What is a Trust Wallet and how to create an account

One of the main characteristics of cryptocurrency is the stability of the block chain. It has emerged that, after the launch of the blockchain project , problems that require a radical overhaul of the system, one of the solutions that is often practiced is the division of the blockchain into two independent branches. As a result, a fork appears, that is, a new virtual asset created on the basis of the same program code as the original cryptocurrency. One example of this is Bitcoin Cash - this is virtual money that appeared after the fork of the block chain of the first cryptocurrency from Bitcoin . If you try to explain what Bitcoin Cash is in simple words, the answer will be: Bitcoin Cash is a new Bitcoin, which has increased the size of the information block and introduced a new digital signature algorithm. And why it was necessary to take such measures, we will consider a little later, but for now a little history.

The history of cryptocurrency bitcoin begins in 1982, when Professor David Chum founded the Crypto Research Association. He also developed and introduced the concept of digital payment systems. Two years later, Chom founded the digital payment company DigiCash and is trying to create a secure online currency. But it was not possible to end the matter, and a few years later DigiCash declared bankruptcy. However, the idea itself received a response, and in 1998 Professor Szabo attempted to launch a decentralized payment network Bit Gold, which runs on technology very similar to the Bitcoin blockchain . But this project was not successful either. Another 10 years passed and finally, on October 31, 2008, the Bitcoin White Paper was published: The Peer-to-Peer Electronic Cash System, which opened the door to the era of digital money for humanity.

The first block of Bitcoin was created on 01/03/2009, the network grew and developed, and more and more new participants came to it. And in 2017, the load on the system increased so much that developers had to take drastic measures to increase productivity. The fork was implemented for separate witnesses, and the network remained as before, but the structure of data storage and the algorithm for verifying transactions changed. And there are new Segwit titles (starting with bc1). This caused difficulties when transferring to legacy bitcoin clients who did not support the protocol changes, and the issue was quickly resolved. But, some developers had their own view on the happenings.

One member of the Bitcoin team, former Facebook employee Amory Sechet , decided to take a different path. Together with like-minded people, including well-known members of the Bitcoin community such as Roger Ver and Jihan Wu, they implemented a network hard fork on block 478,558. This is how the digital asset Bitcoin Cash came to be . Meanwhile, all original Bitcoin owners automatically received new coins in their wallet. And in this review, we will explain what Bitcoin Cash is, the advantages and principles of the platform compared to all cryptocurrencies, and the expectations of analysts about the future of the BCH fork.

What is Bitcoin Cash

Let's say again what Bitcoin Cash is . It is a stable electronic payment system that makes very fast and inexpensive transfers in cryptocurrency. Advantages of Bitcoin Cash over Bitcoin:

• High transaction processing speed. Bitcoin Cash pools process 100 transactions per second, and the pools in the Bitcoin network do not exceed three.
• Low fees (average of 0.00013 BCH).
• Protection mechanism from deleting translations and re-executing them. Under the transaction amount, you can put a separate digital signature to increase the security of the transaction.
• In addition, the principle of operation of Bitcoin Cash allows you to adjust the mining difficulty every 6 blocks, and not every 2016 like Bitcoin.

The coin gained great popularity and at the end of November 2017, its value was already $1,000, and a month later, $4,300. This price did not last long, but nevertheless, Bitcoin Cash is one of the hundred blockchain projects with the highest level of capitalization, along with BTC, ETH, Ripple and LTC.

And in 2018, the Bitcoin Cash network underwent its own hard fork. Bitcoin SV was created by Craig Wright, who calls himself the real Satoshi Nakamoto, while Roger Ver and his other supporters have continued to work on the old chain. Their cryptocurrency became known as Bitcoin Cash ABC, but it kept the old index and is highly trusted in the blockchain community and very popular on cryptocurrency exchanges.

What was the reason for creating the coin, and why was there a fork

Bitcoin Cash was launched by a group of bitcoin miners and developers interested in the future of the first cryptocurrency. They believed that the adoption of separate witness technology did not completely solve the fundamental problem of scalability. In addition, the implementation process of SegWit2 was not completely transparent, as some members of the community believed that it undermined the foundations of decentralization in the network.

Bitcoin Cash is primarily a payment instrument. Hard forks in the spring of 2019 made it possible to introduce Schnorr signatures to improve privacy and even faster transaction processing, bringing back the Segwit protocol and increasing the block size to a record 32MB.

According to the developers, the test showed that the generation of Bitcoin Cash is possible even with a block size of gigabytes, and it is assumed that the network can process terabyte blocks of information.

Unlike other blockchain projects , Bitcoin Cash programmers have raised the maximum block capacity to a level that allows them to process 32 times more money transfers than the Bitcoin network during peak periods.

