The white paper released 9th anniversary bitcoin bitcoin cash (BCH) has become the most in line with the white paper “bitcoin”
2017 is an unusual year for bitcoin. Bitcoin in this year constantly refresh their records, a record high price. In the white paper released 9th anniversary bitcoin, bitcoin exceeded $7000, becoming digital assets worth more than $100 billion, occupy the digital currency position of hegemony. The most important is the original block chain chain block chain model based on digital assets bitcoin cash (BCH) was born.
In October 31, 2008, the genius of the point-to-point electronic cash system was born
In October 31, 2008, a (or a group of people claiming to be in the Cong guy) released “bitcoin: a point-to-point electronic cash system” of the white paper, this mailing list subscribers to encrypt the white paper describes a revolutionary technology to the user, thus creating the world’s first true, point to point and to the center of the monetary system. This is the largest monetary payment is no longer needed by the third party, nor by the government or corporate entity issued. Nakamoto So in the first few words have brilliantly summed up the basic attribute of bitcoin:
This paper presents a completely electronic cash system through the point to point technology, it makes the online payment can be directly initiated by one party and paid to the other party, does not need any of the financial institutions. Although the digital signature part to solve this problem, but if you still need the support of third parties in order to prevent double payment, then the system will lose the value of existence. We propose a solution to the cash system in peer-to-peer environment, and to prevent double payment problems. The network through random hash of all transactions with timestamps, merge them into a continuous extension based on random hash chain that work as a record of the transaction, unless it is proved all the work, the formation of the transaction will not be changed”.
Bitcoin off track, bitcoin cash (BCH) has become the most in line with the white paper “bitcoin”
According to the white paper, bitcoin design is the beginning of the heart which is widely used as a human currency, which is different from the current legal tender system, point to point and cannot be eliminated by monetary power. However, with the development of bitcoin, it is already out of the orbit.
First of all, with the development of bitcoin, bitcoin users increase, the network congestion, confirm the transaction waiting time, instant money is lost. Secondly, bitcoin has a vulnerability called RBF, it increases the risk of double payment, but because bitcoin transactions need to repeatedly confirm which transactions can be revoked, increase the risk of the transaction. The most important is because the transaction fees become very high, many users have lost, lost the essence as a currency.
Bitcoin cash (BCH) has slowly replaced bitcoin, become the most in line with the white paper “Nakamoto bitcoin”. Bitcoin cash (BCH) by bitcoin technical change, delete the isolation verification (SegWit), canceled the block size limit of 1M, the initial default 8MB size block, adhere to the chain expansion, this paper describes the implementation of better hearing “point to point encryption of electronic cash system”.
Bitcoin cash (BCH) not only has bitcoin owned to the center of the world, the characteristics of the circulation, also having current coins are not low, the advantage of fast network verification procedures, the most important thing is not to pay double the problem. It can be seen that the bitcoin cash (BCH) is the most consistent with bitcoin heart point-to-point electronic currency system.
At present, there have been many users and businesses to join the bitcoin cash (BCH) a party, bitcoin cash (BCH) also recovered before because bitcoin high fees and lost users and businesses to form their own ecosystem. With bitcoin cash (BCH) value has been recognized, there will be more users, investors, miners, businesses to join in. Bitcoin cash (BCH) beyond bitcoin has point the day and await for it.