Bitcoin Cash Wallets

What is Bitcoin Cash

In 2017 the long debate whether or not to increase Bitcoins blocksize came to an end. Not because the Bitcoin community found a common ground. But because they decided to split into 2. AKA a hard fork. From August 2017 on Bitcoin split into 2 blockchains. 1 blockchain (bitcoin) with small blocks of 1 MB. And the other (Bitcoin Cash) with an upgrade to a block size of 8 MB. The fork didn’t just split the blockchain but also part of its community. This split on the Bitcoin Cash side was mostly led by famous Bitcoin investor Roger Ver. And also by Craig Wright who later on supported the fork from Bitcoin Cash into Bitcoin SV.

The 2 roads

To tackle the Bitcoin scaling problem, Bitcoin Cash decided to increase the block size. This so that more transactions would fit in the block. In the beginning, they changed the block size to 8 MB but later on changed this again to 32 MB. By doing this the Bitcoin Cash blockchain became much cheaper to transact with. But also creates a downside of creating a larger blockchain. Which in return would require bigger data storage space. Because of this reason, the Bitcoin (core) team didn’t want to expand the block size. So they decided to go with another strategy.

SegWitt followed by the Lightning Network. To explain it as easily as possible. SegWitt removes some data from the transactions making the space they need in the blockchain smaller. This makes it so that they can put in more transactions per MB. On top of that, the Bitcoin (core) team went with the idea of the lightning network. This would mean that the Bitcoin main layer does not become the peer-to-peer layer for daily fast transactions. But these types of transactions would be done on the Lightning network. This way the Bitcoin blockchain would stay smaller. And thus be easier to run on computers with smaller data storage.

CAN’T FIND YOUR WALLET?

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