Bitcoin Cash is a peer-to-peer electronic currency for the Internet. It is entirely decentralized, has no central bank, and does not require trusted third parties to function.
It is not for nothing that attention is focused on the phrase "peer-to-peer electronic currency." BCC is committed to high transaction throughput.
Many saw BCC as another hard fork (UAEF), but the creators had other thoughts.
Why is there so much attention to BCC?
Again, from the FAQ:
Is Bitcoin Cash different from Bitcoin?
Yes. Bitcoin Cash is a continuation of the Bitcoin project as a peer-to-peer digital currency. It is a fork of the Bitcoin blockchain ledger with improved consensus rules to enable growth and scaling.
This means that after the fork, the BTC owners got the same amount of BCC.
Are BCC worth anything? Well, until 08/01/2017, futures cost about $ 500, for example, on ViaBTC.
What do you need to know?
-
Most exchanges are not ready for this at all.
And again from the FAQ:
If I have Bitcoin, do I automatically have Bitcoin Cash as well?
Yes. Since Bitcoin Cash is a fork of the ledger, this means that you have as much Bitcoin Cash as you had Bitcoin when the block was forked. However, if your bitcoins are held by a third party, such as an exchange, you should check with them about Bitcoin Cash.
2. It is logical to assume that many people bought bitcoin to get free bitcoin cash.
And the increased growth in demand, as we know, led to an increase in prices.
3. Some exchanges issue BCC for the presence of BTC and some do not.
How is replaying transactions between new and old blockchain solved?
Bitcoin Cash transactions use the new SIGHASH_FORKID flag, which is non-standard for the old blockchain. This prevents replay of Bitcoin Cash transactions on the Bitcoin blockchain and vice versa.
That is, if your private keys are under control, you can create transactions on any blockchain.
BTC didn't solve the scaling problem.
Why was a fork necessary to create Bitcoin Cash?
The maximum data limit per block was 1MB or roughly three transactions per second in the old Bitcoin code. While it isn't technically difficult to raise that bar, the community has been unable to reach a consensus even after years of controversy.
Accordingly, bitcoin cash is an alternative to segwit for the audience that does not like it. Its block size is 8MB, the signature is different, and it is possible to adjust the proof-of-fork complexity.
From the announcement of the project on Bitcointalk:
Fork rule:
REQ-7. Difficulty adjustment in case of the hash rate drop.
If the MTP of the end of the blockchain is 12 hashes or more behind the MTP of the 6th block before the end, the proof-of-work goal is increased by a quarter, or 25%, which corresponds to a 20% reduction in complexity.
Argumentation: The hash rate that supports the blockchain depends on the market price and is difficult to predict. To ensure that the blockchain will always remain viable, the complexity should be reduced in the event of a sharp drop in hash rate. "
In short, the difficulty is adjusted quickly in case of a low hash rate.