The Best Money in the World?
WHAT IS BITCOIN Cash and where did it come from? In the beginning, Bitcoin could only handle a few transactions a second, which means that it wasn’t a viable global option for day-to-day transactions such as buying coffee. Visa, on the other hand, processes roughly 50,000 transactions a second. As promising as Bitcoin’s blockchain technology was, there was room for improvement. Enter Bitcoin Cash, which is a permanent ‘fork’ of Bitcoin.
In mid-2017, a group of Bitcoin developers wanted to address the scaling problem and increase the number of transactions that the network could handle, which required altering the original Bitcoin software. Not everyone on the team could agree this was the right thing to do, so instead the rogue developers proposed an alternative to Bitcoin, Bitcoin Cash. The controversial code split, known as a ‘fork’, took place in August 2017. Bitcoin Cash is now marketed as a “faster, cheaper and more reliable” alternative to Bitcoin.
Bitcoin has since implemented a software upgrade (called Segregated Witness) that has improved its speed, but holding both Bitcoin and Bitcoin Cash is seen as a sensible – and arguably mandatory – hedge against the future possibility that the young pretender usurps the king as the leading cryptocurrency.
Circulating Supply: 17,270,588 BCH