Bitcoin Cash - Bitcoin's younger brother or its main rival?

On the first day of August, a new cryptocurrency was born, which caused a storm of controversy in the community. As soon as they didn’t call the Bitcoin fork an illegitimate coin, an attempt at separatism and other impartial language that did not prevent it from gaining a foothold in the cryptocurrency TOP. So what is this new digital cash and does it have the right to life? We will try to answer these and other questions in this article.

What is Bitcoin Cash?

The summer period for the bitcoin community turned out to be difficult - the problems of the crypto currency first became more and more obvious, but they could not be solved. Overcrowded blocks in blockhouse bitcoin simply could not cope with the volume of transactions, so it was not only expensive, but also for a long time to use the main digital coin - the operations were not confirmed for days. But the miners and developers could not agree among themselves, because of hopelessness and a consensus was reached under the name SegWit2x... And it seems that the parties agreed, the plan to upgrade the system was being implemented, and now, when all fears were left behind, Bitcoin Cash came out of nowhere. To be precise, not entirely out of nowhere - the birth of the coin took place in one of the Chinese hostels, but more on that later.

Where did Bitcoin Cash come from? The history of its origin is shrouded in darkness, intrigue and scandals, but still we will try to put everything in its place. To begin with, in the world of cryptocurrencies, things are not as smooth as we would like. Unbeknownst to us, there are whole wars and struggle for power in the digital world - Bitcoin Cash can be safely called the result of all these troubles. Bitcoin itself is decentralized, but it is highly dependent on developers and miners. It just so happened that these two camps occupied opposing sides and began to actively pull the blanket over themselves. And even in the question with Segregated Witness these antagonists managed to reach an agreement, but some of the miners suddenly decided to do it their own way.

Despite the fact that almost all switched to new software and hard fork, in fact, managed to avoid, a bunch of miners decided to rebel against the system and create their bitcoin, which will be ideal in their parameters. Well, since this very handful had about 12% of capacity at its disposal, it was not difficult to separate from bitcoin and give the life of the new branch. Why do miners need Bitcoin cache? The answer suggests itself: the miners live by collecting coins and confirming transactions, they are interested in making the blocks weighed more, because this directly increases their earnings. Therefore, it is not surprising that Bitcoin Cash has a block size of 8 MB, whereas the traditional bitcoin has only 1 MB.

On August 1, on the block 478559, the network was split, and the first block of the new crypto currency was produced in an inconspicuous Chinese hostel, which today gained great popularity. Is not it a joke-there were namayeno ¾ of all coins in its walls!

The new crypt received the BCC code, but as a result, it turned out that there was another cryptocurrency with this abbreviation, so a second abbreviation was invented - BCH. And I must say that the fork has its own philosophy - the initiators of the split oppose the novelty to the good old bitcoin. They position the cue ball as a tool for speculation, while their coin is a full-fledged payment system that will be able to join the masses and become the world's reserve currency. Dreaming, of course, is not harmful, but BCC has no significant advantages:

• Block size of 8 MB;
• Protection against erasure and double spending;
• Recalculation of mining complexity.

As you can see, nothing revolutionary Bitcoin cache offers, so it seems obvious that material interest is involved in the process of such a riot. In general, Bitcoin cache can not be called a split of the bitcoin network due to the irreconcilable disagreement of users with the segment, as many are positioning. The new crypto currency was a planned action by a group of Chinese comrades who own the capacities and this really looks more like separatism than the will of the network participants.

Mining Bitcoin Cash: how to beat bitcoin cache?

If you think that with the emergence of a new coin, you can easily implement Mining  Bitcoin cache, almost generating blocks on the knee, then you are very mistaken. From the very start, it turned out that bitcoin cash mining was unprofitable due to the fact that the complexity of mining had the same as that of classical bitcoin, and the reward for solving the block is much lower. So it turns out that the new coin was minted at a loss until the complexity is reduced (and as we remember, the new cue ball has such a function). The difficulty has fallen, but apparently, simple miners have no access to the extraction of alternative bitcoin - it seems that the Chinese miners, who have brewed this mess, decided to take this niche.

But do not despair, if bitcoin cache is so necessary to you, then you can get it completely free of charge.

How to get Bitcoin Cash?

How did it happen that a completely new crypto currency immediately entered the TOP for capitalization, and even rushed in there to the third place, squeezing the ripple and a number of other respected coins? The matter is that Bitcoin cache was distributed absolutely free to all comers and even now there is an opportunity to receive a freebie fork. And although there is no such button, when you press that your wallet will be filled with coins, it's not so difficult to take possession of them.

