What about Bitcoin Cash?

in #bitcoin7 years ago

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Just before the expected SegWit2x changeover on August 1, a new scaling concept called Bitcoin Cash Confusion.

The supposed emergency plan, which is provided in case of SegWit2x failure, is borne by the BitcoinABC client. Behind this client are primarily the Mininggigant Bitmain and Roger Ver, who are interested in a non-SegWit solution.

The presumed reason is that their antminers would not benefit from SegWit with the specially developed software or even have to give up a potential competitive advantage. Their patented software solution, which provides a higher hash performance, would be exempted from SegWit. Accordingly, there are economic reasons explaining the interest in an alternative scaling solution or even a whole new coin.

Bitcoin Cash would have a hard fork as a consequence, which would lead to no compatibility with the bitcoin blockchain anymore. It would create a completely new Coin with Bitcoin-history.

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  1. The block size should be increased from the current 1 MB to 8 MB. In comparison, SegWit2x only has a doubling of 2 MB.

  2. The mechanisms Wipeout and Replay Protection ensure that it is no longer possible for communication between the two
    chains to take place. This reprogramming prevents any compatibility between Bitcoin and Bitcoin Cash.

  3. A new algorithm is implemented, which makes it possible to mine blocks faster.

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Of course, there is no 100% certainty that SegWit2x will be implemented smoothly. Nevertheless, it does not look bad, as the majority of the miners have already signaled their readiness for SegWit. A UASF, too, is moving further and further away.

There is therefore only a small probability that bitcoin cash will be separated from the main bitcoin block by a fork. This could lead to network instability, but for those who adhere to Bitcoin, there should be no problems. Some services have already announced Bitcoin Cash (BCC). If you want to get Bitcoin Cash after the possible fork next to Bitcoin, you should be sure that he owns the private key to his wallet. For those who just want to use Bitcoin Cash, this step is, of course, mandatory.

The initial great uncertainty is likely to return after some time, without great damage to the Bitcoin original.
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I hope that all the information above will be useful for you.
If you have more information please leave it in the comments.

Lovely regards
@danyelk
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This post received a 4.4% upvote from @randowhale thanks to @danyelk! For more information, click here!

that very good information
thank's for sharing @danyelk

Your welcome :)

Looks like the coin is already on some exchanges

What coin?

Upvoted by Emma

Thanks Emma :)

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@danyelk got you a $1.61 @minnowbooster upgoat, nice!
@danyelk got you a $1.61 @minnowbooster upgoat, nice! (Image: pixabay.com)


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