It’s been a year since Bitcoin Cash (BCH) hard forked from Bitcoin Core (BTC) and the year has been eventful and interesting, to say the least.
If you forgot, the reason for the hard fork was to allow for more transactions (and quicker transactions) on the network by increasing the block size. The Bitcoin Cash side was hoping to compete against Visa and Paypal with instant transaction, but Bitcoin Core membership wanted to beat back potential spam and security issues. In addition, large block processing would most likely muscle out small miners and centralize coin creation and power to a large corporate-like structure. Moreover, the popularity of BTC slowed down the blockchain and transaction fees skyrocketed (although, they are reasonable now), where a cup of coffee might cost $20 in fees. So, Bitcoin Cash hard forked the code on this date last year.
This hard fork caused a little bit of some pearl-clutching in the industry as the “code was law” rule had been broken.
Bitcoin Cash users and developers believe they are the true genesis of the Satoshi whitepaper and undeniably are the heirs of that vision. The BCH block size is now at 32MB and this has brought in a series of projects from active developers looking to take advantage of the blockchain.
“Larger block-sizes give each block more space to include transactions, which drives down wait times and costs per transaction, making the blockchain fluid and more accessible,” said Alejandro De La Torre.
A year on from the hard fork, Bitcoin Cash is well positioned with over 19 service agreements including those with Bitpay, Coinpayments, Coingate, Coindance and Viabtc. It is also a part of 14 different projects, namely, JoyStream, OpenBazaar, Counterparty among others and is available on no less than 41 exchanges.
Many of the applications work best for users with cheaper, faster payments, like Blockpress, a social media platform, and Centbee, a wallet that uniquely integrates a user’s phone list.
On top of that, more space within blocks also means reduced fees for users sending transactions. For example, GitCash allows users to tip – no matter how small the amount – developers for their work on Github. The project emphasizes that bitcoin cash’s model allows fees to stay low even if usage increase dramatically.
Yet, there is also development work being done to make the blockchain stronger and a stress test is scheduled in September.
“The tremendous accomplishments that the bitcoin cash community has managed to garner in a year of existence with a new ticker, wallets and an all-around ecosystem has been phenomenal, and we hope to continue and increase on this trajectory,” Eli Afram, founder of Bitcoin Cash Australia, an advocacy group for the software, told CoinDesk.