Bitcoin Cash (BCH) – New P2P Electronic Cryptocurrency Money?
The Bitcoin Cash development team just launched a new website at BitcoinCash.org. The website explains the benefits of the cryptocurrency as a daily, usable currency and a continuation of the original bitcoin project.
What Is Bitcoin Cash (BCH)?
Nearly two months after it launched, Bitcoin Cash continues to be a popular cryptocurrency with active trading across many major exchanges.
And now, the development team just launched a new website at BitcoinCash.org. That website explains the core features of the currency in a way that’s easy for anyone – even complete beginners – to understand.
The goal of BitcoinCash.org is to teach users the value of Bitcoin Cash, which trades under the symbol BCH. Overall, the website describes BCH as “the best money in the world” and claims that it fulfills the original promise of bitcoin as “peer to peer electronic cash.”
Since launch, Bitcoin Cash has become known for its low fees and reliable confirmations – both of which have proven difficult on the original Bitcoin (BTC) network. Since the hard fork, Bitcoin has suffered bouts of high fees. It’s also gone through some developer turmoil. Meanwhile, changes to the bitcoin network haven’t resulted in faster transaction times or cheaper confirmations, and debate rages about proposed blocksize increases. That’s why the split – which created Bitcoin Cash – occurred.
Bitcoin Cash (BCH) supporters claim these problems are the first signs of a dying currency, while Bitcoin (BTC) users ignore the FUD.
Fortunately, the new BitcoinCash.org website doesn’t get caught up in trashing its biggest competitor, Bitcoin. Instead, it spends most of the time promoting Bitcoin Cash’s features.
Bitcoin Cash Features
Here are Bitcoin Cash’s core features, according to BitcoinCash.org:
- Fast: Transactions are completed in seconds and confirmed within minutes.
- Reliable: The BCH network runs without congestion, and is scalable to handle further demand in the future.
- Low Fees: Send money globally for pennies.
- Simple: Easy to use, regardless of your level of experience with cryptocurrencies.
- Stable: It’s a payment system that functions as a proven store of value.
- Secure: Bitcoin Cash relies on the bitcoin blockchain (a forked version), described as the “world’s most robust blockchain technology.”
Ultimately, Bitcoin Cash currently functions more effectively as a daily currency than bitcoin. BCH has lower fees (just pennies), making it ideal for your daily cup of coffee. Bitcoin network fees – which can range as high as a few dollars – make it an unrealistic option for buying coffee. By offering fast transaction times, Bitcoin Cash aims to fulfill bitcoin’s original promise as a type of peer-to-peer electronic cash.
What’s New With Bitcoin Cash?
What makes Bitcoin Cash different from bitcoin? The new BitcoinCash.org website has a “New Features” section where they talk about the unique features of BCH:
Bitcoin Cash follows the Nakamoto roadmap of global adoption with on-chain scaling. As a first step, the blocksize limit has been made adjustable, with an increased default of 8MB. The developers are also actively researching how to allow massive future increases. Obviously, the blocksize debate has been raging in the bitcoin community all year – and BCH’s devs claim to have solved it with their on-chain scalability solution.
Emergency Difficulty Adjustment (EDA):
A responsive proof-of-work difficulty adjustment, according to BitcoinCash.org, “allows miners to migrate from the legacy Bitcoin chain as desired, while providing protection against hashrate fluctuations.”
New Transaction Signatures:
The Bitcoin Cash blockchain signs transactions with a new SigHash type that provides replay protection and improved hardware wallet security. That new signature type also eliminates the quadratic hashing problem.
Multiple independent teams of developers provide software implementations to secure the future of bitcoin. This decentralization ensures the future is secure, with resistance to political and social attacks on protocol development. No single group or project can control it.
One of the biggest criticisms of the original bitcoin blockchain is that it’s controlled by a small group of core developers, some of whom may have private interests. This centralized control negates one of the core benefits of bitcoin’s original blockchain. Although BitcoinCash.org doesn’t bring it up, it’s clear what they mean when they promote “decentralized development” as a feature.
Bitcoin Cash Conclusion
Ultimately, if you held bitcoin as of block 478558, you’re also an owner of Bitcoin Cash. BitcoinCash.org aims to promote the currency in a user-friendly, welcoming way. The BCH community has been accused of hostility in the past – including outright aggression towards the Bitcoin (BTC) core development team.
BitcoinCash.org may be the first attempt at moving towards a more productive future where the community isn’t bogged down by fights with “Bitcoin maximalists.” It features a clear, easy-to-read overview of how Bitcoin Cash works, and how it’s different from “legacy Bitcoin”, which is what the website calls Bitcoin (BTC).
In any case, Bitcoin Cash isn’t going away anytime soon. You can learn more about the popular cryptocurrency today at BitcoinCash.org.