The Initial Separation
This week sees the first anniversary of Bitcoin Cash – the protocol that separated from Bitcoin in a controversial move at the time. The issue was the introduction of SegWit into a new version which some disagreed with. Those not happy with this rallied together and developed their own release which did not include SegWit but did see an increase in the size of the block to 8MB. It was an extremely bold decision to make, but a year later Bitcoin Cash has certainly come a long way and can boast the fact that it is now the fourth largesse Cryptocurrency in terms of total value.
The First Year
Back in 2017, the aim behind splitting out from Bitcoin was to steer away from SegWit and develop the Cryptocurrency with a better block size. The increase in size would enable there to be more transactions made which would equate to more customers. The Cryptocurrency has already increased the size of the block from 8MB to 32MB and has seen its value grow and the number of projects taking place increase. It has indeed been a busy year. The confidence in the developers behind Bitcoin Cash is also increasing as they see their product grow. The fact that there are quite a few apps becoming involved with the Cryptocurrency highlights the fact that Bitcoin Cash is being taken seriously and is a main competitor. Bitcoin Cash is creating its own very unique pathway and the apps that are teaming up with the Cryptocurrency are certainly supporting this. Many of these applications can promise faster transactions as well as cheaper ones. And the main attraction for these apps is that Bitcoin Cash can offer a lot more space than Bitcoin.
In the background, there is further work underway to develop Bitcoin Cash further so it can support things such as smart contracts and token launches. Things which at the moment are not possible. Even so, the new apps can store data on Bitcoin Cash which they know will never be deleted. This is not possible on Bitcoin because of the limitation in size. Other apps are thrilled because their customers can tip – no matter what size the amount is – and the transaction fees are kept low on Bitcoin Cash.
In The Future
However, there are concerns about the scalability of Bitcoin Cash and whether it will actually be able to keep up with the new additions on its block. Bitcoin is well into its research and development on the lightning network, something that would be able to shove transactions off-chain. Many Bitcoin Cash followers are of the opinion though that this is not going to be a massive issue and there are ways around it if scaleability does become concerning.
There is talk about tokens being added onto the Bitcoin Cash platform but this is causing several debates amongst developers and users. So it remains to be seen whether this will be implemented into its next release in a few months. No matter what, there have been huge leaps and bounds forward over this last year so hang onto your hats for the next 12 months – it could well be a wild ride!