In order to get free Bitcoin Cash it is necessary to comply with two conditions: first, you must be the owner of classic bitcoins at the time of the fork (1 August), and secondly, the access keys to them must be yours, then service. That is, if you use bitcoin with a bark, then all the keys you have and free coins you get, if the money was on the stock exchange or in the online wallet, then ask the administration of the service (as practice shows, not everyone agrees to share the free profit).

So, you have Bitcoins, they are stored in your desktop wallet, and at the time of the fork you did not perform any operations with the crypt. Then you just have to perform a few simple manipulations and suddenly - ale-op! - coins will appear out of nowhere. There are a lot of instructions on how to get free bitcoin cash on the forums, but not all of these formulas work, then we will give instructions from the developers themselves:

1. In the available purse, open the settings section and look for the mnemonic code (a set of 12 words).
2. Copy this phrase, and in parallel with this, pay attention to how the keys unfold (according to the rules of BIP32 or BIP44).
3. Download another purse (Coinomi, Electron, you can protest and others, but not the fact that it works).
4. Next, you need to start a new wallet and find in it a function to restore the purse (it can be written "Restore Wallet" or otherwise).
5. You will open a window in which you want to insert our copied seed phrase. At the same time, we do not specify any more data, we do not put a tick, just confirm the action (click Next).
6. In the purse itself you need to choose the coin that we want to get "Bitcoin Cash" or VSN, specify the rules for opening the code (the same BIP32 or BIP44), wait for the synchronization and rejoice in the unexpected profit.

They say that it is possible to make this whole procedure much faster and easier, but this is not accurate. In the system folder Bitcoin Core, you must find the file wallet.dat and copy it. Next, install the Bitcoin ABC purse, but you need to do this on another PC, since the two clients are not friendly with each other. Instead of the native wallet.dat file in the new wallet, paste the copied wallet.dat from the bitcoin cortex and get your coins automatically. Many users say that this scheme has successfully worked for them, but it is important not to install Bitcoin ABC where you have a wallet in which case it synchronizes your cores and you lose them.

Where can I buy Bitcoin cache?

If you can not get coins for free, but you need them for some reason, then you can buy them from other users who have received them for free and are in a hurry to merge. To do this, you need to find a stock exchange, which is trading with bitcoin cache, but do not rush - most of the sites with coins do not work. Not all stock exchanges have expressed their support for the fork of bitcoin. Many trading platforms, wallets and services do not consider Bitcoin cash for money and refuse to put up with its existence. But if this old guard of the adherents of the classics from the cash bitcoin turns his nose, that is, those who gladly spread their arms for the young coin.

Where to buy Bitcoin Cash? The most actively bitcoin-cash trading on a major exchange Bithumb - more than 45% of trading with forkkoin fork is carried out exactly here. If we talk about more popular in the Russian-language market segment, then it is possible to successfully exchange bitcoin cache for dollars or bitcoins on Bitfinex. In the same direction work Bittrex and Polonix (though instead of the dollar, here its a cryptanalam called USDT), well, you can make a transfer fork in both euros and dollars at the Kraken exchange. These respected exchanges include a large list of little-known Chinese exchanges that willingly support Bitcoin cache.

Bitcoin cash - coin rate today

On the exchanges, Bitcoin Cash futures appeared on 23 July (another proof that everything was planned in advance) and the price was fixed at the level of 0,5 MTC. 1 August, when the coin actually came to light, its price was around 370 $, after which the active decline began to 216 $ for 1 VSN, which is understandable - free coins began to actively sell and change to a more reliable crypto currency. But the grouping of the coin's creators has not only power, but also a lot of money, which helped the crypto currency "go up". The historical maximum of the Bitcoin Cash exchange rate can be ascertained at the mark of 914 $, but now the coin is far from such a price.

The change in the complexity of mining the crypto currency has attracted the attention of several large pools, and therefore coin transactions are now confirmed much faster. It is logical that some investors began to pay attention to it. Today, the Bitcoin cache rate fluctuates around 655 $, and the capitalization of the crypto currency is 11 $ billion.

Bitcoin Cash: Forecast for the Future

What is waiting for Bitcoin Cash tomorrow is difficult to say. To put it bluntly, there is nothing special about the coin, there are many more technical, more innovative and popular crypto-currencies, which definitely have a place in the future. Bitcoin cache was created on the whim of a group of people for their own enrichment and it is unlikely that they have an altruistic message to make money for others.

At the same time, it can not be said that Bitcoin Cash will disappear somewhere tomorrow or in a month. Its developers have the power and money, and these are the main forces in the cryptocurrency world, so it is quite possible to expect that bitcoin cash in its price will actively grow and prosper. In any case, you should not buy this coin for a long time and wait for cosmic profits, but for quick speculation, the bitcoin fork is perfect.