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Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!submitted by CoinExcom to Bitcoincash [link] [comments]
BCH, which represents Bitcoin Cash, shares some same features as its big brother Bitcoin (BTC). Both are cryptocurrencies based on decentralization, using a peer-to-peer network and consensus initiative, going open source, and with the blockchain as the underlying technology.
Now that we have BTC, what is BCH for?
To answer this question, we have to trace back to the source of BCH — BTC. Nakamoto created BTC in 2008, and he also limited the block size to 1M at that time. This restriction not only guarantees the participation of weak-performance personal computers, but also prevents the risk of attacks overloading the Bitcoin network; after all, the system was still in its infancy and was very fragile. Under the 1M limit, a block can hold up to about 2000 transactions in 10 minutes, or 7 transactions per second.
As users of BTC transactions were growing in numbers with time passing by, the 1M block size has been unable to carry the ever-increasing transaction volume. As a result, the BTC network appeared congested, transaction fees soared, and transaction packaging became time-consuming…
Such problems gave rise to the call for capacity expansion in the BTC community. Some developers, represented by the core developer Core, hoped to ease the BTC congestion by Segregated Witness + Lightning Network. The following three years has seen users argue over this issue. After all, it involved too many people and too many things, which can’t be solved in a short while.
Then came the time when community conflicts seemed to have reached deadlock, and disputes over the hard fork were getting intense. On August 1, 2017, BTC finally got a hard fork, and its little bro, BCH, was generated!
Due to the version switching, the BTC blockchain was forked into two separate blockchains. Before the fork, everyone who owned BTC was entitled to the same amount of BCH. In this way, the upper limit of the block was upgraded to 8M, and later to 32M, which solved such problems as high fees, slow confirmation, and poor practicability in the old version of the BTC system, and fulfilled BTC’s commitment to being the “peer-to-peer electronic cash”.
Since then, the Bitcoin community has been divided into two and everyone is happy.
It’s fair to say that BTC is the predecessor of BCH, but after the fork, BCH has always been considered as “BTC” in a new direction. Congestion will hardly happen in the BCH community as BCH has larger blocks and can handle more transactions, unlike BTC, which proved ineffective in processing growing transactions due to small blocks. That is also the most obvious difference between the two, making the transaction fee of BCH much lower than that of BTC.
The BCH community is theoretically different from the BTC community under the current Core team. To put it simply, there remains little connection between BCH and BTC, and BCH, separated from its predecessor, has become a brand new cryptocurrency.
BCH also has its advantages, such as decentralization, anonymity, fixed listing and smart contracts.
Overseas, BCH supporters include former BitcoinCore chief developers Gavin Andresen and Roger Ver (known as Bitcoin Jesus).
In China, many of BCH supporters are veterans in this field, including Wu Jihan, Founder and CEO of Bitmain, Yang Haipo, Founder of ViaBTC / CoinEx, and Jiang Zhuoer, Founder of BTC.TOP Mining Pool.
At present, the circulating market value of BCH has reached 59.1 billion. By April 2020, BCH will perform the first halving at a block height of 630,000, and the reward will be reduced by 50% to 6.25 BCH after the halving.
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News by Altcoin Buzz: Deepika Garg
Ethereum and the sister altcoins experienced noteworthy price gains in the last 24 hours. However, the big brother Bitcoin struggled to cross the resistance at $11,000.
After a few “no recovery” months, the leading altcoins exhibited better signs of recovery than Bitcoin. This happened to Ethereum’s price after week-long bleeding. The gains surpassed the community expectation as it exhibited 6.4% gains at the time of press.
All the while Bitcoin maximalists had to stay happy with a slight correction of 1.3%. Sadly enough, that could not push Bitcoin price over the $11,000 fence. Hopes were high to cross the $11,000 mark as the coin touched $10,521 at 12:30 GMT.
That said, Ethereum traders rejoiced the 6.4% price recovery. After massive slamming by Bitcoin maximalists the entire last week, it was a welcome change. And this pushed the price to $181.16 at press time. Earlier this week, Ethereum announced that the Istanbul hard fork was pushed to October. Prior to the announcement, the major protocol and scalability update under the Istanbul fork was scheduled for September.
Having sunk from $1,725(2017) to current $1,80 Ethereum experts stated that it has bottomed. But these signs of positive resistance contend the philosophy.
Another noteworthy recovery happened with Ripple. The token surged up by 4.83% after falling off the LinkedIn’s “The 50 hottest U.S. companies to work for” 2019 list.
Several other altcoins that exhibited signs of recovery were Litecoin (7.50%), EOS (12.22%), NEO (2.73%), BCH (6.29%) and the list is long.
What catalyzed these gains is yet not clear but this was a weird day for altcoins.
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Some eighteen housemates of Nigeria’s version of Big Brother took part in a bitcoin quiz with each receiving $500 worth of BTC as prize money for their efforts. Big Brother Naija (BBN ... Big Brother Is Coming for Bitcoin. Many advocates of bitcoin and other cryptocurrencies have a naïve belief that their digital assets are “beyond the reach of governments,” “cannot be ... Big Brother Is Coming for Bitcoin. Interest in bitcoin is red-hot right now. It’s impossible to open a website, listen to a podcast or watch a video in the financial space without hearing about ... In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week. Here are our top picks! Major Reality TV Show – Big Brother Naija Features Bitcoin Over the last week, the biggest reality TV show in Nigeria, Big Brother Naija, featured bitcoin. The reality TV show featured […] Przemysław Karda, uczestnik Big Brothera 2 chociaż nie musi martwić się o pieniądze, do pracy chodzi w trampkach i koszulce. Jego największym marzeniem jest kupno wyspy, na której mógłby wprowadzić własne prawo.” Ze swojej strony dodajmy, że Przemek stoi na czele startupu TecraCoin, o którym już nieraz pisaliśmy na Bitcoin.pl ...
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