Some would call it an anniversary and others would name it a birthday. Whatever it is in the cryptocurrency verbiage, it is safe to say that the much-vaunted cryptocurrency and a hard fork of Bitcoin, Bitcoin Cash (BCH) is celebrating its first full year of existence today.
What started as a hard fork on 1st August last year is a cryptocurrency that soared up to $800 on the same day. Right now, the value of Bitcoin Cash is around $765 which is close to its starting price.
The reason why Bitcoin Cash was created is simple. The cryptocurrency was meant to solve the problems associated with Bitcoin Core and the developers insisted that it is the pure version of the coin, as the Satoshi Whitepaper noted.
However, there have been many people pointing their fingers at Bitcoin Cash and labeling it as a simple offshoot with no value at all. There has been a constant war of words on this subject that hasn’t stopped until today.
The first anniversary was celebrated with a speech from the Vice President of Business Operations at BTC.com, Alejandro de la Torre. As he said, the problem of scalability in a transaction was solved by BCH when it increased the limit of its block size.
As de la Torre stated:
“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.”
He also said that Bitcoin Cash can handle transactions in large volumes at low cost and high speed. Right now, the size of one block of Bitcoin Cash has been increased to 32 MB which eliminates any chances of congestion of its network.
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