Bitcoin Cash allows peer-to-peer payments between individuals, just like cash, but in digital form. The fees for sending Bitcoin Cash are usually a few tenths of a cent, while settlement occurs almost instantly, regardless of the physical location of the counterparties. These features make Bitcoin Cash suitable for everyday transactions and even small transactions.

It turns out that the scalability problems of cryptocurrencies are greatly exaggerated. And after the launch of more modern computing equipment capable of resolving land masses, and software development, all the advantages of VISA, MASTERCARD and other similar payment systems will dissipate like smoke.

Where do coins come from?

The Bitcoin Cash network works, like the original Bitcoin, and on the principle of Proof of Work. Miners process transactions and ensure system security. And how it works in practice.

by mining. To calculate the hash sum of the BCH block, a specialized integrated circuit device (ASIC) is required. BCH ASICs are electronic devices created with the sole purpose of generating BCH and other SHA-256 cryptocurrencies. The original Bitcoin and BitcoinSV, as well as 30 other cryptocurrencies, work on this algorithm.

And despite the fact that the latest ASIKOV models have a capacity of up to 200 TH / s, one device is not enough for individual mining. The miners are united in pools of collective mining. The total capacity of the Bitcoin Cash network is 1.56 EH/s (exahash), which is equivalent to about 5,000 state-of-the-art ASIC miners, only the original Bitcoin network has a higher capacity. Meanwhile, mining BCH on ASIC processors is almost as profitable as mining BTC.

Decentralization of the Biosafety Clearing-House Network

In January 2019, the btc.top mining server concentrated more than 51% of the BCH network's power under its control, which was a direct threat to decentralization, but the issue was quickly resolved. However, Bitcoin Cash, although less popular than Bitcoin, it happens that BCH miners process blocks not exceeding 1-2 MB.

What does Bitcoin Cash offer?

Cryptocurrency networks that run on the PoW (Proof of Work) protocol are used to provide the power of mining pools. As miners extract virtual money Bitcoin Cash, create new blocks and confirm transactions. Thus, the decentralized payments network lives and develops.

The security of the system also depends on the number of miners employed, the higher the number, the more even income will be distributed and the more decentralization will be. And in peer-to-peer networks, in principle, there can be no single control center, as in a bank. The efficiency of the blockchain project depends only on miners, coin holders and programmers.

The value of a cryptocurrency is determined by the combination of supply and demand on the exchanges. The more people willing to use the BCH as a means of payment, the higher the value of the currency.

The average block solving difficulty changes every hour. And this principle of operation of Bitcoin Cash allows you to maintain functionality even with a minimum hash rate. Even if only 20-30 miners remain on the network, the transactions will still be processed.

sent

Emission is the generation of new cryptocurrencies in a particular blockchain system. Since Bitcoin Cash is a fork of the first BTC cryptocurrency, the maximum number of coins issued for them should be 21,000,000. Meanwhile, 15,000,000 appeared right after the fork, because the BCH blockchain completely copies the original Bitcoin blockchain.

And the reward for miners is 6.25 coins for each signed block. The halving, i.e. a double drop in payment, occurs in the Bitcoin Cash network in the same way as in the Bitcoin network (every 4 years). According to preliminary calculations, Bitcoin Cash mining will be completed within 15 years.

But this does not mean at all that miners will have nothing to pay and that the Bitcoin Cash network will collapse. Provided there is sufficient demand for cryptocurrencies, the transaction fees will yield good profits.

What can you buy with bitcoin cash

And BCH cryptocurrency is not only easily convertible into fiat money. BCH coins are accepted by 1,649 stores, cafes and restaurants around the world. You can find the full list on the Marco Quino smartphone app.

How to buy coins

You can buy or exchange Bitcoin Cash on online trading crypto platforms. You will need a Bitcoin client or a multi-currency wallet to place the purchased coins. The BCH creators didn't bother developing their own wallet, but decided to use Bitcoin as their main storage option. This solution allows you to put BTC and BCH in one wallet, which is very convenient for traders and miners.

Available exchanges

If you can't mine Bitcoin Cash, you can buy cryptocurrency for fiat currencies:

1. in internet exchanges 
2. in the stock exchanges
3. of individuals in the P2P market

And on online exchanges, the exchange rate may be more profitable, but in order to buy cryptocurrency for traditional money you need to check the account

And on the Binance platform , unlike many other exchanges, KYC can be done with a passport or a driver's license. And to pass verification on Binance , you need to have a webcam or smartphone with the trading app of this exchange installed. Pre-made copies of documents are not accepted. Passport or ID photos are taken online. The procedure takes no more than 15 minutes.

