Cryptocurrency Overview Bitcoin Cash
Cryptocurrency BCH what is it? The capitalization of Bitcoin Cash as of March 2018 is almost $19 billion, which puts it in 4th place in the list of world cryptocurrencies. It is indicated on crypto exchanges by two tickers: BCH or BCC, the first is more common. The main developer is the American programmer Amory Sechet. The name suggests that we are facing a bitcoin hard fork, in other words, a “forced branch" from the btc blockchain chain. The hard fork occurred in August 2017, due to the disagreement of some miners and users with the platform development strategy. Both cryptocurrencies are similar to each other: they work on the Proof of Work protocol, the SHA-256 hashing algorithm, the emission is limited to 21 million tokens, the block creation time is the same as Bitcoin, and the reward system for miners.
Reason for the hard fork
The reason for the separation lies in the problem of Bitcoin: slow speed and high transaction fees. There were two solutions: increase the block size from 1 Mb to 8 Mb and change the difficulty every 6 blocks instead of 2016. This led to an increase in the speed of transactions and the commission became smaller, which makes the Bitcoin Cash cryptocurrency much more convenient for making payments.
There is an opinion that the real reason for the separation of some users is theft or a hacker attack. Therefore, among the adherents of bitcoin cash, the opinion was rooted at one time that the classic bitcoin would soon collapse and it was worth switching to an altcoin.
After the split of the block chain in August 2017, all owners of bitcoin became owners of bitcoin cash in a ratio of 1 to 1. All owners of a private key from a bitcoin wallet, as well as users of crypto exchanges who began to cooperate with the new cryptocurrency, could receive Bitcoin Cash. You can buy BCH either on crypto exchanges or in exchangers. For Russian-speaking users, BCH is available on the EXMO, LiveCoin and Yobit exchanges, and BestChange, an exchanger monitoring service, is also the best option.
Its useful to note
Cryptocurrency Bitcoin Cash is presented in the popular electronic payment system – WebMoney.
Risks of Bitcoin Cash
This cryptocurrency has similar risks to bitcoin, while more than half of the computing power with which the cryptocurrency is mined is in the hands of one pool. Which speaks of the potential risks of centralization. In case of malicious intent of the miners, or the actions of a third force, it is possible to harm users and collapse the cryptocurrency.
Mining is carried out in the same way as on bitcoin, with the same hardware:
- top video cards
- ASICs (special computing devices for cryptocurrency mining).
With the help of home personal computers or laptops, mining will not work, as it is very complicated.
High cooling requirements and a stable power grid is required.
In addition to mining with your equipment, you can resort to cloud services. Bitcoin Cash cloud mining is provided by such popular platforms as HashFlare and Genesis-Mining.
The perspective of cryptocurrency mining is primarily focused on the long term. At the beginning of 2018, the rate sank, but after the correction it will go up, recouping all production costs.