Victor Ugochukwu · Dec 14, 2020 . 5min read
BCH to celebrate its 3rd anniversary – here’s a brief at its journey
Bitcoin Cash was created 3 years ago and has since undergone many changes and upgrades. We look at how the altcoin has performed over the last 3 years.
By Shilika · Jul 22, 2020 . 4min read
Bitcoin Cash (BCH), launched in 2017, will be celebrating its 3rd anniversary on the 1st of August. There have been many changes and upgrades since its inception, most notably the split that occurred in 2018 when BitcoinSV (BSV) left the chain.
The main reason for the emergence of Bitcoin Cash has to do with the 1mb block size limit. There had been numerous debates over the years about increasing the limit. The increasing number of transactions per second forced many in the community to rethink the role of Bitcoin. This led to two schools of thought – those who viewed Bitcoin as more of an investment and those who saw Bitcoin as a medium of exchange. Roger Ver is credited as one of the creators of Bitcoin Cash
BCH came with an increased block size to accommodate the transactions and currently stands at 32mb. There have been a total of 30 completed changes made to BCH since its introduction.
Since May, this year, it has been more profitable to mine BTC than BCH, but it is also more expensive to transact on the BTC chain. ($0.92 on BTC as opposed to $0.03 on BCH). BTC’s block reward is around $57,000, while BCH is at $1400. BTC sees an average of more than 326,000 transactions a day, while BCH sees only about 20,000. BTC’s all-time high transactions in a day, however, is 439,000, whereas BCH has seen more than 2.4 million in a single day, owing to its larger block size.
There has been plenty of development on both chains, especially over the last year. BCH has seen the implementation of Cashfusion and the Simple Ledger Protocol. The former has increased anonymity while the latter has increased the robustness of tokenization.
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