First of all, when reading this article, let’s think about a question: What will happen when Bitcoin reaches 1 million yuan?

As the encryption market gradually becomes more popular, more and more people will enter the market. However, most people are disappointed when faced with 1 million Bitcoins.

So will Bitcoin fork coins with the same security and rarity become the new favorite?

Today we learn about Bitcoin fork currency (BCH)

BCH (Chinese name Bitcoin Cash)

Website: https://bch.info/

Introduction: Factional struggles in the blockchain led to hard forks, and Bitcoin Cash (BCH) was founded in the torrent of hard forks by a group of developers, investors, entrepreneurs, and miners who were dissatisfied with the Bitcoin development plan. .

Bitcoin Cash (BCH) was highly hard forked in Bitcoin block 478559 in August 2017. It is a peer-to-peer electronic cash system designed to improve the scalability of the blockchain and reduce transaction fees. The project has also been It is called Bitcoin ABC (Adjustable Blocksize Cap) and is the first fork coin in the history of Bitcoin.

What do Bitcoin and Bitcoin Cash (BCH) have in common?

Because Bitcoin Cash (BCH) is forked from the source code of Bitcoin, the two have many similarities. For example, Bitcoin Cash (BCH) and Bitcoin both use the "Proof of Work (PoW)" consensus mechanism, anyone can participate and contribute. Bitcoin Cash (BCH) also follows Bitcoin’s block generation mechanism. The current target block generation time of Bitcoin Cash (BCH) is 10 minutes, and the maximum supply is 21 million, while Bitcoin Cash (BCH) generates blocks every 210,000 blocks (approximately every four years), the system will halve the number of block rewards, which are currently 6.25 Bitcoin Cash (BCH) per block.

What is the difference between Bitcoin and Bitcoin Cash (BCH)?

Block sizes vary:

Bitcoin Cash (BCH) has a larger block size than Bitcoin in its blockchain technology. A block in the Bitcoin Cash (BCH) blockchain is approximately 32MB, while a block in the Bitcoin blockchain is approximately 1MB. Additionally, Bitcoin Cash (BCH) requires on-chain scaling via block size, while Bitcoin scales off-chain, using two different technology layers. Bitcoin Cash (BCH) is also relatively stable compared to other extremely volatile cryptocurrencies. It even uses highly secure blockchain technology to stop data leaks and any potential loss of funds.

Transaction costs vary:

During the launch of Bitcoin Cash (BCH), its scalability was touted as one of the product’s key selling points. In addition to Bitcoin’s smaller block size and slower transactions, its transaction fees are also higher. Bitcoin Cash (BCH), on the other hand, has lower average transaction fees. Bitcoin struggles to keep up with demand due to high transaction fees and a fixed market supply. Many miners and developers in the cryptocurrency community also believe that the concept of Bitcoin Cash (BCH) is more in line with the original plan of Bitcoin inventor Satoshi Nakamoto.

Different applications:

Between Bitcoin and Bitcoin Cash (BCH), Bitcoin is seen more as a store of value rather than a medium of exchange. This is mainly because Bitcoin’s stock is limited, so Bitcoin is often Called digital gold. However, due to its relatively low fees and faster transaction processing times, Bitcoin Cash (BCH) is expected to replace Bitcoin as a transaction medium, providing actual transaction functions for instant payments.

Of course, there are far more forked coins of Bitcoin than Bitcoin Cash (BCH). After BCH, Bitcoin and BCH forked several times, giving birth to BSV, BTG, BCD, etc. Although some of these market forks have also experienced thrilling experiences, their impact and significance are far less than that of BCH, so the consensus they have gathered is getting weaker and weaker, and their value has become increasingly marginalized.

BSV (Bitcoin SV):

Website: https://www.bitcoinsv.com/

Introduction: BSV (Bitcoin Satoshi Vision) is a Bitcoin that follows the original design and protocol stability of Satoshi Nakamoto's white paper, realizes the original vision of large-scale on-chain expansion, and aims to become a global peer-to-peer electronic cash and value data transmission network.

The "SV" in Bitcoin SV is the abbreviation of Satoshi Vision. Bitcoin SV offers a new full-node Bitcoin Cash (BCH) implementation designed to fulfill the vision originally set out by Satoshi Nakamoto in his Bitcoin white paper.

Unlike other competing Bitcoin Cash (BCH) implementations that are competing to make unnecessary changes to Bitcoin, Bitcoin SV’s development roadmap is to restore Satoshi Nakamoto’s original protocol, maintain protocol stability, massively expand, and then Allowing large enterprises to develop and create project activities on the solid foundation of Bitcoin Cash (BCH) with confidence.

Currency

Market value

Current price

issue price

BSV

US$830 million

15.2 USD

USD 479.82

BTG (Bitcoin Gold):

Website: https://bitcoingold.org/

Introduction: BTG (Bitcoin Gold) was proposed by Liao Xiang, CEO of mining hardware manufacturer LightningASIC, and was officially announced on Bitcointalk.org at the end of July 2017. Unlike BCC and Segwit2X, its goal is to return mining to the CPU and GPU by changing the workload proof algorithm, thereby solving the increasingly prominent problem of Bitcoin mining centralization.

Compared with other forked coins, BTG has not expanded the capacity of BTC, but still uses the 1M block + SegWit setting. The main change is the mining algorithm. In order to prevent the over-concentration of computing power caused by ASIC-specific mining machines, restrictions have been placed on them. BTG switched to GPU mining and used the scheduling adjustment mechanism EDA.

To a certain extent, BTG is mainly to solve the problems of excessive concentration of BTC mining computing power and difficulty adjustment mechanism, and ultimately establish a Bitcoin version that is not affected by ASIC.

These are the only three projects that are still trading Bitcoin forks with a market value of over 100 million... The cruelty of the market can be seen from this. Only when the tide goes out will you know who is swimming naked.

Bitcoin Cash (BCH) continues to become the consensus of some Bitcoins, witnessing a special event that will forever be remembered in history. This consensus is also extremely difficult to be surpassed by other digital currencies, and it also embodies unique value. But compared with Bitcoin in terms of value, it may always have a subordinate status.

There are various speculations about the rise of Bitcoin Cash (BCH) in the market. Since the EDX Markets listing announcement, the price of BCH has more than doubled in the past week. EDX is backed by large TradFi players – Citadel Securities, Fidelity and Charles Schwab. According to common sense, this kind of benefit is not enough to maintain such a long-term rise, but we believe that it will have a very important position in the future Bitcoin market.

G+ editorial: Pulling is the best way to build an ecosystem, and the natural advantages of Bitcoin Gold (BCH) are worth exploring~