What İs Bitcoin Cash?

What is Bitcoin Cash?

Bitcoin Cash, like Bitcoin and other crypto currencies, is a digital currency called a crypto currency based on cryptographically securely distributed decentralized records of transactions called a Blockchain. As mentioned earlier, it was created with Hard Fork after conflicts in the Bitcoin community.

As Bitcoin's Blockchain was fully copied, all Bitcoin owners were given Bitcoin Cash equal to the amount of Bitcoin in their wallet.

The discussions that started before the Bitcoin Hard Fork extended to after the Hard Fork. The most remarkable of these discussions is that some people in the community claim that Bitcoin Cash reflects the original Bitcoin principles more accurately. These people consider Bitcoin Cash as the “real Bitcoin.. The debate between Bitcoin Cash and Bitcoin defenders continues on platforms such as Twitter and Reddit.

The original Bitcoin Twitter account was taken over by Roger Ver, one of the first members of the Bitcoin community to support Bitcoin Cash. Ver regularly continues to impose the thesis that Bitcoin Cash is the real Bitcoin from his Twitter account.

What is the Technology Behind Bitcoin Cash?

Bitcoin Cash is based on the above-mentioned Blockchain-based distributed notebook technology. As with other crypto coins, the coins are not actually available. There is a record of transactions showing only how much money is.

Computers that use Bitcoin Cash software to store, add, and validate transaction records on the network are called “nodes”, without which Bitcoin Cash cannot be available.

Because the operations take place on the network, these nodes call the processes “blocks olan, which are then added to the Blockchain. Bitcoin Cash, like Bitcoin, adds a new block to the Blockchain every 10 minutes.

It is impossible to interrupt or modify access to the blockchain in any way, because each block is encrypted and verified to prevent data from being changed unless the majority of nodes in the network are compromised. This is different from traditional banking systems where it is possible to hack only one person by hacking their accounts.

Bitcoin Cash Mining

The process of dividing new data into blocks and adding them to blocks is called “mining.. This process is also the process where new Bitcoin Cash was created. These newly printed tokens are used to reward the nodes in the network, ie miners, that create a valid hash to secure each block in the blockchain.

Hash is a long series of numbers, created by an encryption operation based on the unique file size of each block, proving that a block contains valid, unmodified data before it is added to the block. This cryptographic process is called “Proof of Work çünkü, because each block contains the hash value of the previous block and therefore each block is linked together by a Blockchain containing a large number of self-validating jobs.

Hash is a one-way path, because there is no way to obtain the original data from which a hash was created. They can only be used to verify that the data has not been modified.

Is Bitcoin Cash Mining Profitable?

A significant investment is required to make significant gains from Bitcoin Cash mining. It is therefore wise to invest in mining equipment based on Bitcoin Cash's current challenge, the price of electricity at the location of the mining activity, the rental price, the electrical power and hash rate required to operate the mining equipment.

Hash rate is the rate at which mining equipment can produce hash. The higher the hash rate, the higher the chances of a block mining and reward.

Other requirements for mining activity include the cost of electricity required for cooling of mining equipment and the selling price of the current Bitcoin Cash.

Each valid generated will be rewarded with 12.5 Bitcoin Cash.

Bitcoin Cash Mining

Initially, a Bitcoin Cash wallet must be created to send the mining prize. You cannot send your mining rewards to a stock exchange wallet.

If your number of mining equipment / hash power is low, it would make sense to join a group of mining ponds to increase your chances of being rewarded. This will increase your chances of generating a valid hash.

Some of the requirements for Bitcoin Cash mining include:

Mining Equipment: Expert computers are manufactured for Bitcoin Cash mining, called ASIC miners (the same equipment used for Bitcoin mining). Because it is the same as Bitcoin mining equipment, miners often switch between Bitcoin Cash and Bitcoin to make more profit at a given time. You must calculate the number of mining equipment required to make a profit and run them with proper cooling.

Mining Software: CGminer and BFGminer are among the most popular mining software used. A software called EasyMiner is one of the most user-friendly mining software to start mining.

Bitcoin Cash Mining Pools: The most successful and largest Bitcoin Cash mining pools are BTC.com, F2Pool, AntPool, ViaBTC, BitClub, BTC.top and Bitcoin.com.

Bitcoin vs Bitcoin Cash

Now that you have a better understanding of the technology behind Bitcoin Cash, let's take a closer look at the differences between its pioneer Bitcoin and the potential pros and cons of these differences. The most noticeable difference is the processing times.

Currently, Bitcoin can handle approximately 3 to 7 transactions per second due to its current block limit size of 1 MB. When you compare this to VISA and Mastercard networks, which can process thousands of transactions per second, you can get an idea of ​​how limited Bitcoin is.

Bitcoin transaction validation times (how long it takes to process a transaction) vary greatly depending on the charges used, but the use of lower Bitcoin has virtually cleared the transaction accumulation processes (called pool mempool,), so transactions can take up to 10 minutes.

However, thousands of transactions took place throughout December 2017 and January 2018, and it took hours or even days to wait for the transactions to take place. You must pay miners a higher processing fee as an incentive for faster processing of a transaction than when processing higher processing times are required.

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