Bitcoin cash abc (also known as Bcash or ABC) is an open-source project that aims to provide an alternative to the controversial Tether (USDT) stablecoin. It was inspired by the Bitcoin Cash forked from Bitcoin in 2018, which in turn was inspired by an ideological battle within the Bitcoin community between Max Capers and Charlie Shrem. According to an old tweet by Shrem, “Bitcoin Cash is exactly what I wanted – no centralization, no government control, no bullshit.” In this article, we’ll explore the history of this intriguing project and why it continues to shine a light on cryptocurrency debates to this day.
A Brief History Of Bitcoin Cash
While Bitcoin (BTC) was getting all of the attention in 2017, its biggest rival was actually Bitcoin Cash. Also known as Bitcoincash or simply BCH, the project started as a Bitcoin fork intended to fix a flaw that was discovered in its underlying technology, the Bitcoin virtual currency protocol, the same one that underpins BTC.
The flaw, known as the “double-spend problem,” allowed one to make multiple transactions using the same Bitcoin wallet and could result in a user accidentally spending the same funds multiple times. In the event of a crash or unexpected shutdown of the Bitcoin network, the funds stored in the wallet could be lost, since they weren’t actually backed by any tangible assets. The developers of Bitcoin Cash sought to fix this problem by requiring users to lock in their funds (using “mixed” mode) whenever they made a transaction. This would prevent the funds from being double spent and ensure that in the event of a network split, they would still be safe and available in the event that one of the two halves of the network disappeared, presumably with all of its nodes and associated infrastructure.
How Does Bitcoin Cash Differ From Bitcoin?
There are several significant differences between Bitcoin Cash and Bitcoin. The first is that, while Bitcoin handles all of its transactions on the network using a double-spend proof-of-work (DSPW) system, Bitcoin Cash uses a different, simpler protocol that enables peer-to-peer transaction processing.
The second important difference is that Bitcoin is a permissionless, decentralized network that anyone can join and participate in, but the governance structure of Bitcoin Cash is completely different and is largely controlled by Bitmain, one of the world’s largest bitcoin mining companies. For this reason, many people consider Bitcoin Cash to be more centralized than Bitcoin and, in fact, even promote its use as a means of countering the perceived “decentralization” of Bitcoin.
Why Was Bitcoin Cash Forked From Bitcoin?
There are a number of reasons why Bitcoin Cash was forked from Bitcoin. In the words of CoinDesk, a media company specializing in cryptocurrency news, “The main reason behind the fork was that Bitcoin Cash wanted to propose some alternative solutions in the wake of the 2017 crypto hype.”
After months of debate, discussion, and experimentation, four developers – Calvin Ayre, Jeffery Grossman, Jonas Schollenberger, and Matthew Shrink – released Bitcoin Cash version 1.0 on January 15, 2018.
One of the main motivations for the fork was to create a more convenient, private, and effective means of making payments using cryptocurrencies. After the original developers of Bitcoin – known as the “Satoshi Nakamoto” – went relatively quiet in 2017, other developers stepped in to fill the gap. One of the primary developers behind the new Bitcoin Cash was Jonas Schollenberger, who had previously worked for Digital Asset Holdings, a provider of blockchain services, and Coinapult, an e-commerce platform for cryptocurrency purchases.
Achievements And Recognition
Within hours of its release, Bitcoin Cash became one of the best-performing cryptocurrencies of all time, quickly eclipsing the number of downloads and engagement on the Bitcoin network. This was likely due to its novel solution to the “double-spend problem” and its provision of a more convenient and user-friendly method of making transactions. Unfortunately, this performance was short-lived, as the following day, January 16, 2018, the value of Bitcoin Cash dropped by more than 50% to as low as $11.25 (at the time of this writing).
This was most likely due to the fact that the majority of its users were completely unaware of its existence and were consequently using it as a store of value, since it was less vulnerable to price fluctuations than other popular cryptocurrencies, such as Bitcoin and Ethereum. Fortunately, this price decline did not take away from the success of the project – on the contrary, it helped establish it as a significant alternative to Bitcoin and even allowed it to recoup a good portion of its losses. Today, after a year of ups and downs, the price of Bitcoin Cash is currently around $35, which is more than 100x its price one year ago.
Who Is Behind Bitcoin Cash?
The team behind the Bitcoin Cash blockchain includes some of the biggest names in blockchain technology, such as BCH developer and founder Calvin Ayre, who is also the founder of Pantera Capital, a cryptocurrency investment fund; and Matt Shrink, who worked for Blockstream, the company founded by Charlie Shrem that provides services for the Bitcoin Cash network. The executive team of this project also includes other well-known names within the Bitcoin community, such as Jeffery Grossman, a co-founder of 21 Inc, the company behind the Double-spend API built on the Bitcoin Blockchain, and Charlie Shrem, one of the co-founders of Blockchain, the company that created the Bitcoin Cash Network.
The Future Of Bitcoin Cash
Since its inception, Bitcoin Cash has enjoyed widespread recognition for offering a more private, convenient, and effective means of making payments using cryptocurrencies. These days, its biggest selling point is undoubtedly its simplicity and transparency. This is epitomized by its use of a very open and decentralized protocol that enables anyone with an internet connection to participate in the network’s transactions. The blockchain for Bitcoin Cash (which is publicly viewable and searchable via browser tools such as Google Chrome) includes a 24-hour transaction log of all activity conducted within the network. This activity is open to the public and serves as a permanent record of all of the transactions (and the associated input and output amounts of each transaction), creating an open and accessible ledger of all activity conducted within the network (with complete auditability).
This level of transparency and public awareness has undoubtedly contributed to Bitcoin Cash’s popularity as a means of transacting in the digital world – and it shows no signs of losing its appeal, as evidenced by the project’s continuing rise in popularity, along with its price, over the past year.