What is Bitcoin Cash?
In this guide, we are going to be telling you about all the incidents that have led up to the creation of Bitcoin Cash. This is purely for educational purposes.
Bitcoin is, without a doubt, one of the most incredible innovations in the recent past. However, it has also come under a lot of criticism for its scalability issues which has given rise to a lot of debates which are politically as well as ideologically motivated. Finally, on August 1, 2017, bitcoin went through a hard fork which gave birth to Bitcoin Cash. We are not going to be telling you which side is right and which side is wrong, that is totally up to you.
How do bitcoin transactions work?
Bitcoin was introduced by an unknown man/woman/group going by the pseudonym, Satoshi Nakamoto in their, now legendary, research paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. What bitcoin provided was a peer-to-peer decentralized, digital currency system. The entire system of bitcoin functions due to the work was done by a group of people called “miners”.
So what do these miners do? The two biggest activities that they do are:
- Mining for blocks.
- Adding transactions to the blocks.
Mining for blocks
All the miners use their computing power to look for new blocks to add to the blockchain. The process follows the “proof of work” protocol and once a new block has been discovered, the miners responsible for the discovery get a reward, currently set at 12.5 bitcoins (it is halved after every 210,000 blocks), however, this isn’t the only incentive that the miners have.
Ethereum Price Chart Australian Dollar (ETH/AUD)
Ethereum price for today is A$1,156.5995. It has a current circulating supply of 97.6 Million coins and a total volume exchanged of A$2,318,364,735
Bitcoin is much more expensive than gold to store with a third-party custodial service, but there’s a good reason for that discrepancy.On Monday, the Motley Fool published an article analyzing how the cost of storing physical gold bars compares to storing bitcoin — the new “digital gold” with a third-party custodial service. Noting that the SPDR Gold Trust pays approximately 0.08 percent of the value of its gold for storage and custody, the publication found it “mind-blowing” that bitcoin custodial services such as Coinbase Custody charge 15 times more.As CCN has reported, Coinbase Custody — a regulated storage service targeted to institutional investors making minimum deposits of $10 million — expects to charge a $100,000 setup fee and a 10 basis point (0.10 percent) fee per month on the value of client assets after it launches in 2018.
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