BITCOIN CASH What is bitcoin cash? The cryptocurrency born from bitcoin


Hello Youtube This is “Global Deep Report”
and today we are going to talk about Bitcoin cash. What is bitcoin cash the cryptocurrency born
from bitcoin. Bitcoin made history by becoming in 2009 the
first decentralized cryptocurrency, that means, a virtual currency that was not
controlled by any entity. Like the bank or government. In 2009 none paid a penny for it, and it took
2 years to reach the value of a dollar. Today it is valued over $2,700 according to
the Cryptocurrency Market Capitalization portal. Now, what happened this past august 1st of
2017, was that this cryptocurrency got divided. Bitcoin had so much success that the system
of operation is no longer viable. Months of debate finally came to and end with
a group of developers separating and creating their own version of bitcoin. What is called bitcoin cash. Each cryptocurrency is a computer document
that is stored in a bitcoin wallet. Each transaction between wallets is registered
in a public list, what is called the blockchain. So this lists are constantly updated all across
the globe. A hacker or a user with bad intentions could
collapse the system overwhelming it with too many transactions at the same time. This vulnerability was protected with the
system being able to receive no more than 1 megabyte of data every 10 minutes. However the limit has been reached and it
has made the system slow, as it is necessary to wait hours and even days to complete a
single transaction. So the alternative was to adopt a new cryptocurrency
with a higher limit of 8 megabytes of data transaction. The community of developers came to an agreement
on august 1st and that’s when Bitcoin cash was born. One day after entering the market, Bitcoin
cash was trending at $458 dollars and has registered a volume of $360,428,000 dollars
in transactions. This cryptocurrency has already become the
third in terms of volume and price. Even though it has varied by 52% in the last
24 hours. We have to wait to see what effects this new
cryptocurrency will have in the mining community, since working with larger sets of data will
require computers with greater storage capacity So far, the bitcoins mining business has been
open to any individual, as the equipment cost was low. But if it becomes difficult to mine bitcoin
cash, big companies will start to dominate bitcoin cash. As a last note, the division also makes it
difficult for businesses to decide which virtual currency to accept. As there is still uncertainty about the future
of this new cryptocurrency, most companies chose simply not work with bitcoin cash, at
least for now. Thanks for watching
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