Bitcoin Cash ($BCC) is a decentralised cryptocurrency which is a fork of Bitcoin with ‘added improvements’. Bitcoin Cash, led by Roger Ver and Jihan Wu disputed the way Bitcoin was looking to scale (onchain v offchain) with the introduction of Segregated Witness called SegWit2x & the lightning network.
Bitcoin Cash, however, views the issue of scaling very different. The Bitcoin cash team believe that Bitcoins solution to scaling ignored Satoshi Nakamoto’s original vision and SegWit2x & the Lightning Network was in-fact was an attempt to hi-jack and centralise Bitcoin by corporations.
As per Bitcoins whitepaper – no institutional party needs to get involved to facilitate transactions – as Bitcoin is designed to be “peer to peer electronic cash” , and thus this is the root of the debate.
TITLE/TICKER : Bitcoin Cash / $BCC
COMPANY ORIGIN : Global
PLATFORM : Bitcoin Cash
CONSENSUS ALGORITHM :
FOUNDERS/CEO : Roger Ver, Jihan Wu
PURPOSE : Alternative to Bitcoin / Bitcoin replacement.
POINT OF DIFFERENCE : Faster transaction times and lower fees.
MAJOR PARTNERS :
WEBSITE : Bitcoin Cash Website
WORKING PRODUCT ? : Yes
CURRENT PRICE ACTION :
How does Bitcoin Cash work?
Bitcoin Cash operates the same way as Bitcoin does except the team have decided on a different route to scaling vs Bitcoin as stated briefly above. The Bitcoin cash team have already increased the block size to 8mb vs Bitcoins 2mb which has decreased fees and increased confirmation times on the network.
What problems is Bitcoin Cash looking to solve?
Before we dig into the technological improvements to Bitcoin Cash, it’s important to delve into the main reason why Bitcoin Cash was created and decide for yourself if Bitcoin Cash is the true Bitcoin or just a scam riding the Bitcoin branding.
Roger and the team are adamant that the introduction of Bitcoin’s Lightning network was an attempt (and a successful one if you are siding with Roger) by the banks to take over and buy Bitcoin. This video explains the viewpoint well…
Bitcoin cash from a technical standpoint is looking to solve a number of key issues that are integral for real-world adoption & usage.
Bitcoin Cash vs Bitcoin
Bitcoin Cash claims to be a better version of Bitcoin with some notable changes according to their team;
Bitcoin Cash Team
Where can you purchase Bitcoin Cash $BCC?
How to protect & store your Bitcoin Cash $BCC?
We recommend downloading an approved wallet from the official Bitcoin Cash website otherwise we always recommend using a Ledger Nano S.
Outlook for Bitcoin Cash?
Bitcoin Cash has been a controversial project since day 1. The integrity around the reasons for the fork are questionable. There are however interesting points on each side of the debate. Is the Lightning network really a corporate take-over and the banks regaining control? Is Satoshis true vision flawed? Or is Bitcoin Cash a take-over pulling the heart strings as its strategy? You will have to make your own mind up or sit on the fence – regardless time, development and agendas will show.
Reach out if you have questions about Bitcoin Cash $BCC or need help with any topic.
Disclaimer : None of our Analysts are holding Bitcoin Cash $BCC at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]