Bitcoin cash the real bitcoin
The public ledger blockchain is stored voluntarily by a network of participants known as 'nodes. Nodes follow a set of rules a protocol to achieve consensus on the state of the ledger. This consensus is what constitutes the 'truth' as to who owns what. The protocol, however, can evolve as participants demand - although there is high-degree of consensus required to make changes. This makes Bitcoin Cash a quasi-political system, with participants forming a kind of social contract. The technology deployed means that, once recorded in the blockchain, transactions effectively cannot be altered.
Through a process known as Proof of Work PoW , 'miners' compete to add new blocks to the chain that constitutes the ledger again, the blockchain. The hardware and energy costs associated with PoW mining contribute to the security of the network along game-theory driven principles such that attacking the network is both prohibitively expensive and guarantees the attacker cannot profit directly. Fixed supply. Only 21 million coins will ever be created. This makes Bitcoin Cash a hard asset, like land or gold, providing an opportunity for people to store value in digital realm over long periods of time.
Low Fees. Bitcoin Cash enables reliable, fast, and affordable transactions of any value and regardless of location including cross-border transactions. This makes it an effective alternative to payment networks like Visa and Mastercard.
What is Bitcoin Cash used for? Bitcoin Cash's above-described core features make it both a long-term store of value and a highly effective medium of exchange. More philosophically, these two use cases combine with the decentralized and open nature of the protocol to make Bitcoin Cash the network a method for supporting and enhancing global economic freedom.
Long-term store of value The total supply of Bitcoin Cash will never exceed 21 million coins. This is written into the code that defines the Bitcoin Cash protocol. As a decentralized network, Bitcoin Cash users ultimately decide how the protocol evolves - and since it is not in the interests of participants to dilute their holdings by changing the protocol, the million-coin limit will almost certainly remain in place forever.
The rate that new coins are added to the circulating supply gradually decreases along a defined schedule that is also built into the code. The issuance rate is cut in half approximately every four years. This makes Bitcoin Cash a 'disinflationary' asset. In April , the third 'halving' reduced the issuance rate from At that point 18,, of the 21 million coins The fourth halving, in , will reduce the issuance to 3. Bitcoin Cash's 'set-in-stone' supply schedule makes it unique among hard assets.
By comparison, the supply of gold, although limited, is nevertheless subject to the forces of supply and demand. As the price of gold rises, more gold miners are incentivized to search for gold. The leads to an increase in the supply of gold, which places downward pressure on the price. Highly effective medium of exchange Bitcoin Cash enables peer-to-peer payments between individuals - just like cash, but in the digital realm.
Critically, fees for sending Bitcoin Cash typically amount to less than a penny per transaction, and settlement occurs near instantly, regardless of the physical location of participants. This makes Bitcoin Cash useful for not only remittances and cross-border trade, but also for daily transactions like buying groceries.
Since the fees and transaction times are so low, Bitcoin Cash is also effective for micro-transaction use cases like tipping content creators and rewarding app users. Economic freedom Economic freedom is the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others. It is a vital component of human dignity and a fundamental human right. Money - as a vehicle that can be used for both storing and exchanging value - is a central tool for enabling economic freedom.
Bitcoin Cash provides, on an opt-in basis, an alternative form of money that supports economic freedom. Unlike national currencies, Bitcoin Cash integrates strong protection against 1 monetary confiscation, 2 censorship, and 3 devaluation through uncapped inflation. Bitcoin Cash is considered a 'fork' of Bitcoin. It was created on August 1 after participants in the Bitcoin ecosystem were unable to agree on methods for scaling the cryptocurrency.
The main point of contention was 'block size,' which is relevant for the volume of transactions that can be processed per second aka the 'throughput'. Since transactions consist of data, a larger block size enables more transactions to be included in each block, resulting in a higher throughput. The Bitcoin protocol had for years limited the size of each block to 1MB. As the number of Bitcoin users grew, competition for the limited block size gradually led to higher transaction fees and prolonged settlement times.
In other words, it became less useful as 'cash. Integrating changes - or the 'governance' of Bitcoin - is a quasi-political process based on deliberation, persuasion, and volition. In other words, people decide what Bitcoin is. Wallets Why Use Bitcoin Cash? Like the Internet itself, the network is always on. No transaction is too big or too small. Even under the best of conditions, banks can make mistakes, hold funds, freeze accounts, and otherwise prevent you from accessing your own money.
Banks can also decide to block your transactions, charge you fees, or close your account without warning. Bitcoin Cash gives you full, sovereign control over your funds, which you can access from anywhere in the world. Bitcoin Cash has a fixed supply and therefore represents sound money. Bitcoin Cash offers various levels of privacy depending on how it is used. Enjoy Exclusive Discounts Many merchants offer discounts for paying in Bitcoin Cash, because it eliminates credit card fees and helps grow the adoption of this new payment system.
Token Ecosystem Storing and managing tokens on a blockchain provides greater transparency and integrity than traditional forms of asset accounting and trading. Bitcoin Cash supports token protocols that power a variety of projects, and it is easy to create your own token backed projects.
Support Freedom Worldwide Bitcoin Cash is a permissionless, open network. It empowers you to engage with your fellow human beings without intrusion. As usage grows, old power structures will erode while fresh ideas blossom. It may help usher in the greatest peaceful revolution the world has ever known. This includes a constantly growing number of decentralized exchanges and NFT projects!
If you want to convert your BCH into fiat currency, such as US dollars, you can do that through merchant processors for a cost that is still much lower than credit card processing. No Chargebacks Unlike credit cards, there are never any automatic voids, refunds, chargebacks, or other unexpected fees. Fraud protection is built into the system with no cost to the merchant. New Customers A growing number of patrons are choosing Bitcoin Cash as a preferred payment method.
They favor merchants who offer this payment option and actively seek them out. Free Marketing and Press By accepting Bitcoin Cash, merchants can gain free listings in website and app directories, gaining even more customers. They can also take advantage of this new trend and generate press for their business. In , he released the first bitcoin software that powered the network, and it operated smoothly for several years with low fees, and fast, reliable transactions.
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