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Hi, this is Bitcoin Cash explained video. What is Bitcoin Cash? A new cryptocurrency was created as fork of original Bitcoin. Explaining Bitcoin Cash is like trying to shoot a moving target - there is lot going on in with the new blockchain. At some point, it looked like Bitcoin Cash will crash, but right now it does receive more support from mining pools. After all, everybody who owned bitcoins on August 1st would be rewarded equal amount Bitcoin Cash. That's some extra money for free, right? This video is about Bitcoin Cash explained! Enjoy my bitcoin cash video explanation!
Well not so many people were to eager to deal with Bitcoin Cash, which resulted in a state where it was impossible to move it, sell it, or cash for fiat money (e.g. dollars). So what is Bitcoin Cash exactly?
What is bitcoin cash?
Bitcoin Cash is a fork of Bitcoin. Bitcoin is an open source cryptocurrency that relies on pure mathematics and economics to determine its value. Since the software of Bitcoin is open source, anybody can take it and create their own currency. The real catch here is that it needs to be supported, if you want it to have any value.
Bitcoin cash fork a new cryptocurrency
Bitcoin Cash was created because some developers and few big mining pools wanted to increase size of Bitcoin blocks from 1 MB to 8 MB. Each block holds a number of transaction, which take up some space of bytes. These are blocks are validated by solving difficult puzzles, for which miners receive rewards (Bitcoins).
Bitcoin blocksize limit debate
However, the bitcoin's block size limit allowed maximum of 7 transactions a minute. And as Bitcoin grows in number of users, this cap was soon to be hit, which resulted in slow down of confirmations of transactions.
The limit is made to secure the network and ensure its decentralized nature that prevents big players from gaining control. That wasn't appealing to some people who view Bitcoin's growth as more important than decantralization and security. This dispute over Bitcoin's block size limit was going on for over 2 years and escalated into now forking Bitcoin Cash as a separate cryptocurrency independent from Bitcoin.
Both Bitcoin and Bitcoin Cash exist and trade simultaneously, and they have no direct effects on another. Difference between Bitcoin and Bitcoin Cash is now like between Bitcoin and Ethereum, or any other cryptocurrency in the world.
What does Bitcoin split to Bitcoin Cash mean in the long run? That's really hard to tell. Bitcoin Cash was made to surpass or even replace original bitcoin, but bitcoin is now growing value, surpassing $3,000 dollar milestone just after the fork of Bitcoin Cash.
Bitcoin will implement SegWit, Segregated Witness, to deal with the pressure of its own growth. You'll learn what is segwit in this video.
Nevertheless, it's going to be extremely interesting and worthwhile studying cryptocurrency as they keep growing on value, influence, and bitcoin is now even entering mainstream.
To understand Bitcoin and cryptocurrency: http://www.michaelnielsen.org/ddi/how-the-bitcoin-protocol-actually-works/
Bitcoin blockchain technology https://www.coindesk.com/information/what-is-blockchain-technology/
Bitcoin Cash just split https://arstechnica.com/tech-policy/2017/08/why-the-bitcoin-network-just-split-in-half-and-why-it-matters/
Bitcoin block size limit https://www.cryptocompare.com/coins/guides/what-is-the-block-size-limit/
What is SegWit https://www.cryptocompare.com/coins/guides/what-is-segwit/
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The footage and images featured in the video were for critical analysis, commentary and parody, which are protected under the Fair Use laws of the United States Copyright act of 1976.