoin chain.
04:59 So two risks right there.
05:02 Now let's evaluate how big are these risks.
05:04 Well, that's really up to your own opinion because no one can really put a value on Bitcoin cash right now.
05:12 It's kinda side project that really happened and it hasn't really happened yet.
05:16 So if you're looking at the exchanges or whatnot some exchanges support and already trading Bitcoin cash, like the futures of this.
05:24 Some exchanges are completely saying we don't want any part of this, it creates so much confusion, this is just a trash coin.
05:31 So the use of this are very polarized.
05:34 No one's really sure how much it's gonna be worth.
05:40 If it's gonna work you know pennies dollars or you know even thousands of dollars afterwards, that's up to kind of the market to decide and that's why a lot of people are recommending you to take your money out and put put in your own wallet and also stop trading Bitcoin or sending Bitcoin after August the first.
06:00 So do keep an eye out for what's gonna happen.
06:02 Right now there does seem to be a huge push to put to create bitcoin cash, to make this new thing because there are people who believe that Bitcoin cash can solve a lot of the scalability problems we have now.
06:16 It's gonna create much cheaper transactions and people are gonna use it.
06:19 So if it gets used and it's popular, then it's gonna be worth something.
06:22 Other people view it as absolute trash.
06:24 This is just such a fastly hastily put together project, why do it now.
06:29 And I'm not sure on this cam.
06:29 So if you ask my personal opinion on this, I'm not sure on a camp that why should we do this now.
06:36 It's causing so much confusion, it's causing community to split apart when we need to stand united, and we are already moving towards improved scaling.
06:45 Well Segway coming soon we're gonna handle more transactions on a Bitcoin already without increasing the block size.
06:52 And if you really want to push for a larger block size, why not push for a Segwit 2x.
06:57 So it does seem to me personally that this new Bitcoin cash is just a grab for attention.
07:06 It kind of a a protest against what's happening right now by the miners.
07:10 I would love to hear what you guys think, leave a comment below, I said you guys have many more questions, I'd love to hear that and maybe perhaps I could make another video.
07:19 Guys thank you so much for watching, see you next time.

Frequently asked questions[edit]

  • What is the difference between Bitcoin and Bitcoin Cash?
Bitcoin Cash (BCH) is the result of the hard fork of Bitcoin (BTC) on August 1st, 2017. This hard fork is mainly due to the 1MB block size, which Bitcoin Cash raised it to 8MB block size.

Reviews[edit]

References[edit]