This event culminated in a 4-year dispute among the Bitcoin community over scaling the network. The BTC side opted for hefty miner fees over network scaling. Instead, the BCH side opted to expand the blockchain’s user base.
It was a legitimate rift in the Bitcoin community. Furthermore, intentionally or inadvertently, many individuals today are misinformed about Bitcoin Cash.
Bitcoin Cash Survives Adversity
There have been substantial efforts (some financed) to degrade and harm Bitcoin Cash’s reputation. Truly, many of those efforts were successful, and BCH has a bad image in some circles, reflecting its low pricing.
BTC community saw Bitcoin Cash as a real danger when it first emerged. Extremist BTC fanatics cried about how BCH is an attack on Bitcoin! Never mind that the same people had advised the big-block supporters to “fork off” weeks before.
Moreover, major crypto websites consistently exclude BCH. (Unless it’s terrible news for BCH.) Social media has persistently assaulted it. Exchanges have given it misleading or inferior ticker symbols (e.g., BCHABC or BAB or even bCash instead of BCH).
But Bitcoin Cash is progressing. Third-year, more vital than ever, spreading peer-to-peer cash around the planet.
By market cap, BCH has remained #1. A fixed supply, a validated consensus mechanism, a fair Proof-of-Work distribution stemming from the genesis block, and of course, fast, cheap, and trustworthy transactions all make it excellent. With developments in privacy, tokens, smart contracts, and other areas such as smart contracts, Bitcoin Cash is becoming a well-rounded coin.
Why All the Forking?
Beyond BCH forking away from BTC because of high fees and congestion, there have been two other notable forks since 2017.
In 2018, nChain, Coingeek, and other corporations attempted to seize control of the Bitcoin Cash network to become the new protocol developers. Those people gave false reasons for their technical judgments, particularly their opposition to previously agreed protocol upgrades. Also, its de facto thought leader, Craig Wright, was caught plagiarizing. They failed and were forced off the network and onto their chain (BSV).
2020 saw another fork. Amaury Sechet, the developer who originally forked BCH from BTC, was the aggressor! But he tried to take control of Bitcoin Cash without the community’s consent. Because of this, miners and others in the community forced them off the network and onto their chain (BCHA).
Fortunately, this latest fork was not as costly as the first. About a week after booting the lead development team, BCH pumped hard. The 2020 fork was notable because it was one of the few times in bitcoin history that dismissed a lead development team.
Exciting Bitcoin Cash Developments
1. Token Extensions – New developments from the rich SLP ecosystem—for example, a dividend tool for token holders.
2. Defi on Bitcoin Cash — The AnyHedge protocol allows users to construct new markets and instantaneously take positions on any asset having a price.
3. Read.Cash – It is a publishing platform with built-in Bitcoin Cash tipping. It now includes thousands of authors and articles.
4. BCH Powered Websites – EatBCH, a Bitcoin Cash-powered charity that feeds people in Venezuela and South Sudan, and Venezuelaworkers, a freelance marketplace focusing on crypto payments in Venezuela, are just two examples of the developing ecosystem powered by BCH.
5. Decentralized Development – We also recently showed that no one controls Bitcoin Cash, even its developers. Six distributed node teams collaborate.
6. Flipstarter – A crowdfunding site. Funds are held in a smart contract until the target is reached.
7. ASSERT DAA – This algorithm stabilizes block times and reduces oscillations in the multichain SHA-256 environment.
8. The Bitcoin Cash Protocol Specification – A significant step towards professionalizing protocol and application development.
9.Purse.io – Use Bitcoin Cash to save 5-40% on Amazon. Other promo codes.
10. Smart Contract Languages – It is a famously tough script to deal with due to its stack-oriented nature.
More BCH Developments
1. Corporate Adoption- In addition to the industry’s top players (Coinbase, Bitpay), Paypal recently announced the integration of Bitcoin Cash to their platform.
2.Local.Bitcoin.com – Cash out using any payment method. Trade without KYC/AML. Powered by a Bitcoin Cash blind escrow smart contract.
3. BCH Meetups – More than 90 BCH meetups have been organized globally, with a BCH meetup help hotline staffed by BCH fans seven days a week.
4. Merchant Adoption – 7500+ retailers accept BCH according to map.bitcoin.com. Some are well-known, such as Burger King in Slovenia. BCH fans continue to adopt.
5. Covenants – A technical advancement that allows Bitcoin script to constrain outputs.
6. Schnorr Signatures – BCH is also the first to implement the Bitcoin project.17.
7. CheckDataSig – Adding external data signatures to a transaction. It also allows for the usage of oracles, among other t18hings.
8. Scaling – Also, engineers working enable hundreds of transactions per second on multi-node setups.
9. Simple Ledger Tokens – Bitcoin Cash has a token system. From stable coins (Tether, USHC) to NFTs and more. All for a charge.
10. CashFusion – The latest coinjoin protocol. CashFusion is a fully decentralized and trustless technology that provides privacy and fungibility at the wallet layer.
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