Review on Bitcoin Cash by Temitope Babatunde
Why Do We Have Bitcoin Cash.
Bitcoin cash was as a result of hard fork that happened to bitcoin in August 2017one prominent supporter of the hard fork is Roger Ver. During the fork all those who hold bitcoin also have the same amount of bitcoin cash.
What leads to the hard work was the argument within the Bitcoin miners about the need to reduce the time it takes for data within the Bitcoin network to be processed, and if that will happen the block size must be increased from original 1mb. That was why in July of 2017, about 80-90% of bitcoin mining pool and bitcoin miners voted for the hard work. What they called segWit2 x was born. Truely the transaction time was reduced and the block size was increased to 8mb.
But because the block is now larger, security could be compromised. Some group of people within bitcoin cash network was also not satisfied, that was why in November 2018, bitcoin cash has its own hard fork and brought out bitcoin sv. Bitcoin cash has normal usage like most cryptocurrencies does, that is they are store of value and means of transfer.
Bitcoin cash can be stored in any of the well known wallet ans is being traded on all major and smaller exchanges.
Pros
- Store of value
- Faster transaction time in comparison to bitcoin
- Small transaction fee.
Cons
- It is still not totally decentralized
- The security could be compromised.
