As is the case with most currencies, to truly understand a coin one must first know where it is used - and in the case of Bitcoin Cash, one must also know a bit about how it came about.
Bitcoin Cash, a tale of turmoil:
Bitcoin, the world’s first peer-to-peer electronic cash payments system, during its inception seemed perfect. Soon, however, as the network started to gain traffic, it became apparent that BTCs are nowhere close to ready for public use, with transaction settlements taking as long as 4 days!
What then should the Bitcoin community do? The answer - Bitcoin Cash.
With BCH, the size of blocks increases from 1 to 8 MB, seeing an eight-fold increase in space and an equivalent decrease in transaction times.
Facts about BCH:
Since BCH is a hard-fork of the BTC, it is similar in many ways. One such way is that, much like BTC, the maximum number of BCH to ever exist will be capped off at 21 million.
Bitcoin Cash was originally called Bitcoin ABC and was unveiled in the Netherlands at the “Future of Bitcoin” conference. The name changed to Bitcoin Cash after a suggestion from the Chinese mining company, ViaBTC.
The new Bitcoin Cash uses a “replace-by-fee” system where users can pay miners to make previous transactions null and void. Naturally, this only occurs when previous orders have not been executed on the market.
Why does BCH need another Hard-Fork?
The BCH Hard Fork is set to introduce two new chains; Craig Wright’s nChain and Bitmain’s Wormhole. Much like what caused the BTC to hard fork, the BCH hard fork is a cause of software upgrade disputes. The two arguing bodies are the ‘Satoshi Vision Group’ and the ABC camp. Satoshi Vision (SV) imagines a new chain where block sizes are 128 MB, much larger than BCH’s current 8 MB block size.
A Message to BCH Owners:
HODLers of BCH, do not fret! CoinDCX is officially supporting the BCH hard fork. As per the fork protocol, BCH will be split into BCH SV tokens and BCH ABC tokens. Trading for BCH will freeze at 4 pm IST on the 15th of November. At this time, a snapshot of your wallet will be taken. Upon fork implementation, an equal amount of both new tokens will be deposited into your account in exchange for the now useless BCH.