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What Is Bitcoin Cash?


Bitcoin is proposed to be split into two and consequently a new currency 'Bitcoin Cash' shall come in fore. The divide is the result of the ongoing discussion on cryptocurrency wherein developers globally are attempting to arrive at a solution for transaction congestion on the bitcoin blockchain.

 What Is Bitcoin Cash?

Bitcoin Cash, a decentralized peer-to-peer digital currency, does not needs trusted third parties for operating.

Difference between bitcoin and bitcoin Cash?

All individuals holding bitcoin will automatically become holders of Bitcoin Cash by default. Nonetheless, if your bitcoin holdings are maintained by a bitcoin exchange then it entirely depends on whether your bitcoin exchange supports both the bitcoin types or not.

The origin of Bitcoin Cash is also on the back of its parent currency's failure to serve as a transaction mode. So, a currency is being aimed at for transaction settlement in few minutes time at a nominal fee.

Bitcoin Cash in the Indian context

In the Indian context, one of the leading bitcoin exchanges, Zebpay said that it shall not be supporting the new Bitcoin cash nor its trading. Zebpay co-founder also said, "If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July. If you leave your bitcoins in Zebpay, Bitcoin Cash will not be available to you. You will of course continue to have access to the Bitcoins in your Zebpay app,"

Furthermore, to safeguard bitcoin holders from any loss due to network disruption, exchanges are reported to suspend trading or sending and receiving of bitcoin today.

Story first published: Tuesday, August 1, 2017, 14:29 [IST]
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