Review on Bitcoin Cash by Fanuel PORPORTY
Bitcoin Cash, a highly controversial project
Bitcoin Cash is a cryptocurrency similar to Bitcoin which was born on August 1, 2017. It is a fork of Bitcoin, that is to say that the two cryptocurrencies share certain common characteristics but operate on chains different blocks since their separation.
Bitcoin Cash is the result of a community split following the debate on the scalability of Bitcoin, that is to say on how the network must scale up to adapt to user demand. Two parts of the community each had their vision of the thing, which gave rise to two different projects: a part, largely dominant, wishing that the majority of economic activity takes place outside the main block chain so that the network remains as decentralized as possible (Bitcoin); another, smaller, thinking that the blockchain can accommodate a very large part of transactions while remaining sufficiently decentralized (Bitcoin Cash).
Like Bitcoin (BTC), Bitcoin Cash (BCH) aims to become, as indicated in the white paper, a decentralized peer-to-peer electronic money, operating without a central bank or third party. Supporters of Bitcoin Cash (BCH) defend its legitimacy to claim Bitcoin in the sense that it would be the continuity of the original project. Bitcoin Cash would effectively follow Satoshi Nakamoto's vision for Bitcoin when he was still there, that is to say a scaling up that would be done mainly on the blockchain.
Bitcoin Cash is nevertheless a highly controversial project due to its contentious nature opposing general opinion and the dishonest methods used by some of its advocates.
Pros
- Inherits Bitcoin's proven monetary properties and robustness
- Speed of transactions
- Low transaction costs
- Support for miners (ViaBTC, Bitmain, Bitcoin.com)
Cons
- Bad press with part of the cryptocurrency community
- Relative centralization of mining
- Aggressive style in development (upgrades every 6 months) and risk-taking
