This post has been de-listed
It is no longer included in search results and normal feeds (front page, hot posts, subreddit posts, etc). It remains visible only via the author's post history.
bcash FAQs:
What is bcash? Bcash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.
Is bcash different from 'Bitcoin'? Yes. Bcash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
If I own Bitcoin, do I automatically own bcash too? Yes. Because bcash is a fork of the ledger, that means you own the same amount of bcash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.
How is transaction replay being handled between the new and the old blockchain? Bcash transactions use a new flag SIGHASH_FORKID, which is non standard to the legacy blockchain. This prevents bcash transactions from being replayed on the Bitcoin blockchain and vice versa.
Why was a fork necessary to create bcash? The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB blocksize causing problems for Bitcoin? In 2017, there was a backlog of transactions. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting. Many users, merchants, businesses and investors abandoned Bitcoin. Its marketshare among other cryptocurrencies quickly plummeted from 95% to 40%.
Does bcash fix these problems? Bcash immediately raises the blocksize limit to 8MB as part of a massive on-chain scaling approach. There will be ample capacity for everyone's transactions. Low fees and fast confirmations will resume with bcash. The network will be allowed to grow again. Users, merchants, businesses, and investors will return.
Why didn't Bitcoin raise the blocksize if it was easy? Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Which Development Team is In Charge of bcash? There is no one single development team for bcash. There are now multiple independent teams of developers. This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.
Regarding the fork:
How can I secure my Bitcoin prior to the fork on August 1st? It's best to secure your Bitcoin in a wallet where you possess the private key to. As long as you own your Bitcoin (control the private key), you will have access to your Bitcoin on both chains post-fork. There is nothing you need to do.
Are my Bitcoin safe if I leave them on an exchange? If you leave your coins on an exchange and not have them in your own wallet that you have the private key to, then you are at the mercy of the exchange on how they handle and manage your Bitcoin. We suggest moving them off exchanges until the fork is completed. (thanks /u/akira_fmx)
Where can I download bcash
or review the developer open source code? The bcash implementation website can be found here: https://www.bitcoinabc.org/ (thanks /u/todu)
What about Segwit2x, is that still happening? Yes it is, and at this time it has 86% of blocks signaling for it. For those unaware, Segwit2X plans to activate Segwit on the main chain and then within six months hard fork to 2MB.
Post Details
- Posted
- 7 years ago
- Reddit URL
- View post on reddit.com
- External URL
- reddit.com/r/bcash/comme...