Bitcoin Cash, Its origin and story

Bitcoin Cash is the Cryptocurrency that was the result of the first Hard Fork of Bitcoin, where the main objective of this separation was for this new Crypto asset to be better when used as a means of payment and to be more scalable than its predecessor.

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Bitcoin Cash was officially born on August 1, 2017 through the separation of the main branch or main chain of the Bitcoin Blockchain network, this process is known as Hard Fork. The reasons for this great change to be carried out were very varied and at the same time generated controversy within the community, since some were in favor of the separation and others were against it.

As we mentioned before, this separation from the main Bitcoin network was executed for different reasons presented by a part of the community, since Satoshi Nakamoto’s project was presenting some problems, which for the defenders of the fork should be resolved as soon as possible; Instead, the detractors of the separation claimed that the problems had to be solved without altering the original Bitcoin code, which led to a great debate that generated controversy within the Cryptocurrency community.

The defenders of the bifurcation proposed some ideas that would allow solving problems that had to be solved, since these problems derive from the same design of Bitcoin, among the most important problems we can find:


  • Scalability in Cryptocurrency: due to the design of Bitcoin, the storage capacity of each block is established at 1 MB, it presents a great obstacle in terms of scalability, since according to the defenders of the Hard Fork, having such a limited size, the number of transactions per minute would be minimal, which is why they proposed improving this feature to a size limit of 8 MB, which has a positive impact on the scalability of this coin, since it would allow more transactions per minute and therefore better performance than other Cryptocurrencies that are they found at that time.
  • Improvement in the economics of transactions: Due to the previous problem this problem is derived; Since, thanks to the little scalability that Bitcoin has with its transactions, network congestion is sometimes uncontrollable, making the network fees charged by miners very high. Proponents of the bifurcation proposed the Hard Fork to eradicate this design problem in this Cryptocurrency.
  • Encourage the use of Bitcoin as a means of payment: A point that the defenders of the bifurcation always criticized was that bitcoin was not being used for what it had been created for, which was to be used as a means of payment. One more reason to execute a division of the network, since by improving the aforementioned aspects and others, users of this digital asset could execute more transactions at a lower price, thus helping this Cryptocurrency to be used more as a means of payment and not as a store of value.
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Consequences for the changes implemented in Bitcoin Cash

In the creation of new units

At the time of the Hard Fork, many of the characteristics that Bitcoin possessed were inherited by the Bitcoin Cash, including the mining process, since despite the fact that the bifurcation meant changing some things in the design, it was not necessary to change everything.

This is why we can find that Bitcoin Cash uses the same mining design as its older sister, uses the same Proof of Work protocol, and the same SHA-256 encryption model, allowing miners from the old coin to also mine the new one. At the beginning it was very profitable to mine in this Cryptocurrency since its mining difficulty was low, giving good profitability to the miners since they obtained more units for the same mining force; but this changed some time later since the profitability of mining dropped abruptly due to the same design that the defenders of the bifurcation had proposed, since the transactions were so cheap, the miners did not receive good returns for these commissions.

On the scalability of Cryptocurrency

Although it is true that Bitcoin has a serious scalability problem, it is very likely that the Bitcoin Cash now has a problem of over scalability; since despite managing to implement its goal of increasing the block size by 8 MB, this new Cryptocurrency continued to increase this size.

And not only was it enough to be 8 times faster than its older sister, reaching a limit of 20,000 transactions, but a year later they made one more update to the block size, leaving it at a limit size of 32 MB, which would significantly increase its transaction capacity and therefore its scalability. But some studies of the Bitcoin Cash Blockchain have revealed that this transactional power is wasteful, even though its larger block sizes only occupy about 300KB of its maximum size, which means that almost most of them are empty.

New Bitcoin Cash Features

Despite the fact that Bitcoin Cash has not positioned itself as one of the leading Cryptocurrencies, over the years it has managed to maintain itself constantly, even offering innovative ideas that enrich the ecosystem of Crypto assets, such as the implementation of the SLP project.

SLP or Simple Ledger Protocol is a protocol that will allow developers and users of the Bitcoin Cash web, the creation of Tokens, this project manages to add within this Cryptocurrency a programming model that is more advanced and easier to execute than its Bitcoin counterpart.

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At the moment we do not have Bitcoin Cash within our platform, but we do plan to include it very soon in our catalog of Crypto assets, since Bitcoin Cash is a very solid currency with a very active community.

Yes, coming from a bifurcation and differentiating to a certain extent from the number 1 Cryptocurrency, Bitcoin Cash can be considered as an alternative currency to Bitcoin, where his desire to improve the problems that Bitcoin presents led him to be a newer and better digital asset.

Precisely because it wants to be a currency for commercial and exchange use, Bitcoin Cash has less market value than Bitcoin; since the latter obtained a different approach where it sought to be a store of value and not a Cryptocurrency for commercial use.

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