|15:05:00 IST, 30 Jul||₹40,828.58||↑402.03|
|12:05:01 IST, 30 Jul||₹40,426.55||↓114.49|
|09:05:02 IST, 30 Jul||₹40,541.04||↓281.75|
|06:05:00 IST, 30 Jul||₹40,822.79||↓166.43|
|03:05:00 IST, 30 Jul||₹40,989.22||↓100.05|
|00:05:01 IST, 30 Jul||₹41,089.27||0.00|
The biggest problem with Bitcoin is that the size of its blocks (the units that make up the bitcoin blockchain) is too small, a single megabyte of data. Bitcoin Cash will have eight megabyte blocks and various other differences. But as blocks become larger, they become harder to use, as increased data size means larger blocks favor users and miners with more powerful computer networks. ViaBTC and Bitmain, two of the largest bitcoin mining basins (computer networks related to mining as a conglomerate) agreed that they would support Bitcoin Cash.
After reaching 6,071 INR on October 1st 2017, it fluctuated to market trends and finally reached 28,453 INR on 31st October 2017.
Bitcoin Cash started from 34,297 INR on 2nd November 2017 and climbed up to 91,756 INR on 30th November 2017.
And at 94,954 INR on 1st December 2017, Bitcoin Cash finally experienced an upsurge to 1,61,994 INR on 31st December 2017.
Initial price on 1 January 2018 was INR 155,034.85 and then Bitcoin Cash finally reached INR 92,713.05 on 31 January 2018.
Starting off on 1 February 2018 at INR 93,908.93, Bitcoin Cash was trading at INR 78,914.42 on 28 February 2018.
Bitcoins (and cryptocurrencies in general) are units of account, managed in a decentralized way through a peer-to-peer network. That is to say a network where each of the stakeholders are both client and server.
Unlike classical currencies, where a central bank plays the role of regulator and controller, it is an algorithm that, through the decentralized work of network members, provides control and regulation.
Bitcoin Cash has been proposed to try to solve the recurring problem of the system's ability to absorb growth. The Bitcoin network can only handle a dozen operations per second. Compared to the thousands of operations per second that Visa networks can handle, this is a fundamental and structural limitation.
This weakness stems in particular from the fact that a block (or a set of transactions that forms the fundamental unit of the system) is limited to a size of 1 megabyte (MB). Knowing that the network is designed to validate a block every 10 minutes, we understand that if the block size is reduced, it can contain only a limited number of these transactions, which are validated only every 600 seconds or so.
Bitcoin Cash is supported by some influential figures from the cryptocurrency community. Among them Gavin Andresen, scientific director of the Bitcoin Foundation, a group that aims to support the development of bitcoin and establish new ways of dealing with transactions. He is known to have been the unique interlocutor of Satoshi Nakamoto, the mysterious creator of Bitcoin whose face and true identity are unknown.
Bitcoin Cash also benefits from the support of Roger Ver, an American entrepreneur who has raised public awareness of cryptocurrencies since 2011 (the American media nicknamed him "Bitcoin Jesus"). He has invested in many start-ups in the sector, including BitPay and Blockchain.info, very popular services.