What is Bitcoin?
You must have heard tons of stories about Bitcoin, about how if one would have invested would now be a millionaire. But it’s a more than just a digital currency, it’s a beautiful example of Cryptography in which complete anonymity is maintained and is never compromised at least till today .But the fun fact is no one really knows about the person who invented it. YES!! You got that right , the only thing we know is it is created by programmers or group of programmers going by name ‘Satoshi Nakamoto’.
But then Who manages it?
As Bitcoin is peer to peer decentralized ,digital currency it is managed by a group of people called miners ( Not real miners,duh!).So miners do mining , but not the conventional mining but it involves compiling recent transactions into blocks and trying to solve computationally difficult puzzle. So be attentive, I’m gonna throw some numbers at you, let’s break down job of miners to some simple steps :
- Mine for Blocks : Miners use their computing powers to look for new block in block-chain. For discovery of each block a miner gets a reward of 12.5 Bitcoins which is equivalent to 71329.75 USD. , just so you know how big the number is , the price of iPhone X is 999$ which means you could buy nearly 70 iPhone X with the one single block,feel the gravity of a Bitcoin?
- Add Transactions to Blocks : A block in the chain is of 1 MB of size and with this size,bitcoin can handle 4.4 transactions per second. Now with the popularity of Bitcoin the transactions are being performed at far higher rate than a block could handle. So we pay some minor fees to miners so that they could prioritize our transactions and let’s say if someone does not pay miner, the transaction fees then it takes whole lot of 13 minutes to do a single transaction. I know our friends take whole lot of 13 months to give us our money back, but still, everyone is not our friend. And trust me guys 13 minutes is really really long time.
But now enters a Bitcoin Cash,with more programming code and a fewer verbal agreements,Bitcoin Cash was released on August 1,2017. The infant cryptocurrency have been doubled from 300$ to 600$ . The major advantage of Bitcoin Cash is, it has blocksize of whooping 8 MBs.
What is the Future of Bitcoin Cash?
It is difficult to speculate the progress it has made,with block size increased to 8 MBs it provides alluring aspects for its miners. Bitcoin Cash is the second most expensive cryptocurrency in the digital world,first being the obvious Bitcoin. Bitcoin Cash continues to attract its miners,who add value by adding their hashing power. However the future of Bitcoin Cash would greatly depend on its miners and the users.