Bitcoin Cash Celebrates First Anniversary
The cryptocurrency that spun-off to great success and huge demand that to Bitcoin has completed their one year anniversary this August 1st, 2018.
Bitcoin cash had started their journey in the same time year and quickly rose to a USD 800 level in a mere matter of minutes on the same day of the launch itself. However, due to the volatility of cryptocurrency in general and the market presently at a very bearish rate, Bitcoin cash today is a little less worth than what it was initially. Today it is worth USD 765 on Binance.
The Vice President of Business Operations at BTC.com, Alejandro de la Torre, said that,
“The problem of scalability in transactions was solved by Bitcoin Cash when it increased the limit of its block-size.”
He also added that, “Larger block-sizes give each block more space to include transactions, which drives down wait times and costs per transaction, making the blockchain fluid and more accessible.”
Looking back to now where it is, after a year of its inception, Bitcoin Cash is now very well established having more than 19 service agreements that includes those with Bitpay, Coinpayments, Coingate, Coindance and Viabtc. Not only that, but it also a part of 14 various other projects namely, JoyStream, OpenBazaar, Counterparty among others and is available on no less than 41 exchanges.
Torre also said that,
“Bitcoin Cash can handle transactions in large volumes at low-cost and high-speed. Currently, the block-size of Bitcoin Cash has been increased to 32MB, eliminating any chances of congestion of its network.”
Coingeek’s founder, Calvin Ayre also commented on this memorable occasion stating, “The one-year anniversary of the rebirth of Bitcoin (now named Bitcoin BCH) is a great moment in the history of money. It’s also good time to remind everyone who wants Bitcoin to fulfil its original mandate of being a global electronic currency that a key piece of work must still be finished: we must complete the task of fully restoring the original Bitcoin protocol, and then locking it down so that future application development happens on top of this battled tested platform. This means it is also necessary to remove the artificial block size cap that was put on as a temporary measure shortly after Bitcoin first launched, and return to the original design of an unlimited block size.”
He then went on to state that, “Making changes to the underlying protocol for perceived short-term gains will do nothing but lower stability and security and eventually kill the network entirely.” Later adding, “With the Bitcoin protocol locked, there will be a Cambrian explosion of innovation on top of the Bitcoin platform. Any mistakes made at a layer on top of the BCH protocol can be more easily discarded and will have no impact on the underlying platform’s ability to be money to the world.”