The Bitcoin phenomenon drew more people to invest in the cryptocurrency. The number of transactions that the BTC is processing became too much for the number of people using the crypto money. The Bitcoin core or the main people behind bitcoin came up with a strategy to set the bitcoin to a renewed and improved direction.
The Bitcoin dilemma is its scalability. Before the Bitcoin Improvement proposal BIP 91 resolution for the problem, the BTC has only 1-megabyte block size capacity. A 1mb block threshold can only do 3.3 to 7 transactions per second, creating a bitcoin bottleneck from increasing transactions that delayed processing deals. The reason for this is that it has no more space in the digital chain blocks. The situation resulted in higher fees to a minimum of $25 per transaction.
It took years of logical and controversial arguments regarding the scalability issue. The Bitcoin core group finally found an ideal solution for their predicament – a bitcoin spit, “the Bitcoin Cash.”
The Bitcoin Cash formula
The creation of the Bitcoin Cash happened on August 1, 2017. The bitcoin split saw the creation of the Bitcoin cash with the aim to add more transactions in the blockchain ledger. The chain block processing capacity also increased up to 8Mb to take care of the additional transactions generated.
There are two proposed steps to the Bitcoin controversy with the security of the network in mind ahead of functionality:
■ The first proposed method, offered by the Bitcoin main programmers and developers, is by providing more data space in the ledger through the rearrangement of its file storage.
■ The second procedure is to upgrade the capacity of the blocks or cells of transactions to increase the blockchain capacity. The blockchain is the ledger of documents of the BTC transactions.
The solution to do a hard fork came about from the decision to do a blockchain split. This can happen when two BTC miners find a common blockchain at the same point in time. As an outcome of this commonality, the network forks as a resolution by the software to accommodate the longest chains created. A fork can also happen when programmers alter the commands on a software to select the transactions that are logical and justifiable.
Bitmain was the first to announce the plan to do a hard fork on the BTC network. The hard fork or the BTC split saw the birth of the Bitcoin Cash, which is a clone of the original Bitcoin but with some technical disparities.
Bitcoin Cash competes with the Bitcoin cryptocurrency based on network effect
It took four years of intelligent debating for the founders of Bitcoin to formulate a solution of the BTC scalability. They finally convinced the majority that the Bitcoin Cash is the way to go to fix the Bitcoin woe for more processed transactions.
With its creation, Bitcoin Cash increased the block size capacity from 1MB to 8MB adding more transactions to the bitcoin ledger. Consequently, the bitcoin cash cryptocurrency re-aligned itself with Satori Nakamoto’s bitcoin original goal as a peer to peer electronic payment system.
Experts consider the “Bitcoin as a digital asset investment while the Bitcoin Cash is an electronic payment currency”. Both have a large effect on the network. Bitcoin used to face the problem that floats on untethered cyberspace due to its scalability issues.
The “network effect” dictates when your product or services offered on the internet have a huge number of users patronizing the goods. The patronage puts an added value on the goods or services that you have in your offerings. An excellent example of this is Facebook; competitors are trying to emulate the success of this entity but it is now more difficult to attract a client base that could follow the FB entity of the same magnitude.
Which brings us to the point that the digital payment currency has a stronger network effect compared to a digital asset investment. The Bitcoin Cash competes with the Bitcoin.
Reasons why the Bitcoin Cash is a competition of the Bitcoin
1. Investment options (Bitcoin) are easier to find than optional means of payment methods(Bitcoin cash). There are a few limited procedures to pay for goods and services. But when it comes to investments, the opportunities are boundless with the thousands of stocks, foreign exchange listings, mutual funds, real estate, cryptocurrency, precious metals, that go with a long list to choose for your investing pleasure.
Many Bitcoin account users switched to other cryptocurrencies like the bitcoin cash. The strain the digital cash is that it delays the transaction during the bottleneck periods of processing raising higher transaction fees.
Cryptocurrencies preferred by investors
■ Bitcoin cash can now buy you real-world goods and services in a fast and reliable manner. The additional entities accepting the bitcoin cash will help gain traction in the race of cryptocurrencies. The momentum will make it stronger than the Bitcoin in the future.
■ Zcash is also a cryptocurrency to root for future buys. One of the salient features of bitcoin is the anonymity of who is sending bitcoin payments as payment for goods and services. The feature is a benefit that bitcoin used to have that makes it a confidential transaction.
“Not anymore.” Law enforcers and programming experts can now decipher the codes and addresses by analyzing the historical payout from an account. Authorities can now pinpoint accurately the identities of who sends money to where basing from the receiving addresses they generate.
Zcash not only encrypts and encodes the unique addresses for their cryptocurrency operations but does the same with the historical transactions done in the ledger.
■ Ethereum is the most famous digital asset next to Bitcoin. Industry Ethereum experts say that patronizing this crypto money will further strengthen its worth and could have a wider range of applications than the bitcoin.
■ Ripple is a potential cryptocurrency to watch as it is not your usual digital money in the market. Unlike the decentralized nature of bitcoin where it is balanced by a network of computers, Ripple is under the management of single entity based in California with a goal to improve how international payments proceed.
Sending money to another country takes days for a sent payment to clear; with Ripple, it guarantees senders that the clearing time takes only 4 seconds. Its website reports that Thai workers in Japan are using their facilities to send money back to Thailand.
■ Monero is a cryptocurrency that may be promising this year. The idea of confidentiality is a step higher than the Zcash. It is more difficult to figure out the senders and receivers of this crypto cash with its anonymity feature. The crypto money made the news when some illicit activities used the Monero for their criminal ends.
2. Currency (Bitcoin) is more important than Investing (Bitcoin Cash). Investors talk more about money than sparing for an investment in the market. Receiving and sending payments are more essential than investment plans.
3. An investment option (Bitcoin) will come more impractical than a stable currency (Bitcoin Cash). Bitcoins will cost you more money compared to having a hold on an established Bitcoin Cash).
4. Options for Investment (Bitcoin) have more competitions than the currency payment options (Bitcoin Cash). Competitors in the investment world pop up easily but with a payment currency that has a strong stand on the market, a payment currency is difficult to ignore.
The Bitcoin Cash in the online Gambling Industry
Moving Bitcoins to date is expensive with rates reaching up to $50 per transaction due to the problem of scalability. The creation of Bitcoin Cash addressed the issue as it steadily appreciated from birth with a value of $300 to $1741.287 as of this writing. The BTC Cash is better to transact business with as it delivers fast payments and charges lower fees. This is also the reason why it is getting more popular with cryptocurrency users.
Bigbook.ag welcomes cryptocurrencies like the Bitcoin Cash. Experts predict that BCH shall dominate the crypto world. Bitcoin cash can be exchanged to Bitcoins which is the most popular cryptocurrency accepted in online sportsbooks. Visit Bitcoin Exchange points on the net for your bitcoin cash exchange to BTCs.
With Bitcoins in your wallet, transfer them to the bigbook.ag for your gambling pleasure. Good Luck and enjoy your gambling activities with bigbook.ag