Four years ago, on August 1, 2017, when the Bitcoin (BTC) network was split in two and each BTC owner received the same amount in the new cryptocurrency Bitcoin Cash (BCH), the cryptocurrency A crucial moment has occurred in the industry. The new cryptocurrency was of real value and cost as much as $ 400 per coin. The opportunity to get some free cash in such a way will signal the launch of many forks. But greed and lucrative desires are not in this Bitcoin spin-off.
Aging pain
Anything that doesn’t work will not work.
Murphy’s law
In fact, Bitcoin has grown in value and became more popular as the number of users increased with transaction volume. Confirmation times and transaction costs have also increased, ultimately hindering the development of the world’s first digital currency. If you have to pay twice the price of a cup, no one is willing to buy coffee using Bitcoin. In addition, the merchant was not ready to wait days for confirmation of the transaction. All these issues have cast doubt on the use of Bitcoin as a means of payment.
Bitcoin has decided to implement a technology called SegWit to reduce transaction fees. In a sense, it’s successful. The price is slightly cheaper than without SegWit. However, SegWit has been adopted for many years. Even if fully adopted, Bitcoin fees remain too high for regular cash transactions.
“Today’s BCH is closer to Bitcoin created by Satoshi Nakamoto than the coin we call BTC today.”
Amaury Sechet, BCH Developer and Creator
In fact, there were two solutions, both implemented and led to a fork. Issues related to fees and transaction confirmation times were resolved by increasing external storage space without complicating SegWit. Such a solution was generally natural and matched the actual Bitcoin.
Four years ago, the crypto community got another new Bitcoin and a new Bitcoin Cash. This was similar to Satoshi’s original Bitcoin. BTC was officially recognized by El Salvador as equivalent to the US dollar, but neither BTC nor BCH became a means of payment like fiat currency, so the goal that caused the conflict and brought about a fork was not achieved. ..
Amaury Sechet, the founder of the eCash project and a benevolent dictator (he calls himself), was at the heart of an event four years ago. Today, eCash represents the continued development of Bitcoin, combining the best aspects of BTC, BCH, and BCHA. We hope Sechet will be able to achieve the goals set in these projects.
Dictator’s solution
Satoshi Nakamoto was not a Democrat. That’s how he succeeded in creating Bitcoin. Then Satoshi left and Bitcoin began to step on the spot.
Amaury Sechet, BCH Developer and Creator
The history of Bitcoin’s development and the formation of this cryptocurrency as the first digital form of cash does not end with what happened four years ago, as mentioned above. Development never really stopped, sometimes difficult and unpopular decisions were needed, and only one person had to make it.
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Read more:History of Digital Money | TechRadar – Texas News Today
