Altcoins

Bitcoin Cash: The Journey so Far!

It’s been an year since Bitcoin Cash (BCH) started its journey. It was launched by Bitcoin to provide more space for transactions. At that time Bitcoin’s success, after getting launched, was quite imminent to everyone and this attracted more and more people to get benefits from its platform. Consequently, after some time it became necessary to scale the network so demands could be met. Soon developers came up with the idea of increasing the block size to meet up the ongoing demands. Increasing box size had to improve two factors that were not allowing Bitcoin to manage its uprising demands i.e. less processing time and less transaction fees.

With all the these constraints that needed a solution, a network, which copied all Bitcoin account balances but had more block size, was launched on August,1st 2017. BCH was performing 7,000 transactions at that time with transaction fees as low as 20 cents. This is how new hard fork paved BCH’s birth.

BCH had to deal a lot in its journey to success but mainly two issues were most detrimental to its smooth running. Immediately after its launch, mining difficulties were taken care by Emergency Difficulty Adjustment (EDA), a mining difficulty management tool, so BCH didn’t have to do something else for managing the need of high mining power for its network. But this caused miners attention who spotted differences between BTC and BCH and exploited them to enjoy mining profits. They continuously switched, entering the network when difficulty was lowered by EDA and exited when it was adjusted by EDA. By the month of November, Developers gathered to devise a protocol that dealt with swings in consideration time to stabilize BCH blockchain and end the activities of miners.

Similarly, the second issue also got solved. Certain functions were activated again. Protocol’s scripting language had previously deactivated those functions but in MAY 2018, they were re-enabled. The availability of these functions made developer competent enough to create different types of metadata implementations. This feature allowed individual companies to correspond to bonds, stocks,commodities etc. Apart from this, BCH developers could now use the chain for non-payment related information. This feature also innovated many applications such as Memo, a social network, and Wormhole, a second layer application.

A journey of only 1 year and BCH has attained a reputation that is remarkable. It is playing important role in leading projects of the world such as OpenBazaar, Joystream, and Counterparty. It has expanded onto 19 services like  Bitpay, Coingate, ViaBTC, Coinpayments, and CoinDance. Josh Ellithorpe, Coinbase software engineer and P2P guru, regards BCH as a prospective future. According to Bitcoin.com, he said:

In just one short year, BCH has grown by leaps and bounds…..It is supported at businesses all over the world, has amazing support, and many new innovative wallets have been developed. Now that the infrastructure has caught up to BTC, the real journey begins. It is time to onboard users all over the world to make p2p cash a reality in our daily lives!!

Eli Afram, founder of Bitcoin Cash Australia, also applauds the performance of BCH and expects it to be the future of blockchains. He said:

The tremendous accomplishments that the bitcoin cash community has managed to garner in a year of existence with a new ticker, wallets and an all-around ecosystem has been phenomenal, and we hope to continue and increase on this trajectory….There’s a lot happening. We truly have an app explosion in full effect. src: Coindesk

The Bitcoin.com article further explains the success of BCH and the reasons behind it. Purse.io gives 15% discounts to people on Amazon for using BCH. BCH is the preferred currency of traveling agencies such as Cheapair, Destinia, Travelbybit and Cryptocribs. It is also used by EatBCH as a trusted and best option for donations and charity funds.

BCH has also marked its repute among worlds best POS’s namely, MiniPOS, CheddrPOS, pyxpubPOS, moosh.io, Simple Pay and SimplePOS4BCH. Almost 22 exchanges in the world allow the trade of BCH thus assuring that they don’t miss out the business by world’s well-known cryptocurrency. Exchanges dealing worldwide such as Bitfinex ,Bittrex , Poloniex, OKEX and HitBTC. Blockchain-based betting games have been gaining attention too due to the establishment of cryptocurrencies. BCH has marketed itself enough to make it more than worthy for betting games such as and Satoshi Bones, Satoshi Dice ,Blockchain Poker, Betcoin, Safe Dice, Lucky Games and Mount Betmore.

Besides this, BCH’s list of block explorers depicts both, BCH’s popularity and success. Many renowned BCH’s block explorers include Blockchair, Blocktrail, BitInfoCharts, BlockDozer, BCCBlock, BlockExplorer and ViaBTC. BCH is ranked as 4th largest cryptocurrency in world while its total market capitalization is approximately $12 billion at the moment.

This is all due to the promising nature of BCH. The easy use of BCH, never getting affected by hyperinflation, low fee or even no fee for international money transfers for user and the freedom it has to offer, are the reasons of it being widely accepted as the best cryptocurrency.

Triumphing over other cryptocurrencies, BCH has grown and emerged as the one of the best in the world crypto world. Although it has achieved many impossible goals, still the developers and team behind BCH are looking to expand, innovate and grow this year by launching more projects and useful applications.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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