About Bitcoin Cash (BCH)

Overview

Bitcoin Cash (BCH) is a cryptocurrency hardfork of Bitcoin (BTC), which took place at block number 478558 in 2017. In July 2017 Bitcoin mining pools and companies voted to implement a technology known as 'SegWit2x.' SegWit removes much of the 'signature data' that needs to be processed in each transaction. Signature data can account for up to 65% of all data processed within each block, so removing it was a significant technological step in the right direction. A large number of Bitcoin enthusiasts felt SegWit did not address fundamental scalability issues. Moreover, some BTC enthusiasts believed the introduction SegWit did not follow the original roadmap outlined by Satoshi Nakamoto (Bitcoins creator). As a result, miners and developers alike initiated the Bitcoin hardfork on August 1st 2017. The forked currency, Bitcoin Cash, boasts an increased block size (8MB) comparative to Bitcoin and aims to follow Satoshi Nakamoto's original vision to become a truly decentralised peer-to-peer digital currency.

Technology

Bitcoin Cash has 8MB block size. As a result, miners can add a more substantial number of transactions to each block that is generated comparative to Bitcoin. This increases transaction times and allows for a higher degree of scalability. Bitcoin Cash uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and produce new blocks on the chain, similar to Bitcoin. PoW is the original consensus algorithm and is considered highly secure. However, it is criticised and limited by the processing power required to mine, which has a negative impact on the environment. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain. Transactions placed in this block are considered confirmed.

Future Focus

The goal for Bitcoin Cash is to fulfil the original promise of Bitcoin as 'peer-to-peer electronic cash.' Some key focuses moving forward include global adoption, permissionless innovation and decentralised development. For more information regarding Bitcoin Cash visit the official website.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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