![]() ![]() Just like Bitcoin, the Bitcoin Cash supply is limited to 21 million coins and each block takes 10 minutes before it is confirmed. The Bitcoin Cash blockchain was officially launched on 1 st August 2017. Remember how I said a soft fork needed to receive the majority vote? Well, unfortunately, the majority of Bitcoin users didn't want to make the change, so they had to create a whole new blockchain. ![]() The changes that a team of developers wanted to make was to increase the maximum block size from 1MB to 8MB. This would allow miners to add more transactions into a block, which would have reduced the fees that Bitcoin users pay to transfer funds. However, before the hard Bitcoin fork was performed, the group of developers tried to convince the Bitcoin community to make the required changes within the original Bitcoin client. In fact, in what started as less than a cent in 2009, it quickly increased to a few dollars per transaction. The main reason behind this Bitcoin split was because Bitcoin transaction fees were becoming too expensive. In 2017, a group of influential Bitcoin developers decided to perform a hard fork of the Bitcoin client, which resulted in a completely new cryptocurrency and blockchain being created, Bitcoin Cash (BCH). ![]() So, now that you know what this innovation actually is, the next part of my guide is about some of the most famous Bitcoin reworks of all-time! The Most Popular Ones Bitcoin Cash Bitcoin Cash is a famous example of a Bitcoin hard fork. As most blockchains like Bitcoin are open source, anybody can view and copy the code, meaning that a Bitcoin hard fork can be performed by anybody. There are thousands of Bitcoin nodes located all of the worlds!Ī hard Bitcoin fork is slightly different as it essentially creates a new blockchain. Note: A node is used to describe a device that is connected to a blockchain to help verify transactions. ![]()
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