Rate Bitcoin Cash - BCC/GBP
Bitcoin Cash (BCC)
BCC is a digital currency created after the hard fork of the Bitcoin chain. It was started by bitcoin miners and developers who are equally concerned about the future of cryptocurrency and its ability to scale effectively. However, these people had reservations about the adoption of the SegWit2x technology on which BCC was based. The main caveat was that it did not significantly address the fundamental problem of scalability, nor did it follow the plan initially outlined by Satoshi Nakamoto - the anonymous person or group of people who first proposed the blockchain technology that underpins all cryptocurrencies.
Therefore, in August 2017, some miners and developers initiated a hard fork, effectively creating a new currency: BCC. BCC has its own blockchain and specifications, including one very important distinction from the original bitcoin - increased block size to 8MB to speed up the verification process, and an adjustable difficulty level to ensure chain survival and transaction verification speed, regardless of the number of miners serving it.
In 2018, the maximum block size for BCC was quadrupled to 32 MB, but the actual block sizes remained only a small part of the 32 MB limit. Bitcoin Cash is therefore able to process transactions faster than the Bitcoin network, which means waiting times are shorter and transaction processing fees are usually lower. The Bitcoin Cash network can handle significantly more transactions per second than the Bitcoin network. However, faster transaction verification times also have disadvantages. One potential problem with the larger block size associated with BCC is that it is network security.
The debate on scalability, transaction processing, and locks also continued after the fork of the chain that led to Bitcoin Cash. For example, in November 2018, the Bitcoin Cash network experienced its own hard fork, which led to the creation of another bitcoin derivative called Bitcoin Satoshi Vision (BSV). Bitcoin SV was created to stay true to the original bitcoin vision Satoshi Nakamoto described in the Bitcoin whitepaper, while making modifications to facilitate scalability and faster transaction speeds. Nevertheless, despite the technology in place, the debate over the future of bitcoin has yet to show any concrete signs of a solution.
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