Bitcoin Cash (BCC) has been “the newest clone” of the immensely popular Bitcoin since 1 August. This coin was created by a spin-off from the existing Bitcoin.
This split caused unrest on the cryptocurrencies market, because people are uncertain about which currency would become more popular. With the launch of BCC, the Bitcoin appeared to have suffered no damage and remains popular. The question of course is what the future developments of both coins will be.
The split-off is also called a “fork.” A group of “miners” has switched from the existing bitcoin software to a new software also called Bitcoin ABC (Adjustable Blocksize Cap).
Why was Bitcoin Cash created?
The current Bitcoin seemed to lose confidence with companies and consumers. The number of Bitcoins grew very limited and the costs for transactions rose. In addition, some users were unable to complete transactions with the Bitcoin.
A breakdown of the Bitcoin should eliminate these disadvantages. However, it was not an easy task to implement a change within the decentralized network. Nevertheless, a decision was made at the beginning of July to implement the split.
In the current structure of the Bitcoin, each block in the chain had a capacity of 1 MB. Only 3 transactions per second could be carried out.