Upon completion, you will immediately have access to all the services and, therefore, you will be able to buy and sell Bitcoin Cash (and other digital currencies) for a dollar on the P2P platform. And if desired, you can set up a regular purchase of cryptocurrencies from the same card. Exchange clients can mine BCH tokens on the Binance pool, and with a daily payment to the wallet for renewal, regardless of the amount of earnings.

Wallets, how to store coins

In addition to the original bitcoin wallet, there are desktop software to choose from:

• electronic cash;
• Exit.
• Bai House.
• Al Ghurair wallet.
• In addition to 10 mobile applications, one of the best is WalletGenerator.net, a trust wallet and paper wallets. 

If you decide to use the paper version, download the key generation application and open the index.html file directly on your computer. And be sure to turn off the internet before creating a wallet. Print the keys on the printer and keep them in a safe place. And to access the funds, you can use the interface of any Bitcoin client.

There are also many online services and browser extensions for storing digital assets. These wallets are not very reliable, so they are not listed on the official Bitcoin Cash website. And the least reliable storage option is cryptocurrency exchange deposits.

And if you have a fairly large amount, buy yourself a hardware safe. It is an electronic device with special software to protect against hackers, and your private keys will be completely safe.

How to Verify a Bitcoin Cash Transaction

Consider how to track the number of transaction confirmations or other parameters in the Bitcoin Cash network. It is convenient to use resources for this . The service is translated into nine languages ​​and simultaneously looks for information on seventeen blockchains. As the developers themselves put it, it is "Google for blockchains".

By going to the Bitcoin Cash page, you will immediately get clear and accessible information about the current state of the distributed network, as well as graphs and graphs of its most recent changes. It is possible to find out information such as network complexity, volume of coins in circulation, cost and capitalization of BCH, and many others.

And the search for transactions is done through the top line, where you need to insert the txid (the hash of the process). And the wallet or exchange from which the funds were transferred will help you find out.

Blockchair also provides the following payment information upon request:

1. Sender and recipient.
2. Transfer amount. With the key, you can view it in BCH or in dollars.
3. The number of network confirmations for the transaction.
4. Commission (total and per byte).
5. The number of inputs and outputs.
6. transmission time.
7. block time.

API documentation is provided to developers. Also, anyone can download a PDF file with complete information about the translation. The check received will contain a QR code with which you can verify its authenticity.

Today, Blockchair services are used by dozens of software and hardware wallets, exchanges, mining pools, information resources, and decentralized applications. The general partners are Bitmain and GitHub.

The site is also easy to use and intuitive, and all important information is in plain sight. In addition to the blockchain explorer, Blockchair provides other services. On it, you can analyze cryptocurrency rates, compare different currencies with each other, use API documentation, and study the database of datasets. A node explorer for eight blockchains, including Bitcoin Cash.

And for convenience, Blockchair can be installed as an extension for Chrome or Firefox. And there are onion versions of the site for Tor Browser, completely anonymous and without Java scripts, and this will be of interest to supporters of maximum privacy on the network.

Issuance of tokens (SLP)

In the Bitcoin Cash ecosystem, digital tokens can be easily issued and transferred using the SLP protocol. The option is available to owners of Electron Cash SLP, Mint and Bitcoin.com crypto wallets. Custom token settings can be added using the Bitcoin Script programming language. Token creators can generate a token once, thus ensuring a stable supply, or run multiple issuance rounds. The authority to issue tokens can also be delegated to another person. The initial minting of the configuration token is also a Bitcoin Cash transaction. Then the BCH transaction ID is the same as the token's hash ID. And you can use multi-signature addresses and other bitcoin script features with SLP tokens.

Token issuers can also specify the name of their token in the data. However, there are no reserved names. Therefore, names can be repeated, and sometimes this is done maliciously. Users should always verify the hash identifier using a trusted source. SLP transactions are executed in a special output known as OP_RETURN, which is part of the standard Bitcoin Cash transaction.

As a limited set of consensus rules make the system robust. The unique address format helps prevent asset loss. SLP tokens have their own SLP Addr address format. In theory, these assets can be sent and received from any address format, but to avoid errors when making transactions, it is recommended to use the SLP Addr format. For more information on how the Simple Ledger Protocol works.

conclusion

We tried to tell you briefly all about Bitcoin Cash , perhaps the only successful fork of the first cryptocurrency. Despite many critics, the project is developing and its developers have very ambitious plans. It is difficult to give an accurate Bitcoin Cash forecast, and everything depends on many factors.

First of all, because of how quickly the digital literacy of the population is increasing. The advantages of cryptocurrency over fiat currencies are obvious, and more and more people are using blockchain transactions that are anonymous, secure and trusted. Encrypted payment networks are not hacked from outside.