On August 1st, 2017 at 2:14 PM EST Bitcoin Cash was officially born and thus today celebrates its second anniversary.
Bitcoin Cash was born from a problem related to the resizing of Bitcoin blocks. Before the implementation of SegWit (Segregated Witness) on the Bitcoin network, there were several people who thought that 1 MB was too small, especially when in 2017 there were tens of thousands of transactions that congested the network, not to mention the price of the fees to be paid.
When the 478559th block was reached, Bitcoin Cash was born. The first one that was created had a size of 1.9 MB, with 6,985 transactions inside. On August 2nd, BCH had also beaten litecoin (LTC) reaching the third place for market capitalisation.
On August 16th an 8 MB block was mined, with over 37,000 transactions inside. Two days later, on August 18th, the mining of Bitcoin Cash was about 21% more profitable than the mining of Bitcoin.
Bitcoin Cash: block size and stress tests with millions of transactions
All the progress made by BCH can be seen on the CoinDance website, along with what is now being developed and/or discussed. In these two years, the developers have designed several implementations and submitted plenty of code. For example, in the beginning, the blockchain had a block size limit of 8 MB, while in May last year this limit was raised to 32 MB.
In September, the Bitcoin Cash miners processed blocks between 15 and 23 MB in size. During the stress tests conducted in the same month, the data showed that the chain was able to handle over 2.4 million transactions in a 24-hour period.
Developers were able to implement Schnorr’s signatures on the Bitcoin Cash mainnet and this concept, initially developed by Claus Schnorr, was implemented at block 582680. In the future, this could significantly improve block resizing and privacy. For the time being, this type of transaction removes about 4% of the memory used.
The Simple Ledger Protocol (SLP)
Bitcoin Cash (BCH) has a solid ecosystem with regard to tokens. With the Simple Ledger Protocol (SLP), it leverages a token creation platform that allows anyone to output, store, send and receive tokens based on the SLP and powered by the BCH blockchain.
Thousands of tokens have been launched in the last two years, many of which have acquired usefulness and value.
A lot of support for BCH
During this period, Bitcoin Cash (BCH) was widely supported by third party infrastructures. It is a cryptocurrency present virtually everywhere, on any exchange. Out of more than 2000 cryptocurrencies, it ranks fifth with a billion and a half market capitalisation, just under litecoin (LTC).
Coinbase, Kraken, Gemini, Bitstamp, Shapeshift, Huobi, Uphold, Bithumb, Binance, eToro, Liquid, Coinex are just some of the exchanges that support BCH.
Bitcoin Cash is present in many wallets nowadays, such as Electron Cash, Bitcoin.com, Blockchain, BRD, Yenom, Jaxx, Coinbase Wallet, Bitpay, Copay and many others.
Celebrations all over the world for the anniversary of Bitcoin Cash
Supporters of Bitcoin Cash (BCH) will celebrate several gatherings around the world. Tokyo, Edinburgh, London, China, Houston, Thailand, Germany, Bangkok are among the main cities, but there are also many others.
Here is a list showing several parties that will be celebrated today, including, among other things, concerts and live shows. For example, one of the largest Bitcoin Cash (BCH) gatherings in the world is taking place in Tokyo and will be held from 19:00 to 22:30.
BRD CEO Adam Traidman, Edge CEO Wallet Paul Puey and Roger Ver of Bitcoin.com will be present along with other participants.