My thoughts on these two transactions can be informative to all. As I read the news released from CNN about Bitcoin and Bitcoin Cash made me wonder the progress of technology really far.
Bitcoin - a digital currency created for use in peer-to-peer online transactions and was introduced in 2008 by a person or group using the name Satoshi Nakamoto. Bitcoin is the most prominent of a group of virtual currencies-money that exists mainly as computer code - that have no central issuing authority. Bitcoin is backed by no government and has fluctuating value linked in part to a scarcity that is mathematically predetermined. Bitcoin is truly untraceable, therefore if lost then it cannot be recovered.
Bitcoin cost as of today is more than $2,700. In the recent time, the Bitcoin community faced a problem about the blocks are full, and it is slowing the transactions down. The Bitcoin block chain is becoming too congested because if someone could pay for something with bitcoin, but it wouldn't be approved for hours. So, this is the very reason that the transactions will be slow.
Because of this congestion, Bitcoin community then created the "soft pork" - the implementation of a rule change to its software called "Segregated Witness". The rule change would let people put more transactions on each block. The change was set to implement this month.
However, some are not contented then "Bitcoin Cash" is born.
Bitcoin Cash - is called "hard fork". This is a new software that allows for eight times the number of transactions per block. This means Bitcoin Cash processes transactions faster.
However, Bitcoin Cash is not worth the same the bitcoin. Bitcoin Cash is valued around $240.
Both Bitcoin and Bitcoin Cash relies on the community, it will only be successful if people decide en massed to create the blocks. The first block for Bitcoin Cash was created on Tuesday afternoon EST August 1, 2017.
These two creations are insane. This can only mean that in the future, all the pieces of money today will be gone. The money will be based online. All things to buy and everything will be paid through these currencies.
It is really convenient I may say. Hassle free transactions however, since this is online based transactions, hacking is on the go as well. It is more difficult to trace since these currencies are untraceable. I could think of a 1 day millionaire in this case. (Ex. you are earning hard for 1 bitcoin or Bitcoin Cash for let us say 3 months, then hackers came and all will be gone in just a minute) means you lost it.
If these new currencies would replace the current currencies better secure every single computers, software or whatever online related transactions for safety.
The Bitcoin started on 2008 and there are a lot of people earning from it. Why not give it a try?
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