As mobile technologies have started to take place in many transactions in daily life, the forms and types of transactions made with internet and internet based software technologies have increased. As a result of the revolutionary developments in technology in recent years, the concept of Bitcoin (BTC) and the concept of crypto virtual money, which came into our lives together with the concept, started to be used intensively in the transactions carried out through mobile technologies. In the crypto virtual money markets that have been developing day by day, many subcoins have started to develop after Bitcoin, whose basic logic is the same as Bitcoin, but some of the problems of Bitcoin have been solved. In this article we will focus on one of these subcoins, Bitcoin Cash (BCH) and Bitcoin Cash.
What is Bitcoin Cash
The biggest innovation that has come into our lives with the invention and use of Blokchain (block chain) system was crypto coins. These currencies, which you cannot find as banknotes, allow you to trade quickly on the internet without the need for a third institution. So banks, notaries, etc. You can carry out purchases without the need for such institutions and without making large amounts of payments. These currencies, which are increasing day by day, also increase their diversity.
One of the innovations that we face in the crypto-money ecosystem where a new currency emerges every day is known as forking. In other words, we can witness the disintegration of an already existing currency within itself. Bitcoin Cash (BCH), a subcoin of Bitcoin (BTC), is the result of one of these bifurcations.
Bitcoin Cash (BCH) is the crypto currency currently on the market with one of the highest block sizes. Due to the narrow block sizes in the existing crypto money system and the idea of exit after the need for a new idea, Bitcoin Cash has large blocks compared to other currencies and the working system is realized with the block chains in this broadband.
The date that Bitcoin Cash emerged, that is, the date on which it left Bitcoin, was dated August 1, 2017. As of the first day of its emergence, it has increased its value to a record. The most important reason for this is its innovative structure and investors who support this structure.
Bitcoin Difin of Bitcoin Cashin
Before understanding the difference between Bitcoin Cash and Bitcoin, it is useful to focus on the concept of forking (bifurcation), which causes Bitcoin Cash to be needed in Bitcoin markets. After the Bitcoin currency started trading in 2008, there was a significant increase in the number of Bitcoin mining software developers as time passed. In the course of time, some updates were started by Bitcoin software developers in order to eliminate the disruptions in the Bitcoin mining system and market. These updates were called SEGWIT (segregated witness). This concept can be translated as a separate witness with the full Turkish blockchainde can be mentioned as a further validation system.
Bitcoin mining miners took time to download these updates to their systems. Some miners began to receive these updates late with the concept of forking. This concept means that the miners of Bitcoin mining are divided into the last version of the blockchain and the non-users.
The final version of some miners is called soft fork (soft forking).
However, the main situation that led to the formation of Bitcoin Cash came with the concept of hard fork. Bitcoin market development progress in the Bitcoin miners, caused controversy. A group of miners did not want to acquire new versions created in the Bitcoin markets and continued to create blockchains from the old version. Miners who created the blockchain through the old Bitcoin versions along with this separation between Bitcoin miners and miners using new versions created a forking in the market.
Bitcoin Cash began trading on 1 August 2017 as a crypto-money system that miners started to build in the blockchain through these older versions. Bitcoin Cash; Bitcoin began to process over the old version of the real Bitcoin began to be called.
Bitcoin Cash is a crypto money that is traded cheaper than Bitcoin. There was a change in the size of the blockchain with the establishment of the Bitcoin Cash market. Bitcoin block size is 1 MB while the size of Bitcoin Cash is 8 MB. This increased the speed of trading in the crypto money markets.
How to Use Bitcoin Cash
You can use Bitcoin Cash to shop on the internet. 3. In these trading transactions that you will do without the need for an institution or intermediary, you are not stuck in the long stages of waiting for the approval process. But as with other crypto currencies, you need to trade on wallets and stock exchanges in order to use Bitcoin Cash (BCH). In order to use Bitcoin Cash in this case, you need to follow the stock market and wallets carefully.
For the use of Bitcoin Cash, stock exchanges and wallets continue to be prepared. Most companies are not yet able to complete their preparations, but the integration process is slow. Accepted by all stock exchanges in China, BCH was accepted by most of the stock in South Korea.
We can list the list of wallets you can trade with Bitcoin Cash as follows; Freewallet, AirBitz, Jaxx, Bitcoin Unlimited, Ledger Nano S, Bitcoin Classic, Electrum, Bitcoin ABC and Coinomi.